White House to Tap SPR

The White House has agreed to tap the Strategic Petroleum Reserve to attempt to head off continuing high oil prices.

Great move. As much as I dislike governments interfering with free markets, I think this move is necessary. Oil traders have been bidding up oil prices on sentiment and momentum as much as fundamentals - to the potential devastating impact to the U.S. economy. The opportunity by President Bush to slow down the price spike will be welcomed.