Today’s Morning Bell from The Heritage Foundation covers President Obama’s decision to release more oil from the Strategic Petroleum Reserves.
When it comes to making bad energy policy decisions, President Obama is a pro. Yesterday was no exception when the Obama Administration announced it would release 30 million barrels of oil from the Strategic Petroleum Reserve (SPR). This is part of an agreement with the International Energy Agency (IEA) to put a total of 60 million barrels on the market in the next 30 days. Another 27 nations will make up the other half of the oil needed.
President Obama and the IEA first explained this irresponsible action by noting a supply disruption as a result of the war in Libya. However, this disruption does not justify the depletion of the SPR, and the Administration doesn’t have the legal rationale, either. The White House slightly changed its tune late yesterday when Press Secretary Jay Carney told reporters it was meant as protection against increasing gas prices over the summer driving season.
Unfortunately, the President has a long history of poor decisions when it comes to energy policy. From his support for Cap and Trade to his stand on domestic drilling, he has put in place policies that cause energy prices to rise for all Americans.