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Friday, June 24, 2011

Obama Releases 30 Million Barrels of Oil

Ok. Why's he doing it? He thinks it will bring down the price of oil, which is one of the factors key to his re-election. Of course releasing a days's worth of oil might bring down the oil price today, but longer term, it has zero impact.

Historically, releases of reserves were done during period of national emergencies, such as hurricanes, so this release which should be entitled "OBAMA'S RE-ELECTION RELEASE" certainly sets another historical precedent. (Actually, to be fair, Clinton released SPR a couple of times in 1996 - wonder why he did that). Hope and Change!

Will someone please buy President Obama an Econ 101 book?