I agree with Bush

Anyone who reads this blog has probably figured out by now that I have no love for George F. Bush.  But for the first time in seven (7) years,  I agree with him.  Specifically I agree with his decision not to tap the Strategic Petroleum Reserve.  Congress actually only wants to stop adding to it, especially with crude oil at all-time high prices.  Bush has threatened to veto the legislation.

The SPR is there in case of emergency.  Our economy runs on oil, and if there are shortages, it will come to a grinding halt.  It is appropriate to use the SPR if we're at war.  If an oil tanker is sunk in the Strait of Hormuz, that's an emergency.  If a hurricane wrecks the refineries on the Gulf Coast, that's an emergency.  $4 a gallon gas is not an emergency.  "It costs too much  to fill up my SUV or Hummer" is not an emergency.  If you use the oil when gas is $4, you won't have it next year when gas could be $7.  Of course next year isn't an election year, which is what this is all about.  If you're really concerned about high gas prices, buy some shares of UGA to lock in today's gas price for the rest of your life, and from then on you'll smile every time you fill your tank.

One more thing on the SPR:  I'm aware that filling it at all-time high prices is not cost effective.  But if you give the government the latitude to decide exactly when to buy the oil, I know exactly what will happen.  Goldman Sachs will make lots of money trading oil futures, and the crude will cost the government even more.

There, I said it.  I agree with Bush.  It's the first time in seven years, and I don't plan to make a habit of it.  He's threatening the veto for all of the wrong reasons of course.  Gotta remember, he and Dick (conservation doesn't work) Cheney are oil men.  They don't have to run for re-election, and a high oil price helps their buddies in the oil patch.  But filling the SPR will be important in the times of shortage to come, so for once in his life, Bush was correct, even if he did it by accident.