6/24/2011 10:06 AM
Not sure what if anything the presidents lastest decision in releasing 30,000,000 barrels of oil will do. That total is bascially 1 1/2 days of oil comsuption in the US. Doubt if we see a price decrease at the pump. I asked our local distributor this morning when delivering gas & diesel if there were in fact a shortage and his answer was
"not to my knowledge". Bush released supplies from the strategic pertroleum reserve after both Katrina and Gustav to (actually loaned the oil to refiners) to cover a short fall in refinery capacity and again when the Calcasieu ship channel was closed back in 2006. Those were much smaller amounts.
The irony is the adminstration has preached more drilling on our own continental shelf will have no affect on oil prices but his deceision to open up the SPR was with the intent to stablize oil prices. Having his cake and eating it too I guess. Oil prices have now fell for 20 consecutive days. Sure he has a plan, just like in reducing spending and the debit but we'd love to hear it.