Obama to Release 30M Barrels From US Strategic Petroleum Reserve

Not a good idea...

http://www.washingtonpost.com/business/obama-ready-to-release-oil-from-petroleum-reserve-to-offset-mideast-turmoil-high-energy-use/2011/06/23/AGvFEJhH_story.html

"Wary of a new surge in gas prices, the Obama administration said Thursday it is selling off 30 million barrels of oil from the country’s emergency reserves as part of a broader international response to lost oil supplies caused by turmoil in the Middle East and North Africa, particularly Libya.

The release from the U.S. Strategic Petroleum Reserve will be the largest ever, amounting to half of a 60 million-barrel international infusion of oil planned for the world market over the next month.

Even so, the 30 million barrels to be sold by the United States represents less than two days’ worth of domestic oil consumption and about three days of oil imports.
...
“The Strategic Petroleum Reserve is an emergency lifeline to protect our nation against critical shortages in our oil supply and shouldn’t be used as a Strategic Political Reserve to boost the popularity of elected officials,” said Charles Drevna, president of the National Petrochemical & Refiners Association.

The administration’s action will do little to benefit consumers while leaving the nation vulnerable to hurricanes or other natural disasters, or a foreign crisis that causes a real supply shortage, said House Speaker John Boehner, R-Ohio."