Site for Free Markets and Free People

Thursday, July 07, 2011

Obama's SPR Release a Dud

Well, Obama decided the release 5% of the US's strategic petroleum reserve on June 22nd - this was his attempt to control inflation, and was most likely a ploy to help his re-election chances. Since then, the price oil immediately declined by 4-5%, but has since rebounded, and is now above it's June 22 price level. Anyone who understands a tiny bit about the economy could have predicted this result. Sadly, our President is not in this camp.

So we got about 2 weeks of slightly cheaper oil. What's next?