Without true reform of the GSEs, the Bush Administration's plan to expand a risky form of government intervention by putting taxpayers at risk for future bailouts of investment banks would be unwise. If Congress follows suit, American consumers could have access to more than 19 million barrels of oil and nearly 84 trillion cubic feet of natural gas (probably more, as these preliminary estimates tend to be on the low side). oil's flirtation with $150 a barrel should be enough to convince Congress to lift its 26-year-old restriction on American energy production.
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