Strategic Petroleum Reserve to be Renamed “The Hope and Change Re-Election PAC”
You heard it here first. The International Energy Agency, a body whose membership parallels the G-20 and which is dominated by members of the EU, announced that it may consider releasing more oil from “its stockpile” (1.6 billion barrels, nearly half of that in the U.S. Strategic Petroleum Reserve) at the end of the current 30-day, 2 million barrels per day period. Repeat of IEA | Read More »
Nothing Evinces Hypocrisy More than Obama’s Oil Policy
President Obama has asserted ad nauseam that expanding oil drilling would not affect the price of oil and generate price relief at the gas pump. He has scoffed at the ‘drill, baby, drill’ plan, denouncing it as insufficient in dealing with our “long-term” energy needs. Now that his reelection prospects are beginning to wither, Obama is undergoing a foxhole conversion and easing his aversion to that “addictive” | Read More »
Why Did Obama Open the Strategic Petroleum Reserve?
On Thursday, the Department of Energy announced a release of thirty million barrels of crude oil over the next 60 days from the Strategic Petroleum Reserve, the nation’s stockpile supposedly set aside for emergency supply disruptions. Washington, DC – U.S. Energy Secretary Steven Chu announced today that the U.S. and its partners in the International Energy Agency have decided to release a total of 60 | Read More »