Great news: Obama's Strategic Petroleum Reserve release did nothing to alleviate oil prices
The price of a barrel of oil is right back where it was before the president decided to release 30 million barrels of our strategic reserve for no strategic reason.
Bonus: Powerline says the release amounted to a subsidy to the oil companies that Obama loves to hate on, since the US government sold the 30 million barrels of oil below cost. Bonus bonus: That means the US taxpayer got ripped twice on this deal, by buying the oil and then selling below cost, taking a loss.
And the overall price of oil is back where it was before the release happened. And the dollar is still weak. And international demand continues to climb, while Obama continues to stand in the way of more domestic oil exploration and drilling.