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 …
Reuters reported that President Obama and Prime Minister David Cameron discussed jointly releasing oil from emergency reserves. Although the White House denied the report, releasing oil from our nation’s Strategic Petroleum Reserve is still not a good idea. The Strategic Petroleum Reserve (SPR), managed by the Department of Energy (DOE), …
Democrats are urging President Obama to tap the Strategic Petroleum Reserve (SPR) to avert “potential danger to the economy” and improve “the [P]resident’s reelection chances,” Politico reports. Tapping the SPR, which exists for moments of national crisis, would constitute playing politics with a national security asset in addition to being …
The Obama Administration’s decision to waive provisions of the Jones Act last month when releasing oil from the Strategic Petroleum Reserve is typical of this Administration’s disregard for the principle of equal protection under the law when it becomes too inconvenient. For example, we’ve seen well over 1,000 waivers of …
Releasing 30 million barrels of petroleum from strategic reserves is not an energy policy, and it is not an especially useful response to either short-run or long-run pressures on gasoline prices. Because the release is scheduled to stop in 30 days, market adjustments will partially offset the release’s impact in …
When it comes to making bad energy policy decisions, President Obama is a pro. Yesterday was no exception when the Obama Administration announced it would release 30 million barrels of oil from the Strategic Petroleum Reserve (SPR). This is part of an agreement with the International Energy Agency (IEA) to …
The 28 member countries of the International Energy Agency (IEA) agreed to release 60 million barrels of oil reserves—2 million barrels per day over 30 days—to offset the supply disruption as a result of the political unrest in Libya. The Obama Administration announced that 30 million of those barrels will …
