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In a desperate attempt to find an issue that sticks against President Bush, Democrats have again forgotten to check their facts and figures.

This time, it is Senator Carl Levin (D-Michigan) and his claim is that President Bush is to blame for "high" gas/oil prices because he has ordered the Strategic Petroleum Reserves filled to capacity.

"This administration's actions to fill the SPR regardless of the price of oil or the amount of oil available to the commercial sector is a major reason for these high (crude) prices."

Senator Levin is wrong, and for two important reasons.

First of all, gas/oil prices are not that high. Once again Democrats have failed to account for inflation and (of course) taxes. When you adjust for inflation and subtract all the taxes associated with gasoline, prices are lower than they were 30 years ago. In addition, the price of crude oil, currently about $32 per barrel, is also not high by historical standards when you correct for inflation. (For example, the price of oil during its 1980-1 peak would be about three times the current price.) I know Democrats would love for America to forget about high inflation, and the part Democrat economic policies played in it, but that is not going to happen here!

Another factor is the total cost of energy as a percentage of GDP. That is, how much are our energy costs in relation to the total earning capacity of the nation? The answer, once again, is that we are nowhere near "high" price levels.

From the Department of Energy site:

Prior to the embargo of 1973-74, total energy expenditures constituted 8 percent of U.S. gross domestic product (GDP), the share of petroleum expenditures was just under 5 percent and natural gas expenditures accounted for 1 percent. The price shocks of the 1970s and early 1980s resulted in these shares rising dramatically to 14 percent, 8 percent, and 2 percent respectively, by 1981. Since that time, the shares have fallen consistently over the last two decades to current levels of about 7 percent for total energy, while petroleum has fallen even further to 3.5 percent and natural gas to just over 1 percent. The shares were lower during 1998, when oil and natural gas prices were lower, but have risen recently in response to higher oil and natural gas prices.

In other words, the price to the nation of energy overall is half what it was 20 years ago and less than it was 30 years ago. Clearly there is no crisis in energy, either as petroleum or in other forms. Once again Democrats are trying to portray price levels at historic/long-term lows as "high" prices. Who do they think they are fooling?

In addition, Senator Levin's criticism about President Bush's decision to fill the Strategic Petroleum Reserve (SPR) is misguided as well. When it was first established the SPR was meant to bridge a gap between a supply problem (such as a war or embargo) occurred and when US production could be ramped up to make up the supply shortage. Ramping up production takes a lot of time, and the goal of the reserve was to have at least 90 days of supply on hand. The high point of the reserve was in 1985 with almost four months of supply on hand. However, increases in consumption have left the SPR's capacity woefully short of the 90 day mark. At current levels (about 612 million barrels) the SPR could supply only 53 days worth of oil, and even at capacity (700 million barrels) it would only supply 60 days worth of oil! Not only should the reserve be filled to capacity, as per President Bush's orders, but the reserve should be gradually increased to at least 1400 million barrels to account for current and future consumption increases.

Dear Democrats: the problem isn't that you tell lies, it is that you tell such bad lies.

...Democrats have again forgotten to check their facts and figures.

First of all, gas/oil prices are not that high.

Clearly there is no crisis in energy, either as petroleum or in other forms.

At current levels (about 612 million barrels) the SPR could supply only 53 days worth of oil....