President Obama Making Big Mistake
President Obama has decided to tap the Strategic Petroleum Reserve (SPR) in an effort to control gasoline prices. The United States and its industrial allies in the International Energy Agency are releasing 60 million barrels of crude oil from reserves over the next 30 days. Half of the will come from the American SPR.
The 700+ million barrels of oil in the Strategic Petroleum Reserve are for “a severe disruption in supply." There is no such situation right now. This sets a terrible precedent. Using SPR to influence prices simply skews the oil marketplace and is not a long term solution to the rising price of gasoline. (
Wash Post, 6/23/2011)
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