Obama Raids Oil Reserve, But Still Blocks Producing More

Secretary of Energy Steven Chu announced on Thursday that the federal government would release 30 million barrels of oil from the Strategic Petroleum Reserve in order to counteract supply disruptions in the global oil market.  In addition, the other member nations of the International Energy Agency would release another thirty million barrels.

Thirty million barrels is the largest single release in the history of the SPR, but is insignificant compared to total global daily consumption of roughly 80 million barrels.  The Washington Post noted in an editorial on Friday that the crisis the Obama Administration is trying to deal with is that “President Obama’s re-election prospects will be harmed if national discontent over high gasoline prices continues.  The oil release could be seen as a way for the president to take credit for gas prices that are falling anyway….”

Rory Cooper at the Heritage Foundation’s Foundry discusses what a stupid idea this is and how it fits in with all of President Obama’s other phony, counter-productive energy policies.  Instead of tapping the SPR, why doesn’t the President announce that the federal government is opening federal lands and offshore areas to new oil and gas exploration?  That would increase global oil production and lower gasoline prices now and over the long term.  The reason is because President Obama and his Administration favor much higher gas prices.  The SPR release simply helps delay implementation of his policies until after the 2012 election.