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Since the very summer the international oil market witnessed a ceaseless "frenzied" price rise, and especially in August, it hit record high for many a time. But the US government seemed to remain untouched for it has failed not only to adopt any means for controlling and lowering the oil price but also kept its mouth shut all the time. This is an attitude that affords food for thought.

The US energy department says, petroleum is the "lifeblood" of the US economy. The US owns approximately 300 million vehicles, hence known as a "country on tyres". With a daily consumption of 20 million barrels of oil it takes up around one fourth of the total oil consumption of the world. We've seen a faster and faster oil price rise not long ago and once it pressed hard at USD 50 per barrel, rousing great concerns of all counties in the world. However, we haven't seen much reaction from the US government on the problem but only an occasional reiteration of not to use the strategic oil reserve. This constitutes a great contrast to what did the Clinton's government by using many times the strategic oil reserve for stabilizing the prices of energy resource to promote the economic growth.

Nevertheless, it turned a deaf ear to the appeal of many people in the US, including Kerry, the candidate of the Democratic Party for the election campaign to make a temporary stop for the strategic oil reserve. According to the statistics of the US Energy Department, last June saw the US strategic oil reserves up to 663 million barrels and rose to 668.4 million barrels on August 27, a daily average increase of 100,000 barrels. This shows, the soaring oil price hasn't effect any change on Bush Administration's policy for strategic oil reserve, nor any slowdown of the increasing speed for the oil reserve.

The soaring oil price has already affected the economic growth but why Bush Administration remained so "obstinate" as not to use the strategic oil reserve? This is mainly because the US suffered from "9.11" terrorist attack so soon as Bush came to power, which became the major turning point for the US policy in regard with the strategic oil reserve. In the eyes of the Bush government, the reliability of oil supply from the Middle East has been on the decline while the oil supply, the lifeblood of the US economy once suddenly interrupted, will incur a disastrous influence on the United States. Therefore, in mid-November 2001 Bush gave the order that the Energy Department should increase strategic oil reserve as quickly as possible, aiming at a maximum of 700 million barrels of the oil reserve by the year of 2005. "To adopt the maximum long-term measures of protection to prevent the interruption of oil supply" has become the kernel of the US policy for the oil reserve.

Another new feature of the Bush government's policy for the strategic reserve and use of the oil is that the US will never unilaterally take any move in using the strategic oil reserve but to decide whether the reserve will be used after coordinating the stand with the western countries. As Bush government holds, only by adopting joint actions with the western countries can it take substantial effect on the international oil market or otherwise, it won't do any good for lowering the oil price if the US does it alone.

That the US government refused to use the strategic oil reserve when the oil price was on the escalation is also a consideration of the present situation in the US domestic oil market. Though the commercial crude oil stock in the present domestic market is less than that at the peak in history, however, through a year's efforts the commercial stock is obviously higher than that of the corresponding period of last year. Up to August 20, the US commercial crude oil stock reached 291 million barrels, i.e. 12.7 million barrels more than that of the same period of last year while the gasoline stock also exceeded 200 million barrels, namely 14.5 million barrels over that of last year. The increase of the crude oil and gasoline stocks has relieved the onset of the oil price uprise at the US economy. For instance, though the oil price soared high at the end of July and in the middle of August, the retailing price of gasoline in the US continued to drop for 5 weeks on end.

However, due to the fact that the situation of supply and demand in the world crude oil market and oil production capability remain unchanged, and the frequent occurrences of terrorist attacks, the possibility for the oil price to recover its normal price of around USD 30 per barrel is very scarce in a short time. Should the oil price begin to go up again recently and to further affect the US economy, especially affect the orientation of the people in presidential election it is quite likely for Bush not to hold so tight the tap of the strategic oil reserve. As compared to one year ago the possibility for the industrialized countries to use strategic oil reserve is bigger than last year, however, the US hasn't got ready yet for the moment, said meaningfully Claude Mandil, Executive director of the International Energy Agency on August 24 when he met Spencer Abraham, US Secretary of Energy Department.

When will the US get ready to do it? The answer is going to be given by Bush, the only person at the helm for using the strategic oil reserve according to his appraisal of the US economy and the trend of presidential election.

By People's Daily Online