Why isn't Congress Acting?

Question

It costs Saudi Arabia less than $2.00 to produce a barrel of oil. They are selling it for $138.00 They can't keep up with demand, they don't like us - the oil situation is not going to get better.

In Brazil, the use flex-fuel (based in sugars) and have had great success with it. The U.S. has a huge tariff on fuels from South America... so are we in the oil companies pocket while we head to recession or worse?

Our infrastructure is based on cheap fuel... we will suffer if Congress doesn't act soon.

What say you?

Answer 1

There is nothing they can do for a fast fix to the prices.

We should have drilling on US soil (alaska) many years ago, but tree huggers keep blocking it.

Answer 2

Allowing more domestic drilling might help prices even before that oil hits the market, since a lot of the price is based on speculation.

But, other than that, exactly what do you expect Congress to do?

Answer 3

Show some gratitude!

Experience shows that Congress will either do nothing, or do something that makes things worse.

Answer 4

As you know Brazil found a huge oil field off their coast....Our Congress will not allow us to drill for oil off coast or in Alaska.  As far as flex fuel...no problem..we just use our GM grain to make fuel.   Let the EU provide the rest of the world with the non-GM grain that they want.  We can put ours in our cars.  Ah don't like that idea?  How about building a modern mass transist system based upon cheap electricity...nuclear powered like France has done....many command economies subsidize fuel....we do not.....and as long as people pass me on the interstate doing 90 miles per hour and Las Vegas keeps the lights on....I don't think the country is concerned.

Answer 5

I don't think there is anything they can do about it.  Market dynamics, you know.

Answer 6

We are in a big election year.  Congress is paralyzed by this self inflicted wound.  Sorry to be so cynical.

Answer 7

Chalk it up to the fact that oil companys are laughing at us paying the higher prices as they pocket the profits.

Answer 8

Congress (the opposite of Progress) is too busy trying to stuff all the earmark pork possible into every spending bill while they look for new ways to investigate the Bush administration. They won't do anything positive til Bush is out of office so he and the Republicans won't get credit for any good legislation before the election. I think we should throw all the incumbants in Congress out on their collective arses.

None of them are worth a gnat's pharte.

Answer 9

Ask the Democrats that run Congress. I thought they were supposed to do something about the oil prices. Instead we have watching the prices climb when they said they were going to fix it. What's going on?