Boy, That SPR Release Sure Was A Strong Play By Obama
As they say in Boston, Obama’s wicked smaht.
He dumps oil out of the Strategic Petroleum Reserve, and in doing so holds the price down for what? A week?
Yeah, that’s great policy. He won a news cycle or two. Didn’t increase domestic production or supply, mind you, and didn’t give speculators any particular reason to expect the price would drop on any long-term basis. But he did something.
Except when you do something and it’s completely ineffective, it’s worse than not doing anything.
Don’t worry, though. Be happy. Obama’s working on getting rid of those needless tax breaks for oil barons. That’ll insure the domestic supply will increase.
The beatings will continue until morale improves.

http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html
He could keep his ratings up by releasing oil throughout the 2012 elections. Of course this would set us up for a real crisis or invasion.
Opening the SPR without a supply problem and while prices were already decreasing is an unacceptable waste and risk.
He could keep his ratings up by releasing oil throughout the 2012 elections. Of course this would set us up for a real crisis or invasion.
Opening the SPR without a supply problem and while prices were already decreasing is an unacceptable waste and risk.