Word: petroleum
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...Organization of Petroleum Exporting Countries (OPEC) may simply lower supply in order to keep the prices high (they meet in Venezuela next week) as Gore argued this time last year, or oil companies could simply keep prices high to increase their profits. Furthermore, even if the plan succeeds at lowering oil prices, it will lower prices on all oil products, not just heating oil. This means that prices at the pump--which are justifiably high given the negative effects of smog and other environmental effects of auto pollution--will fall along with heating oil. This means that SUV and luxury...
...White House's work and humiliate the U.S. in the bargain. Think that's not tempting? Clinton, one presumes, is aware of this - and you can bet the oil traders are. For all the political tapdancing and all the careful market-nudging, the tapping of the Strategic Petroleum Reserve has put the U.S. energy supply at the mercy of the last man to seriously disrupt...
...Which, of course, is what the Strategic Petroleum Reserve was really meant for in the first place...
...Bill Richardson's troubles, history may remember this as the year the secretary of energy got a very big promotion. Richardson announced Friday the administration's intention to dun the Strategic Petroleum Reserve for 30 million barrels of crude oil, and while the professed reason is to head off a heating-oil shortage this winter, Bill Clinton may have just created a new version of Alan Greenspan...
...Strategic Petroleum Reserve was created in the wake of the Arab oil embargo of the '70s, meant to keep the oil-dependent U.S. from being held hostage by Middle East ne'er-do-wells. It's been tapped only once for pricing reasons - at the start of the Gulf War in 1991 (itself largely a price-control maneuver) and then only, in the end, for 17 million barrels. Now the use of the SPR has officially been expanded - in the cause of keeping Northeasterners' homes heated at affordable prices in an election year...