By LIAM DENNING writing for The Wall Street Journal
“Unlike some of the other black holes into which Washington pours money these days, the Strategic Petroleum Reserve’s value is grasped easily. If needed, it could replace about 44% of daily U.S. oil imports for more than five months.”
In summary, Pres. Obama is considering tapping this reserve to stabilize gasoline prices. Liam correctly points out in this article that the use of SPR for managing prices can easily have an effect that is opposite of what is intended.
My comments on this are brief:
Great article Liam!
The operative phrase is “Strategic Petroleum Reserve” The strategy is to protect the best interests of the country in the event of a very unusual emergency. Fluctuating market prices do not fall within that definition.
So now what do you think?
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