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Posted at 02:39 PM ET, 07/05/2011

A waste of the Strategic Petroleum Reserve

On June 22, a barrel of West Texas Intermediate crude oil cost $95.41.
The next day, President Obama announced the release of 30 million barrels of oil from the Strategic Petroleum Reserve. His goal was to lower the price of oil in anticipation of a busy summer travel season.
Today the spot price of a barrel of West Texas Intermediate crude is $96.87.

So Obama’s policy accomplished nothing. Call it energy stimulus: The consumption of future resources for transitory political gain.

Meanwhile, if you are interested in serious energy policy, check out Rep. Devin Nunes’s Roadmap for America’s Energy Future.

By Matthew Continetti  |  02:39 PM ET, 07/05/2011

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