I'm going off half cocked on this one. All I have heard is an ABC News radio report and I've done no research.(I feel like MSNBC).
I just heard that the International Energy Agency(never heard of it) has agreed to cut loose with 60 billion barrells of oil onto the open market. 30 billion barrells will be provided by the U.S. Obama has directed the National Strategic Oil Reserve to unleashe these 30 billion barrells. The price of oil plunged over $4 per barrell today.
Correct me if I'm wrong please, but I was always under the impression the this national reserve was to only be tapped at times of a severe disruption in the flow of oil. A terrorist attack maybe, or a natural catastrophe. I believe the last time this was done was after Katrina. The administration is saying that supply is the determining factor here...the war in Libya is somehow to blame.
The truth is, Libya is a relatively small player in the oil market, and virtually all the oil it exports goes to Europe.
Everything I've read recently states that there is plenty of oil on the market. As a matter of fact, oil prices have been steadily dropping over the last month and a half.
Once again, you just can't help thinking that this another political ploy. The election gets closer every day, Obama's economic record looks worse every day, so he thinks getting gas prices down right before the July 4th holiday somehow makes him look like a leader.
In other words, he thinks you are a moron.
This national reserve now must be replenished in case there actually is an emergency. We going to drill? I hope so. But in the meantime, they are counting on the American public remaining as un-informed useful idiots. Will you comply?