Gas price culpability

For years, congressional Republicans have had a singular message on
addressing gas prices, one made famous by former Alaska governor and
#qwitterer Sarah Palin: Drill, baby, drill.

It’s a simple and memorable phrase, delivers their idea of a solution in
very few words, and resonates. The problem is it isn’t a solution at
all.

As we witnessed this week, with oil at a record $127 per barrel, Saudi
Arabia announced it is cutting back production because the market is
“oversupplied.” Ali al-Naimi, the country’s oil minister, told CNBC.com
that the Saudis had scaled back production by 800,000 barrels in March
in comparison to February numbers. According to the report, oil
ministers from other OPEC countries agreed with the Saudis’ assessment
that the market is oversupplied.

But wait, what?

According to the Republicans in Congress, the only way we can lower gas prices is to increase supply by expanding drilling — in ANWR, in the Gulf, on the OCS and in our backyards. They claim that demand drives the price of oil. That’s what I keep hearing from congressional Republicans like Rep. Fred Upton (Mich.), Speaker John Boehner (Ohio), Sen. James Inhofe (Okla.) and Senate Minority Leader Mitch McConnell (Ky.) and the clarion of drilling, the aforementioned Palin. They think we just need to drill more and not invest in new domestically produced renewable sources of energy.

Washington state Democratic Sens. Maria Cantwell and Patty Murray and others say that Wall Street oil speculators are inflating the price of gas. This is not the first time speculation has been at the center of a gas-price controversy. In 2008, when oil prices reached similar levels, some in Congress, with Cantwell leading the charge, fingered oil speculators as the culprit. That set in motion an effort to rein in the speculators that culminated with reforms included in the Wall Street reform bill that gives investigators the tools they need to stop the reckless speculation that causes gas prices to spike.

The Republicans in Congress scoffed. Every step of the way, they opposed any oversight of the Wall Street speculators. Even now, they are working overtime to prevent these reforms from taking effect, leaving every American driver and family susceptible to the whims of the speculators. We pay more for gas while they make more for themselves. A Washington Post poll released on April 19 showed that 71 percent of voters say gas prices have caused them financial hardship, with 43 percent of voters saying the damage is “serious.”

So with gas prices approaching $5, the market oversupplied and more than seven out of 10 voters saying this is a financial hardship for them and their families, will congressional Republicans admit their plan won’t work? Will they allow oversight of the Wall Street speculators? Doubtful. When it comes to real solutions to our challenges, the GOP’s message is “No, baby, no.”

David Di Martino is CEO of Blue Line Strategic Communications Inc. The views expressed in this blog are his and do not necessarily represent Blue Line’s. Follow david: @bluelinedd