Energy Canoodlers
Proving that American politics is broken Democrats in Congress wish to take advantage of high gasoline prices to strike back at... oil futures traders. Only the Democrats' bumbling over detail prevents them from drawing up a bill for debate. Had they one to vote on they would. Instead, the intelligent thing to do would be to propose a new (potential) tax on oil: if prices go below where they are now the tax kicks in. Even if prices don't fall, and they probably won't, such a tax would help foster investments in alternatives. If proposing such a tax were politically impossible, and it is, the next best thing would be to put together a sensible package of incentives for alternatives, including revised and much higher CAFE standards. Beyond such constructive actions there's a very easy thing that Congress could do but which by not doing tells us their intentions are not serious. They could demand to know how much oil is left in Saudi Arabia.
The world depends on Saudi Arabia — to be more precise, on a single giant field in Saudi Arabia, called Ghawar — for future increases in oil supply. The problem is, the Saudis are almost certainly lying about how much oil remains in Ghawar, and for that matter in the rest of the Kingdom, just as almost all OPEC members lie about their reserves, and western estimates continue to accept these feeble assertions as fact. Why? If our planning for future energy consumption depends on our certain knowledge of existing petroleum reserves then how sensible is it to take the word of a bunch of in-bred, thoroughly corrupt, third-rate petty monarchs? To put the keys to our economy in their hands?
This, nevertheless, is exactly what Congress is willing to do. By not asking the obvious questions members of Congress have gone a long way towards proving that, so far as Americans are concerned, they are — to put it bluntly — traitors.
Posted by George Kenney on July 15, 2008 6:22 AM 
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Comments
The smooch is photoshopped right? Please be photoshopped! The skipping hand-in-hand by the flowers was embarrassing enough already.
The world's sole superpower is also is biggest ass-kisser.
Posted by: Seamus Livery-Klugstein | July 17, 2008 8:30 PM