Bad idea: It won’t help the supply problem in the long term, but may leave the US vulnerable if the Middle Eastern oil supply hits a major disruption.
The Obama administration is considering releasing oil from the Strategic Petroleum Reserve to help Americans facing a spike in oil prices as a result of unrest in the Middle East, Obama Chief of Staff William Daley said Sunday.
The administration is considering all options when it comes to preventing the U.S. economy from backsliding as a result of recent increases in oil prices.
All options? The permitorium remains in place.