Irritability Index going up over oil

Eight months ago, this columnist recorded Spaulding's Irritability Index for the first time. The gist of the article was this nation's failure to address measures to relieve our affinity to foreign petroleum.

These included 1) The failure to drill for oil in our own country's oil fields. 2) The lack of new nuclear power plants. 3) The lack of interest in ethanol and other alternative fuels. 4) The hesitancy to harness more wind power.

Acceptance of this columnist's opinions on these issues and the progress made in the past eight months can best be explained by the following quote:

" ... "

The Irritability Index rises.

An op-ed piece in The Wall Street Journal last week said, "Partisan sides are using a serious crisis to advance political agendas, create political attack sound bites, and launch hearings to 'expose' the culprit. Pick your favorite: speculators, Big Oil, environmentalists, China, India, etc.

"A fundamental misunderstanding of how markets work, and how an effective government can support the private sector, is delaying remedies that will bring down the energy process now. These remedies are to be found in both supply and demand, and both Democrats and Republicans need to demonstrate their command of this fact."

The author of this WSJ commentary is Joseph Petrowski, president of Gulf Oil, who went on to criticize both parties. To Democrats, he said, "Supply must be increased, and that will require more drilling.

"We can responsibly drill. The technology to find, drill and recover oil has evolved tremendously. ... The claim that the oil companies are sitting on leases and not drilling defies all logic. ... There are no idle rigs anywhere.

"Your claim that any oil we drill for now will not come on line for five years or longer and thus will have no effect on prices today is incorrect ... the market is sending a clear price signal that our problem is in the future because we do not have the will to curb demand or increase supply."

And, this advice to Republicans from the company executive. "Efficiency is a huge source of new energy. It is scandalous that we have let the mileage standards decrease

over the past 25 years. Whether through mandates or tax policy, active government intervention is needed. Republicans have to stop acting as if the 'market' is some pristine state of nature that is not subject to active shaping.

"The latest farm bill, ethanol and sugar tariffs, the cost of the Iraq war and Bear Stearns all make that reasoning ring hollow."

Petrowski ends the article this way: "Using market mechanisms and the private sector (admit it, Democrats) alongside an engaged, effective and focused government (admit it, Republicans), true leaders can solve this crisis decisively."

My additional comment: Before you jump on Big Oil, consider jumping on politicians for BIG NOTHING.

I plead with politicians of both parties to please act now. Reduce my Irritability Index, for a change.

Faux pas

A column in the July 12 Automotive section that highlighted letter writers' comments on various subjects misidentified one of the contributors.

The Mount Pleasant resident who penned recollections of the rare 1940s era Tucker automobile is Charles W. Moonly Jr. The Post and Courier regrets the error.

George Spaulding is a retired General Motors executive and distinguished executive-in-residence emeritus at the School of Business and Economics at the College of Charleston. He can be reached at 2 Wharfside St., 2A, Charleston, SC 29401.