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Reuters: Obama Considering Release From Strategic Petroleum Reserves (To Save His Reelection)
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Original Message
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PANIC TIME IN THE WHITE HUT...
Democrat Presidents empty the SPR to buy votes with, Republican Presidents catch hell for doing the right thing, and filling it back up again.
Rinse and repeat...
Obama will do a massive oil release in October just in time for Election Day. By flooding the market with the reserve oil, he can bring gasoline prices down by 50 cents or more. In a close election, it could make a difference in his favor, or that is what he thinks.
"WASHINGTON (Reuters) - The White House is "dusting off old plans" for a potential release of oil reserves to dampen rising gasoline prices and prevent high energy costs from undermining the success of Iran sanctions, a source with knowledge of the situation said on Thursday.
U.S. officials will monitor market conditions over the coming weeks, watching whether gasoline prices fall after the September 3 Labor Day holiday, as they historically do, the source said.
It was too early to say how big a drawdown would be from the U.S. Strategic Petroleum Reserve and, potentially, other international reserves if a decision to proceed was taken, the source said."
Iran sanctions, my a**...
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