June 27, 2011

No Way to Use America's Oil Stockpile

Detroit News, Detroit News

AP Photo

President Barack Obama has chosen a curious moment to release 30 million barrels of oil from the nation's Strategic Petroleum Reserve. The president initially justified the release as protection against disruptions in supply caused by the conflict in Libya. Later, the administration changed the explanation, saying Obama hopes to stabilize gasoline prices going into the summer vacation driving season.

Libya is an important source of oil. But the fighting there has not had a major impact on supplies. And oil prices have fallen back in recent weeks from their yearly highs, dropping by roughly 40 cents a gallon in Metro Detroit over the past month.

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Related Topics: oil, Barack Obama


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