EDITORIAL: Obama’s gas stunt comes up empty

The Washington Times ^ | July 18, 2011 | Editorial

[jazusamo]

Siphoning oil from strategic reserve fails to cut prices

The results are in from President Obama’s controversial decision last month to tap into the nation’s oil reserves to drive down gas prices: none. Like his futile efforts to revive the moribund U.S. economy by spending $1 trillion in borrowed money, the president’s release of 30 million barrels from the nation’s Strategic Petroleum Reserve produced nothing more than a brief pause in the steady rise in prices at the pump. Nearly three years into an energy policy designed to hector Americans into accepting pointless “green” alternatives, the president seems to have finally acknowledged his chances of being re-elected go down as gas prices go up.

Prior to the June 23 dip into the reserves, oil stood at around $93 a barrel. The price dropped more than $4 a barrel after the announcement but bounced back up to the same level within five days and ended last week above $97. Likewise, gasoline stood at $3.63 a gallon before the president’s move and subsequently fell to a low of $3.54 on June 30 before climbing steadily upward to $3.67.

The International Energy Agency did its best to help Mr. Obama, releasing 30 million barrels of its own. Though that may sound like a lot, it’s little more than a drop in the global oil bucket. Such moves have no lasting impact because oil traders are looking at the big picture. There isn’t enough supply to meet the world’s demand. Even if consumption has softened in the United States and Europe due to the persistent economic slowdown, the thirst for crude in places like China and India is growing.

[jazusamo]

Thanks, Joe. Great job!

[nascarnation]

Baraq and at least two of his cabinet members are on record as favoring “European” levels of gas pricing.

Any Republicans willing to make a commercial with this for 2012?

[Senator_Blutarski]

Obama is a “one tank wonder”.