While the SPR exists primarily as a national security defense mechanism - enough oil to get us through a national emergency, even if only for a short time - Barack Obama saw it primarily as a political opportunity, and opened the spigots up and dumped some sweet crude onto the markets just as the summer driving season was spiking gasoline demand and, of course, prices.
Well, while it was clearly a blatant move to use the nation's resources as a way for Obama to defend himself (the nation be damned), at least we could count on some cheaper gasoline for a few weeks, right?
On June 22, a barrel of West Texas Intermediate crude oil cost $95.41.
The next day, President Obama announced the release of 30 million barrels of oil from the Strategic Petroleum Reserve. His goal was to lower the price of oil in anticipation of a busy summer travel season.
Today the spot price of a barrel of West Texas Intermediate crude is $96.87.
So Obama’s policy accomplished nothing. Call it energy stimulus: The consumption of future resources for transitory political gain.
Or call it Obama's Reverse Midas Touch: Everything he lays hands on turns to shit.
And we're the ones left to clean up the whole stinking, steaming, pile. Because the president is on vacation (again), don't you know. And guess who paid for that as well....