From the STrib:
With Minnesotans squeezed at every turn by high fuel prices, DFL U.S. Senate candidate Al Franken pumped his own energy proposals on Monday while taking another swipe at rival U.S. Sen. Norm Coleman.
Franken said the United States should sell 50 million barrels of crude oil from its Strategic Petroleum Reserve between now and Election Day -- a move that he said would lower gas prices, generate revenue and deflate the speculator bubble that has helped send oil prices skyward.
Coleman, he said, refused last week to back legislation that would have lowered speculation and instead supports offshore oil drilling that Franken said would take 20 years to affect gas prices.
Kudos to Coleman for not backing the fight against speculation, but "booo" to Franken for saying future drilling would take so long to affect prices. Speculation, by definition, is the action of making decisions based upon future expectations. Allowing more drilling offshore (or in the ANWR for that matter) increases the expected supply of oil which, in turn, decreases the expected price of oil. Speculators would sell off their futures, leading to a lower current price and it would not take 20 years to affect gas prices. 20 days, maybe. But not 20 years.