16 July 2008

IBD Editorial: Pelosi Should Step Down

An editorial posted by Investor's Business Daily on Monday rakes House Speaker Nancy Pelosi for being more than incompetent on oil policy.

Any leader with an energy record as derelict as Speaker Pelosi's ought to step down. Where she once was just incompetent and irresponsible, she has now — with her latest scheme to fix oil prices — become dangerous.

Despite polls showing Americans in favor of drilling more oil from America's huge untapped supplies, Pelosi won't allow it. She just wants to empty our Strategic Petroleum Reserve for a short-term fix to get through Election Day.

It's an irresponsible suggestion, signaling not only an ignorance of how the economy works but also a willingness to place the nation at risk in the case of emergency.
The editorial correctly notes that the SPR is a roughly two month supply that is intended for an emergency disruption in normal oil supplies. It is not a tool to help adjust prices temporarily in an election year.

She won't step down, but I hope that the pressure continues to build on all of those in the Democrat run Congress, especially the so-called leadership.


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