30 Million Barrels of America's Security Wasted

Obama's decision to release 30 million barrels of oil from America's Strategic Reserve was curious at best.  For one thing, it didn't come when gas prices were approaching historic highs (about $4.29 here in So Cal), but came after prices had been in decline for several weeks.  It appeared to be a purely political move designed to take credit for dropping prices that were already taking place.

And, it was largely ineffective:

More than a month after the Obama administration said it would tap the country’s emergency oil reserve to try to combat supply disruptions in the Middle East, gas prices at the pump actually have risen 10 cents.

President Obama had hoped the move, coming at the onset of the summer driving season, would temper the loss of supplies due to the ongoing civil war in Libya. Working with international allies, the U.S. said on June 23 that it would release 30 million barrels of oil over 30 days, while other countries with strategic reserves agreed to release another 30 million, in staggered sales during July.

And prices at the pump did dip, at first, from a nationwide average of $3.61 down to $3.55, according to AAA. But by last week, they had rebounded and the price per gallon stood a dime higher than when the administration first made its decision.

America only gets a tiny fraction of our oil from Libya. Most Libyan oil goes to Europe, so we sacrificed 30 million barrels of our national security to save the Europeans.

Someday, I'd like Obama to be President of the United States instead of trying to be Emperor of the World.