(Reuters) - A group of Democratic lawmakers in the House of Representatives is again urging President Barack Obama to aggressively use the threat of releasing oil from emergency reserves to rain on speculators driving up oil prices.
Last time (June), and no President has ever done this before, released 30 million barrels out of the emergency reserve. The market burped, prices stayed down for a couple weeks, and went right back up.
Then we have the problem that we will have to replace the oil reserve at current market price. The reserves were bought when oil was cheaper.
Add 696 million barrels of oil to the national debt? Not cool.
You might be able to hurt oil speculators a little. Failing any real ability to affect oil prices in any real way, let's hurt the oil speculators. Yay!
If his chest had been a cannon, he would have shot his heart upon it.
Liberals or Captain Ahab?