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.