Picture courtesy of Washingtonstatewire.com
President Obama released about sixty million barrels of oil from the Strategic Reserve last week in order to push down the oil prices that are under cutting any hope of an economic recovery.
The decision came shortly after it was announced that America's economy grew at an anemic 1.8% when it could have been nearly twice that. The reason was that high gas prices were dragging the economy down. Finally, a glimmer of sense from an administration that seems as clueless as the last one but I have to give credit where credit is due.
Good job, Mr President.
Oil is down to $90 this morning which means the price of gas should be around $2.75-$2.85 but the gouging at the pump continues. The Department of Justice has been probing the situation but I really have little faith in Eric Holder. Maybe he will surprise us.
And maybe pigs will fly....
Many oil analysts are upset decrying the move as "an attempt to punish speculators by flooding the market with oil."
What is their point?
If this is punishment, be happy I am not the one meting it out. I would be looking for a sturdy tree branch at least eight feet high...
The Obama administration said they were undertaking this move to make up for the shortfall in Libyan oil. Only there was none since Saudi Arabia upped production but the speculators decided to ignore that.
You reap what you sow.....
Now, let's pull gas down to under $2 and what the economy start to rev up. It won't solve everything but it is a huge half dozen steps or so in the right direction
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