When they named is the “Strategic Petroleum Reserve” I’m not sure the sitting president’s re-election strategy was the one they had in mind…
Rising world oil prices have pushed the cost of gasoline in the U.S. up sharply, threatening to stall economic recovery ahead of Obama’s bid for re-election in November.
While there is no significant disruption of world oil supplies at the moment, sanctions on Iran are expected to cut its output when a European Union embargo takes effect from July.
Since there are no major supply disruptions that are artificially driving up the price, it stands to reason that prices are rising because of fundamentals and will simply go back up once our “strategic” release is over. This release is an attempt to temporarily juice oil prices to the downside for political reasons.
“The Obama administration can only take so much political pain from rising gasoline prices, which pose a serious threat to the economy and the president’s re-election,” said Bob McNally, a former White House energy adviser and head of U.S. energy consultancy Rapidan.
Candidate Ned hereby pledges not to use public resources for his personal political benefit.