Respirate

Time to Fill Up on the Strategic Petroleum Reserve

Hi Michael --- What you seem to propose for the SPR is common sense for most of us, reflected in the adage, "Fix the roof when the sun is shining."

Same is true your your modest tax propopsal. Tax phobes will scream about it ( and about anything else that has a "public good" ring to it), but the private sector hasn't addressed the problem of developing viable alternatives foreign oil dependence since, maybe 1973. I think that's the first time I remember sitting line for gasoline, under thumb of foreign suppliers. The effort could use a push. Or maybe some would argue that cheap oil is here to stay. Uhh ... ok. Until next time.

As you suggest, energy companies are incredibly cheap now. Every so often we get it in our heads that oil investing is obsolete. I'd like to publicly thank all who think that and are dumping their shares. The majors you mention are superb investments. You didn't mention the best deep drillers that are also out of style -- I've been steadily buying Noble (NE), most recently for $26 and change. Just in case we again decide that we need a little more oil someday.