Bush calls on Congress to OK housing, energy legislation

President Bush said today the nation's troubled financial system is "basically sound" and urged lawmakers to quickly enact legislation to prop up mortgage giants Fannie Mae and Freddie Mac .

[Suds]

The psychological angle is probably correct, as long as oil prices are determined by the futures market. As for conservation, it's a good thing in its own right, but when government tries to mandate it, it ends up costing taxpayers money (ethanol, recyclable goods) via government subsidies. The idea of conservation is supposed to be about saving money, among other things, not spending more of it.

[Ruben]

Further raising fuel efficency standards for autos and lowering the speed limits on interstates are two ways the government could indirectly "mandate" conservation.

It would make sense that the futures market would drive down today's prices somewhat if speculators believed future supplies would be up in comparison to future demand.

[NewPatriot]

Yawn. Like a willow, he is.

http://www.sptimes.com/2002/05/30/State/Bush_...

Nor did he seem to advocate continuing our oil dependence during his SOTU address in 2006, in which he states:

"Keeping America competitive requires affordable energy. And here we have a serious problem: America is addicted to oil, which is often imported from unstable parts of the world. The best way to break this addiction is through technology. Since 2001, we have spent nearly $10 billion to develop cleaner, cheaper, and more reliable alternative energy sources -- and we are on the threshold of incredible advances..."

http://www.whitehouse.gov/news/releases/2006/...

Even as late as May 2008, the Bush administration considered parts of ANWR "off limits":

http://www.enn.com/top_stories/article/36444

But, OOPS ... in June 2008 Bush is stumbling over his own energy department to support increased drilling:

http://thinkprogress.org/2008/06/18/bush-oil-...

McCain doesn't offer any more consistency on this issue than his forebear...

http://www.huffingtonpost.com/2008/06/18/mcca...

Seems like the GOP is jumping on the "drill & drain" bandwagon in a johnny-come-lately effort to look like they're taking a proactive stance on energy independence. We're not fooled.

[Makeshift Patriot]

The only psychological effect it will have is on the consumer, who is basically unaware of other measures which could actually help lower the price of oil and gas. If the government wanted to make a real impact, they would tighten regulations on speculation and derivatives- now. Most people understand drilling holes in the ground, but not more complex financial products and commodities trading. I am not against drilling in Alaska, or off the coast per se, but I would like to see the oil that is produced from wells on public property, remain in the strategic reserves. That means it should not be sold by oil companies for a profit. If it comes from public land, than the public should see the benefit.