What happened to gasoline prices the last time Obama invoked a coordinated release of the Strategic Petroleum Reserve?
Before Obama announces the SPR release, the price is already declining. He announces, and the price continues to decline; then, it levels off and starts to go back up. Immediately upon the start of the SPR release, nothing changes, and the price continues to rise. The price declines; then it rises again. Immediately upon the cessation of the SPR release, nothing happens, and the price continues to rise. Then, without further release from the SPR, it goes back down. See how Obama’s quick action saved us from price increases price decreases, I mean price volatility, no wait… Whatever, it wasn’t as bad as the drilling moratorium.
See also: Releasing Oil from SPR Still Not a Good Idea
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a more sound, secure, efficient, obvious and common sense idea to avoid reducing the reserves but actually increase reserves by opening more drilling. It's not comforting to be forced to deal with intentional incompetence and ignorance in control and another view of too much government control holding people and the country, back!
The Obama administration's move on SPR shows a definite misunderstanding as to how a commodity is being traded currently and how "free markets" work. Oh wait a minute, they're socialists, so I guess we should give them a pass? No, not really, just vote them out of office. Or somehow impeach Obama.
The whole SPR talk is political, since people are really paying attention to gas prices.. It's curious that the media was bashing Bush for $3.50/gal gas, but wont touch Obama with similar prices.
If you consider that the media pushed so strongly that Bush had the ability to bring down gas prices (just to bring down his aproval rating), and now they are faced with the same situation, but with Obama in office. Now people haven't forgotten that a president "CAN" bring down prices because it was drummed into our heads daily by the liberal media. In essence they created their own problem in the first place. This is what you would call "Irony," and is amusing when it happens to liberals.
Of course it's political. I wrote a piece on my blog about it today actually. http://mlatrader.com/?p=52