Stupid question, huh?
So we have had a disastrous storm on the Gulf Coast that shut down oil and gas production in the Gulf of Mexico. The same storm has or will shut down the REFINERY capacity in Louisiana. So now Senator Schumer wants to tap our strategic petroleum reserves. Does the good senator realize that those reserves are reserves of CRUDE oil? Does the senator realize that without the refinery capacity to process that crude oil, there is nothing that can be done with oil from the strategic reserves?
I believe that he does know that. Yet he is saying to tap the reserve to make the President's being thoughtful about the subject look bad. Just plain politics in the face of a natural disaster.
What a guy.
washingtonpost.comDemocrat urges use of oil stockpile in hurricane
Monday, August 29, 2005; 10:17 AM
WASHINGTON (Reuters) - Democrat Sen. Charles Schumer of New York on Monday asked the Bush administration to release oil from the U.S. emergency stockpile to help ease higher prices due to Hurricane Katrina.
"Skyrocketing gas prices have tipped consumers upside down this summer and to protect our economy, the President should act immediately to tap the Strategic Petroleum Reserve," Schumer said in a statement. "If there was ever a time for the Strategic Petroleum Reserve to be tapped, it would be now."
The U.S. government loaned or "exchanged" some 5 million barrels of crude oil from the stockpile last year following supply disruptions caused by Hurricane Ivan. The stockpile consists of more than 700 million barrels of crude oil stored in underground salt caverns in Louisiana and Texas.
An estimated 633,000 barrels of daily crude oil production, 42 percent of the daily average output from the Gulf Coast, was halted as of Sunday because of Katrina.
Update: Looks like the President is considering doing it. I guess no harm done. I just hate to see him knuckle under to this sort of stupidity. He knows better. But I guess you need to pick your fights, and this one may not be worth it,