Obama Has A Plan | Hello World!

While the news and media, and most everyone can’t seem to get enough of digging dirt about Palin, (clue: she puts ‘em out there already!) Obama’s making a plan to manage the oil reserve.

Sen. Barack Obama is proposing a simple maneuver — called an exchange, or swap — that will help lower the price of oil for consumers, increase the amount of oil in the SPR, increase energy security, and leave taxpayers better off by about $1 billion. His proposal deserves to be adopted.

In 1975, after the Arab oil embargo, the U.S. created the SPR to protect against oil supply disruptions. That reserve now consists of 706 million barrels of crude oil, the largest stockpile in the world.

As the steward of that stockpile, the Department of Energy plays an important role in oil markets. Merely announcing oil acquisitions or sales from the SPR moves oil prices. The SPR’s drawdown capability of 4.4 million barrels of oil per day surpasses the daily production capacity of Iran, Iraq or Venezuela.

But honestly, if he does manage the oil situation, wouldn’t we all still be living on a living-on-the-paycheck basis, because of his proposed higher taxes? No matter how much good that would seem to do, people just DO NOT like taxes.

From The Wall Street Journal