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The PJ Tatler

by
Richard Pollock

Bio

July 1, 2011 - 8:49 am

One week after announcing he will drain the U.S. Strategic Petroleum Reserve of a record 30 million barrels of oil to lower prices at the pump, oil prices have returned to their previous levels.

According to CNBC data when President Obama announced he would tap the oil reserve the price of light crude was at  $95.70, well off its $115 high on April 28.

On June 27, five days after the release, the price of crude continue its downward spiral settling to a low of $89.61. Since then, however, it has continued to creep up.

Today crude returned to $95.14 a barrel, virtually the same price the day before the oil release program began.

Most oil analysts believe tapping the federal reserve at best would temporarily reduce oil prices. But the presidential decree does help consumers during the high drive Fourth of July weekend…and it could improve the president’s popularity numbers too.

Richard Pollock is the Washington, D.C., editor for PJ Media and the Washington bureau chief of PJTV.
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