The federal government is pumping millions of gallons into the nation's Strategic Petroleum Reserve:
"Despite precariously low oil supplies, the government has been pumping millions of barrels into its emergency reserve, which some critics charge has contributed to a surge in crude prices and kept gasoline costs high." - H. Josef Hebert, U.S. Pumping Oil Into Strategic Reserves, Kansas City Star, August 6, 2003
While some, such as Senator Carl Levin, D-Mich., argue that this is forcing gasoline prices to go higher, others point out that the situation in Iraq plays a key role:
"A number of analysts said the supply problem stems from a variety of factors: the problem in getting Iraqi oil flowing again; OPEC producers carefully scrutinizing production; and U.S. refiners refusing to buy oil at $30 or more when they anticipate lower prices." - H. Josef Hebert, U.S. Pumping Oil Into Strategic Reserves, Kansas City Star, August 6, 2003
But if Iraqi oil is part of the problem, then why, on July 31, 2003, did President Bush renew the trade sanctions against Iraq for another year:
"By Executive Orders 12722 of August 2, 1990, and 12724 of August 9, 1990, the President imposed trade sanctions on Iraq...the measures adopted on August 2 and August 9, 1990, and March 20, 2003, to deal with that emergency must continue in effect beyond August 2, 2003. Therefore....I am continuing for 1 year the national emergency with respect to Iraq." - President George W. Bush, Federal Register, Notice of July 31. 2003
Under the circumstances, continuing the emergency is a reasonable thing to do. But why continue the trade sanctions? And why only until just before the 2004 General Election?
|