Reading over the coverage of the [tag]White House[/tag]’s new-found interest in [tag]gas prices[/tag], one thing seems clear: no one actually thinks Bush’s measures will do anything to make gas cheaper. Yesterday, the president emphasized that “every little bit helps,” but I don’t think [tag]Bush[/tag] appreciates the nuances of this political game.
Amid growing Republican unrest about the politics of $3-plus gasoline, Bush told the Renewable Fuels Association he will take the unusual step of suspending shipments to the nation’s Strategic Petroleum Reserve to boost supply and help hold down [tag]oil[/tag] prices. The president also said he will temporarily ease environmental regulations that require the use of cleaner-burning fuel additives to cut down on summertime pollution. […]
This could save consumers a few cents per gallon at best, energy experts said. Philip K. Verleger, an Aspen, Colo.-based oil consultant, said that Bush’s proposals were “more or less like prescribing aspirin to take care of prostate cancer.”
By any reasonable measure, yesterday’s pitch had almost nothing to do with energy policy and everything to do with a White House which is starting to panic a bit about a 32% approval rating.
The strategy seems to be that Bush will show Americans that he’s a) concerned about gas prices, just like they are; and b) doing something. But the risk is even greater than inaction — when Americans notice that gas prices remain largely unchanged, the president has positioned himself for even more [tag]blame[/tag], whether it’s deserved or not.
Indeed, the centerpiece of Bush’s new “plan” — suspending oil shipments to the strategic oil reserve — will, according to the WaPo, “increase the domestic supply by less than 1 percent.” The effort has been tried before, but it’s never had a meaningful effect. The LA Times noted that “even officials in the White House say [Bush’s] actions will have little effect on pump prices.”
On a related note, some of the competing proposals on the Hill were shot down by Republican leaders yesterday. They included plans to curtail tax cuts for oil companies and a measure that would impose a new [tag]tax[/tag] on some oil company profits. Raise your hand if you’re surprised.