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Richardson clearly hopes that his swap turns into a classic case of doing well by doing good. The Energy Secretary is expected to reiterate that he has the legal authority to carry out the unusual maneuver, which has never before been tried on this scale and could prove controversial. But the plan does uphold his pledge not to sell oil from the SPR. That would be interfering in the marketplace, wouldn't it? Instead, upon completion, a swap would actually increase the amount of oil available in the SPR, whose mission is to keep a safety stock in case of emergency.
The biggest immediate return of Richardson's hoped-for hat trick could come on the campaign trail. The Secretary is under siege, as everyone from truckers to homeowners complains about the high price of gasoline, heating oil, etc. Bill Bradley and Al Gore traded pot shots on oil prices in last week's presidential debate, while George W. Bush called on the U.S. to persuade U.S. allies like Saudi Arabia to turn up the motor on the oil pumps.
Despite the run-ups in prices, supplier groups such as the American Petroleum Institute point out, there are no gas lines and ample inventory. In other words, the market is doing what it's supposed to do. But in an election year, that sentiment appears to have a snowball's chance in hell--and even less in primary states like New Hampshire and New York--of winning the day.