Thursday, May 15, 2008

President Bush Understands Supply and Demand

Unfortunately a lot of Americans did not tune in to the President’s press conference in the Rose Garden a few weeks ago. During the questions and answers from the White House Press Corps, President Bush was asked what he intended to do about the high price of oil and the spike in gas and food prices. Of course, the questions seemed to imply that these problems were his fault. And that is, of course, what Democrats would have you believe.

President Bush outlined the problem very simply, and I wish that he would go on national television during prime time and do it again so that more people would hear. This is one of the most frustrating charges against our President; that somehow he is responsible for the high price of oil.

The President told the press corps that it is very simply a question of supply and demand. It’s Economics 101. The United States has not built a new refinery in 30 years. Congress has repeatedly blocked drilling in ANWR and offshore in Florida and elsewhere. Politicians have repeatedly stopped the building of new nuclear power plants. There is a huge increase in demand for oil from India and China. There is not an increase in supply because the United States Congress thwarts every effort to alleviate the problem.

The President does not want to stop deposits into the Strategic Petroleum Reserve because he is understandably worried about future scenarios in which we are at the mercy of our enemies. And that is the real problem: We are at the mercy of our enemies when it comes to oil.

Suspending the gas tax for the summer does absolutely nothing. All that is going to alleviate the problem is to drill for oil in our own country, in addition to building new refineries and new nuclear facilities. If we don’t start soon, we are headed for disaster. It may be too late already.

Barack Obama REALLY doesn’t get it. He wants to raise taxes on the oil companies. His proposed policies are not only ignorant, they are scary.

So thank you, Mr. President, for spelling it out once again for the press. I hope that someone in Congress was listening. Because they have failed the American people, and the problem is now critical. Write to your congressman and senators today and ask them to please approve drilling in ANWR, to fast track new nuclear power plants, and to make us independent once again. Our prosperity depends on it.

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