No. of Recommendations: 7
But now you people will use your Strategic Reserve.
That'll have to be refilled.Well, the SPRs were established to mitigate disruptions in supply, like now.
Bush #43 was buying oil for the SPR, at record high prices, when supplies were already tight, in spring 2008, making supply tighter, doing his best to profit his cronies in the industry.
May 1 2008
US Strategic Oil Reserve Becomes Hot-Button Issue
Now that the Bush Administration is at loggerheads with Democrats--and an increasing number of Republicans--on whether to suspend adding to the country’s emergency petroleum store, known as the Strategic Petroleum Reserve (SPR), it’s a good time to review what investors need to know about this stockpile. cnbc.com - US strategic oil reserve becomes hotbutton issueMay 17, 2008
Under pressure, Bush stops adding to US petroleum reserve
Faced with a veto-proof congressional mandate to stop adding oil to America's emergency reserve, President Bush is closing the spigot. But hopes that the move would lower oil prices have so far failed to materialize.
On Friday, oil closed over $126 a barrel, up more than $2.50. Gasoline prices also hit a record Friday – $3.79 a gallon, according to the AAA car club.csmonitor.com: Under pressure, Bush stops adding to US petroleum reserve...of course, Bush was in the last year of his second term, so he cared not one whit about the repercussions of his actions in November. It was one last fat gift, to his cronies.
Steve
