Wednesday, March 16, 2005

Oil Prices and ANWR

Crude oil has surpassed 56 dollars a barrel for the first time ever. Some reports have the price reaching as high as 80 dollars a barrel by summer's end.

Yahoo Article

Who benefits from these high prices? I don't wish to lump myself with anyone who would suggest a conspiracy here, but the question is still valid.

Recall during Bush's first term when he tried, unsuccessfully to persuade Congress to allow drilling in the Artic National Wildlife Refuge (ANWR). Suddenly crude oil prices are skyrocketing and gas prices nation wide are averaging over $2.15 per gallon.

When prices escalate this summer, Congress may find itself less reluctant to give Bush the go ahead. Hit Americans in their pocketbook and they will act. If gas tops 3 bucks a gallon, preserving the Arctic will suddenly seem less important than filling up that SUV.

Bush may find getting Congress to approve drilling in ANWR a tad bit easier this time around.


Loyal Achates said...

There's not enough oil in ANWR to lower oil prices by any appreciable amount for any decent amount of time.

It's just a waste.

A Wiser Man Than I said...

That may be, but the public tends to lack the ability to see the whole picture.

The law did pass in the Senate. It will be interesting to see if Bush recieves a backlash when prices climb higher this summer. In Malibu, gas is at 3 bucks a gallon, and it's going to be that way nationwide by summer.

I guess we'll just wait and see.