When the administration announced it was releasing 30 million barrels of oil from the Strategic Petroleum Reserves it said it was essential to drive down oil prices. Democrats backed the Obama administration saying that it was necessary while only a short term solution to the energy problem. Little did they realize just how short term the effects would be. Oil futures had declined about 14% prior to the announcement, settling at $95.41 on June 22nd. Yesterday the closing price was $95.25. Short term! Damn short wasn't it? A compliant media attempted to paint this idiocy as both wise and bold. Bold to the point of being foolishness and wise? Well, about as wise as "cash for clunkers". Yeah fiendishly clever.
This was the moment when I decided Obama is a totally clueless nitwit. Not only did the decision to utilize *emergency* supplies seem like the most foolish, errant knock on our country's security, the timing of it seemed absolutely foolish and nitwitty. It was impotent, like trying to box with God. This man really does make decisions on the spur of the moment without much forethought or foresight,unlike the "scholars and intellectuals" his boy crush David Brooks envisions.
ReplyDeleteright now the price is 96.63. That's 1.22 higher than when the release was announced. I never could find anything on the web about it but there were plenty of allegations on CNBC of insider trading. The oil prices dropped sharply just before the announcement.
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