Very Few Quick Fixes for Gas Prices
In our world today, we strive to do things quicker. Jules Verne wrote the classic novel, "Around the world in eighty days" in 1873. In 1929, it took the Graf Zeppelin 21 days to circle the globe. In 2006, Steve Fossett set the world record for the fastest trip around the world at 67 hours and one minute.
Americans expect things to happen and we expect them to happen quickly. Unfortunately, there are very few quick fixes for rising gas prices. We are paying the price for being dependent on other nations for our energy.
One idea that is being floated is to tap the Strategic Petroleum Reserve (SPR). The SPR was established in 1975 after the oil embargo earlier that decade. It is our safeguard against any future supply disruptions.
The SPR is maintained by the Department of Energy and has more than 700 million barrels of crude oil. The United States uses about 21 million barrels of oil per day. The SPR holds enough oil to replace our daily imports for five and a half months.
I do not believe that tapping the SPR is a viable alternative. There is simply not enough crude oil to have a significant downward impact on prices at the pump in the short term. It would also mean that we have less crude oil in the case of a national emergency.
The solution to our problem is long term. We must pursue every option to increase American sources of energy and increase efficiency. Unfortunately, there is no easy or quick fix.
Sincerely,
