"History is a wonderful thing, if only it was true"

Friday, June 24, 2011

Change you can believe in ...

Restrict domestic drilling but open SPR, but no, it's not political ...

White House taps reserves with eye on votes - FT.com:

"The decision to release oil from the SPR caused surprise in Washington, with analysts saying it was unprecedented because the US has released oil only twice before – after the 1991 Gulf war and after hurricane Katrina.
Even after the 9/11 terrorist attacks, the Bush administration decided against using the SPR on the grounds that oil supplies were not affected.
Since the Libyan conflict has been going on for almost four months, the move fuelled suggestions that the administration’s motives are purely political.
The White House denied this, saying oil was being released because the president was concerned about the “greater tightness” in the market because the conflict in Libya had taken 140m barrels out of global supply. Hurricane Katrina resulted in the loss of only 38m barrels, a senior administration official said."

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