Extreme Fecklessness on Parade
As noted at the Patriot Post:
The 28 member nations of the International Energy Agency (IEA) announced the release of 60 million barrels of oil reserves over the next 30 days to put downward pressure on oil prices. The Obama administration said that 30 million barrels would come from our domestic Strategic Petroleum Reserve (SPR), which currently holds 727 million barrels. The IEA claims the release is because of disruption of supply due to events in Libya. However, Libya produces just 2 percent of the world’s oil (1.5 million barrels per day), most of which goes to Europe. Perhaps replacing that much will have a positive short-term effect (oil did drop $5 a barrel on the news), but it’s not a solution to the problem of high oil prices, or for Obama’s sagging poll numbers.
In 2000, Bill Clinton likewise released 30 million barrels of SPR oil over 30 days. As a result, the average price of gasoline fell by just one cent. By law, we must replace these 30 million barrels later, too, which means we’re pouring oil from the deep end of the well into the shallow end. Instead of gimmicks like this one, the administration should remove restrictions to onshore and offshore drilling. Experts say that Alaska’s wildlife reserve could supply one million barrels of oil every day. We know that "supply-side economics" is to leftists what holy water is to demons, but in this case and in so many others, it’s the best answer. And adding supply for 30 days that must be demanded back later isn’t it.