Recently, the Administration joined with two dozen other grandstanding nations in releasing 60 million barrels of oil from strategic reserves. The idea is to be seen doing something about gasoline prices and the economy. We will be releasing 30 million barrels of the total.
60 million barrels of oil represents 16 hours of global consumption. Could this be a purely political move?
Please forgive me Mr. President and supporters; I don’t mean to single you out; this is SOP for any President.
But ask yourself what we might have paid for the oil in reserve and what we are likely to pay for the oil to replace it someday. Clearly, this useless move will cost us money even if the amount is “only” tens of $millions.
When are we going to wise up and get outraged at our money being used this way? Remember “the broken windows theory” of crime prevention? Little things matter.
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