Obama Considers Another Release of Strategic Petroleum Reserves

Friday, August 17th, 2012 and is filed under News

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Here we go again.  Whenever gas prices begin to creep up, instead of prudently opening up our natural resources to drilling and exploration, Obama is pondering another political release of the Strategic Petroleum Reserves. This, from the Wall Street Journal:

WASHINGTON—The White House is reviving talks over the possible release of U.S. emergency oil supplies as the price of crude oil topped $95 a barrel, an Obama administration official said.

The talks are in early stages and a decision appears far from imminent, the official said. But the rising price of crude, along with increases in gasoline prices, is stoking fears that high fuel costs could damage an already sensitive economy.

The average price of gasoline has reached $3.70 a gallon, up from $3.40 a month ago, according to the AAA Fuel Gauge. The price of oil on the New York Mercantile Exchange, meanwhile, settled at $95.60 a barrel on Thursday, reaching a new three-month high.

God forbid he should agree to expedite construction of the Keystone pipeline.  For more information on the problems with use of the SPL during non-emergency times, please read more here.