Friday, August 22, 2008

Five for Fighting: Republican Drilling Protest in Capital

This week an average of five Republicans protested on the floor of the Capital. The protesters finished their third full week demanding President George Bush, I mean House Speaker Nancy Pelosi call Congress back to act on America's energy crisis.

They failed to mention the disconnect between demand and profitability seen in the second quarter. While Americans parked their cars, gas prices soared. People drove fewer miles, compared to last year:

April 1.8% fewer
May 3.7% less
June 4.7% lower

OPEC cited the dramatic drop in demand in the second quarter. The oil cartel has the capability to deliver 2 million more barrels a day, but it sits idle, due to lower demand. So what happened to gasoline prices during the second quarter? March ended with an average price per gallon of $3.25.

April $3.44, up 19 cents
May $3.76, up 32 cents
June $4.06, up 30 cents

While Americans drove up to 5% fewer miles, gas prices soared 81 cents. ExxonMobil, Chevron, BP, ConocoPhillips, and Royal Dutch Shell declared record revenues and profits. None of the five Republicans (fighting for more drilling) addressed this disconnect. Some one's not being honest with the American people. Why am I continually surprised by the failures of our leaders?

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