Oil prices have been falling for the past two months. The futility of yesterday’s release of 60 million barrels over one month from the strategic oil reserve is thus exposed as a measure mainly designed to shore up the weakening re-election prospects of US President Barack Obama and is not necessary to lower oil prices.
Whether this is a good use of reserves intended to safeguard the oil consuming nations in periods of real emergency is for the voters to decide. If gas prices fall a little as a consequence for a few months, or a little more than they would have done anyhow, then perhaps they will be grateful.
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