Professional, Polite, Prepared to Kill

McCain Says Oil Prices Too High to Buy for SPR

Sen. John McCain is calling for the U.S. to stop adding oil to the Strategic Petroleum Reserve, making him the highest profile Republican to break with the Bush administration on its policy of expanding the emergency stockpile. In an economic speech this afternoon, the Republican presidential candidate said that oil prices are too high to continue filling the reserve.

“With oil at over $100 a barrel and an adequate supply in the SPR, it is time to suspend purchases,” he said in remarks prepared for delivery. “This will lessen worldwide demand for oil, and if the classic laws of supply and demand hold, we should see a welcome decrease in the price of oil.”

In addition, Sen. McCain is calling on Americans to cut back on energy use, though he was not specific as to how. “I ask every American to consider how you can sacrifice a bit for the common good and cut back where you can on your energy use,” he said.  More from the Wall Street Journal

Fox News has been showing video of nearly 100 trucks circiling Washington today, airhorns blowing in protest of the high fuel prices.  While McCain’s words are nice, we still have not heard a feasible, workable, short term solution to $4+ per gallon diesel fuel. 



April 10, 2008 - Posted by | economy, Politics, trucking | , , , , ,

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