Again. The Obamanation announced it will release 30 million barrels of oil from the strategic reserves and has another 30 million barrels pledged by our energy partners. Two million barrels per day for a month. And they can do it again next month and the month after if prices don’t drop enough.
It is to “make up for Libyan oil,” administration officials say.
Bwahahahahahahahahah hah ha. And hah.
It’s not a hail Mary to jumpstart the economy.
It’s not to fill in the gaps in our oil supply. There is plenty of oil.
It’s not even to ease the summer driving season.
But it is to drive speculators out of the market. See, if the price at the pump drops for 90 days, the third quarter Cost of Living calculations look flat again.
At the beginning of June, I said the Obamanation would try to get gas prices down to $2.47/gallon for July, August, and September, the “window” for Social Security’s 2012 COLA calculations. Artificial Cost of Living Adjustments are a free tax on the back of American seniors and the gummint needs more money. Way to go, Mr. Obama.