Well what happens short-term is pretty obvious. After it runs out in a couple of weeks, we won't have the reserve and pressure will increase even more upon Israel to "take one for the team" and allow a city (Tel Aviv) to be burned off before attacking Iran.
Every president since the reserve was created has released oil for the wrong reasons: To affect the price of crude on the market. It was meant to provide a short-term buffer if the Arabs get another wild hair, as they did in '73.
Even al Reuter news recognizes this is an election year stunt, right there in the first sentence.
“Every president since the reserve was created has released oil for the wrong reasons: To affect the price of crude on the market. It was meant to provide a short-term buffer if the Arabs get another wild hair, as they did in ‘73.”
And that’s where we went astray, in 1973.
The western world’s first response to the OPEC embargo should have been the barrels of guns — LOTS of guns, with the simple admonition to the countries involved, “you WILL NOT continue with this, or else.”
And then we should have done what needed to be done, right then and there.