Kristl, just a note to you, don't know if you noticed yesterday when I said I don't even own a car... but, following up on something you wrote yesterday, and apologies for it being OT...
But even the American Petroleum Institute, an industry-funded "think tank," policy group and lobbyist has been saying all week that even if the US begins, AT ONCE, to explore and drill for oil in our coastal regions... it will be 7-10 years before a drop of that turns into gasoline or diesel and is available for US consumers. Even if we start today.
And that's from an Xtremely pro-drilling oil industry advocate. That's why I'm comfortable saying, this isn't even a partisan issue. It's just reality. No matter what the President asserts today.
That's *part* of the reason many smart people are saying we cannot just explore and drill our way out of the
current situation. There may or may not be other reasons to explore and drill. But doing that will have no impact on our
current crisis. It just simply doesn't work that way.
Keeping this non-partisan, there are
two things that could be done in the very near term to offer some relief. One is to raise the value of the US Dollar. Because oil is priced globally in Dollars, because the value of the Dollar has been falling relative to other currencies, we are especially susceptible to the pain of the price increases. And, raising the value of the Dollar will help slow down the phenomenon by which those holding Dollars are all selling them off in exchange for the more lucrative investment of oil.
Boosting the value of the Dollar would help with oil costs right now, but would also probably cause other unrelated problems that the Fed has been so busy trying to prevent and minimize. I.e., a recession that never needed to happen. Choose your poison. Oil prices? Or a severe recession, even worse housing and mortgage crisis, and a collapse in the banking/credit sector?
The other step would be to re-regulate the trading of oil futures and thereby minimize the negative impact of oil speculators? While it still lived and wrecked ruin across the land, ENRON managed to get Congress to de-regulate trading in oil futures and allow it to be done without any kind of monitoring, transparency, reporting, etc. ENRON succeeded in getting Congress to give oil speculators the privilege of reaping huge rewards by hiding behind doors and artificially driving up prices through simple, secret manipulations.
This is very heavily reported on. It's not a partisan issue. It's not a secret, and it's not something that any real economists disagree about. But don't hold your breath on Congress restoring transparency and reporting to speculation in oil futures and trading.