August 29, 2005
The good news is that the storm, which had threatened to be one of the most catastrophic in history, is weakening, and has not sank below-sea-level N'Orleans beneath the Gulf of Mexico.
It's still bad for a lot of people, though.
And, in case you missed it, Bush may tap the Strategic Petroleum Reserve in order to lower the surging cost of oil. He's expected to announce his decision at 1 PM ET (in twenty minutes).
Posted by: Ace at
| Comments (3)
Post contains 82 words, total size 1 kb.
Check out the MS-NBC subhead:
"to aid oil companies"
No bias there, no sirree.
Posted by: Nicholas Kronos at August 29, 2005 08:00 AM (sYll2)
I can't see how tapping the strategic reserve would help with anything other than making it look like the gov't is doing "something" The problem once again isn't the oil, its the refining capability. Releasing more oil from the strategic reserve won't alleviate that problem. Maybe I'm mistaken but i could have sworn i heard on the news this morning that crude oil stocks were 39 million barrels higher than at this time last year but refineries were unable to keep up with demand.
Posted by: casey at August 29, 2005 08:03 AM (RQLqx)
It's ridiculous. Trying to manipulate prices with government-owned oil. Besides, the long-term effects of this type of maneuver is the exact opposite of its stated intentions.
They ought to call it the Political Petroleum Reserve.
Posted by: Phinn at August 29, 2005 08:25 AM (DiZv6)
| Add Comment
Comments are disabled.
Post is locked.
70kb generated in CPU 0.05, elapsed 1.1323 seconds.
62 queries taking 1.1031 seconds, 239 records returned.
Powered by Minx 1.1.6c-pink.