The New American Way

Reuters:

A public promise from Saudi Arabia, the world’s top oil exporter, to pump oil at its full capacity would calm oil markets as well as gasoline prices, Schumer, the third-ranking Democrat in the Senate, said in a letter to Secretary of State Hillary Clinton. In the letter, which was obtained by Reuters, Schumer asked Clinton to urge the Saudi government to increase production to full capacity of 12.5 million barrels per day – an increase of 2.5 million barrels. That would compensate for a reduction in Iran’s total exports of 2.2 million barrels per day. Oil sales from Iran, the third-largest oil exporter, face tough new sanctions as a result of the standoff over its nuclear development.

Gasoline prices in the United States are the highest on record for February. The American Automobile Association (AAA) said the national average price hit $3.65 per gallon on Friday, and analysts say average prices could rise well over $4 per gallon during the peak driving season in coming months. “These skyrocketing fuel prices are directly linked to the global energy market, particularly Iran’s recent efforts to manipulate oil prices and the worry of impacts on supply from an escalation of regional hostilities,” Schumer said

What a good idea. Let’s remain utterly dependent on navigability of the Straits of Hormuz and send $4 trillion a decade overseas rather than fixing the problem ourselves. The New American Way. Brilliant!

One Response to “The New American Way”

  1. Determinatus Says:

    Just remember, this rise in gas prices is a FEATURE, not a bug…

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