OT - Gas to hit 4.00

justin gedge jgedge at amis.com
Thu Sep 1 15:27:21 MDT 2005

Steve wrote:

> Problem is that the entire Bush/Cheney fortunes were built on Oil, and 
> still is largely dependent on it.
> To vote in a president who makes money on oil, is to invite policies 
> that cause oil to go up in price.
Bush's fortunes may have been made in oil [like many other people who 
have made fortunes on oil in TX, AL, WY etc... ]

I've heard comments like this before-- recent events suggest otherwise.

yesterday's news [unfiltered -- strait from whitehouse.gov]

1]  *Energy Secretary Samuel Bodman Announced That The Strategic 
Petroleum Reserve Will Be Used To Help Fulfill Demand For Oil.* 
Refineries that are short on supplies of crude oil will have access to 
supplies from the Strategic Petroleum Reserve to help avert a disruption 
in the supply of gasoline to drivers and businesses across the country.

2] *EPA Has Issued Fuel Waivers To Expedite Relief and Recovery.* EPA 
has issued temporary waivers to make additional supplies of gasoline and 
diesel fuel available in those areas of the country with shortages of 
specific fuel blends required under the Clean Air Act.


Neither one of these actions would keep the prices higher.  Yeah-- the 
price will probably still go up as there is a shortage in supply-- but 
the actions listed should help minimize the shortage-- not add too it.  
On top of this-- more wells have been opened up in WY and other parts of 
the country last year [I remember reading an article in the Wall Street 
Journal a few months ago and the number I remember was like 5000+ drill 
sites had been approved last year in Wyoming alone]-- I suspect that 
within the next year or so prices should be back down around 1.20/gal or 
so.  I could be wrong-- but I suspect that after approving more wells 
and refineries-- the supply side will be a little easier to come by in 
this country.

Justin Gedge

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