White House “dusting off old plans” for potential oil-reserve release
posted at 3:21 pm on August 17, 2012 by Erika Johnsen
Rising gas prices never bode well for incumbents in national elections, and if there’s one thing Team Obama really doesn’t need right now, it’s the hard-felt ramifications of high energy costs that are felt by everybody in every area of the country that penetrate into so many material spheres. They were granted a reprieve after gas prices peaked in April, but gas prices are on the rise again, and if this persists into the fall, Team Obama has definite cause for alarm.
Beyond “investing” more of our money for us into green energy boondoggles, the Obama administration hasn’t done much for our energy future — a point that Ed made earlier today. While we could be tapping into our own energy reserves more and getting an economic and revenue boost from the gangbusters global energy market, the Obama administration has consistently limited our access while simultaneously claiming that allowing for more domestic production won’t do anything to lower gas prices in the near future (which, by the way, is not true). So, what’s the next best thing? Just play some politics, duh!
The White House is “dusting off old plans” for a potential release of oil reserves to dampen prices and prevent high energy costs from undermining sanctions against Iran, a source with knowledge of the situation said on Thursday.
U.S. officials will monitor market conditions over the next few weeks, watching whether gasoline prices fall after the September 3 Labor Day holiday, as they historically do, the source said. …
The source said the White House had not discussed political ramifications because a decision on a release had not been made. …
Gathering support from partner nations is likely to be the next step as Washington studies its options. …
Germany and some other European nations have generally resisted using government-held oil inventories in the absence of a sharp and deep disruption in supplies.
Call me crazy, but I tend to think the use of our strategic oil reserves should probably be limited to real, bona fide, disruptive supply emergencies — rather than ‘these prices sure are getting mighty high at a rather inconvenient moment’ pre-election panics. Le sigh — we could’ve avoided a lot of this silliness if we had acted long time ago, you know.
Breaking on Hot Air