May. 02, 2006 - 00:54 MDT

NTH DOG AND PONY SHOW

Struggling my way out of the arms of Morpheus after having lain down for a short night nap in the early evening, it is easy for me to recognize that I was weary deep to the bone. After making a pit stop I remembered that I hadn't made a Monday entry in my diary. As I slept the day grew older until it went from Monday into early Tuesday. So I shall talk about energy, a subject as old as I or more so and quote an article from Sunday's The Denver Post it is an editorial, herewith in full, any italics or bolds are mine, it is:

NEW ENERGY RULES ARE MOSTLY FOR SHOW

Bush's waiver of some environmentral regulations won't help refineries. But the president's use of the bully pulpit did cool some energy speculators

"Last week's handwringing over high gasoline prices had to do with politics, not economics. Far into the forseeable future gas prices may dip only temporarilly, but overall they will trend upward."

"President Bush's announcements seemed designed mostly to bolster his sagging popularity: Last week's CNN poll showed 71 percent of respondents feel Bush isn't doing enough to solve the country's energy woes."

"His temporary waiver of environmental rules had no real effect because reflineries already are making summer blends. HIs decision to stop putting 30,000 barrels of oil into the U. S. strategic reserves isn't even a blip against the national consumption of 21 million barrels daily. But in the face of rising public ire, Bush finally deployed the most effective tool at his disposal. He used the bully pulpit."

"Sure, unrest in Nigeria, threats of retaliation by Iran and limited U.S. refining capacity all helped drive up oil prices."

"Crude prices backslid a bit from their record $75 a barrel just days after Bush told the U.S. Justice Department to help the Federal Trade Commission investigate the allegations of price manipulation. The slip hinted at how much the price hikes have been driven by speculation."

"In a week when major oil companies reported billions of dollars in record profits, even moderate Republicans like Pennsylvania's U.S. Sen. Arlen Specter called for a windfall profits tax. Colorado's legislature has approved a measure, House Bill 1251, sponsored by Rep. Gwyn Green, D-Jefferson county, that would outlaw price gouging, Gov. Bill Owens has not said whether he'll sign it."

"However, politics can't deliver any real relief. The sorry fact remains that our nation still depends far too much on a commodity WE CAN'T CONTROL." The United States has less than 2 percent of the world's oil reserves but uses 25 percent of global output, U.S. government figures show. Since we can't drill our way out of our dependency, for many years to come we'll continue to import more than 60 percent of our oil."

"So we're vulnerable: 80 percent of the world's oil reserves are in the hands of nations that are unstable (like Nigeria) or hostile (like Iran)."

"Even countries willing to sell us oil want to keep prices high - but not so high as to make American consumers conserve. For instance, Saudi Arabia commands such a big market share it can manipulate prices. Saudi oil revenues rose about a third in two years, from $116 billion in 2004 to an expected $154 billion in 2006, the U.S government estimates."

"There is just one way Americans can control the price of gasoline: STOP USING SO MUCH OF IT."

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Considering that a great amount of our refining capacity was totally wiped out during Katrina and the oil industry has been trying to rebuild and ramp up production, obviously somebody else will be increasing their refining, to our detriment as far as prices are concerned, it looks to me.

And again, I think it is time for us to become realistic and begin to use smaller more economic cars. I wonder how much gas a civilian Hummer uses, we see more and more of them on the streets now.

From the time of the speed limits of 55 miles per hour and smaller cars, we as a nation have loosened out belts and once again have begun to live a style we can no longer afford.

As a country, we all are talking much about the situation but seem to be doing little to alleviate it.

Mr. Bush is talking a good talk, with little to back his words up in the way of actual fact, action or relief. Once again it seems to be his NTH DOG AND PONY SHOW . . . . . . . . .

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