Governor Bobby Jindal called on President Bush to open up the Petroleum Strategic Reserves during his press conference at 11:30 am.
Though I agree with Bobby Jindal that we need to release some of the Petroleum Strategic Reserves, I believe it is a mistake to do so without opening up some areas to drill. What this means if President Bush opens up the PSR, we will see an immediate impact on gas prices. However, before we make a decision to open up the PSR we must first have a plan to replenish that oil, and unfortunately at this time we do not simply because congress has not opened up drilling.
When President Bill Clinton opened up the reserves, he used the money to pay off the debt. However, the United States government had to refill those reserves and we ended up buying back oil at a much higher cost.
If we open up the PSR, we then risk running up even higher deficits, and increasing the national debt even further than we already have. President Clinton gets credit for “paying down the debt” even though he borrowed from Peter to pay Paul, and we ended up paying for it with higher gas prices.
We can not afford to make that mistake again, so please, Governor Jindal, also call on congress to give us a plan to replenish that oil you called on President Bush to release.