Common Ground Gets You 5¢ a Gallon

Last week [1], Democrats and Republicans offered energy bills in response to rising gas prices, which clearly laid out the parties contrasting energy visions: investment in renewable energy vs. suspension of environmental standards for drilling and refining oil.

As I noted then [1], the one point of agreement was a temporary suspension of filling the Strategic Petroleum Reserve. Today, according to CQ (sub. req'd) [2], we may see both houses of Congress pass legislation to do just that, and only that.

Such glorious compromise may get Beltway pundits all gooey inside, but it will at best shave 5 cents off the price of a gallon of gas [3]. The increase of supply is not a bad thing to do, and there's no real downside -- unlike with the gas tax "holiday" which would risk jobs and infrastructure, and could be negated by oil companies jacking up the price in response.

Yet suspending shipments to the Reserve would only save a two-car household as much as $30 for the rest of this year. Further, the price of a gallon of gas has just jumped 11 cents in the past week [4]. So enjoy your crumb.

But a crumb is all we can expect when a conservative minority insists on obstructing any ideas for progress which reflect the will of the people.

There is much common ground among voters for real investment in renewable energy [5], so we'll have affordable alternatives to being at the mercy of gas price spikes.

But between the congressional majority and minority, there is but a sliver of common ground. 5 cents worth in fact.

Until congressional leaders face down the conservative obstruction now, or voters eradicate it later this year, progress on energy -- for our planet and our pocketbooks -- simply will not be had.