The President’s own Energy Information Administration (EIA) estimates that U.S. production in the Gulf has declined by 220,000 barrels a day since Obama’s moratorium (which still persists) began.
By Rory Cooper
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.
Clearly, President Obama is putting politics and polls ahead of responsible governance and a smart energy policy. Even The Washington Post’s editorial board agrees. This morning, in a scathing editorial entitled “The wrong reason for depleting the strategic oil reserve,” the Post argues the White House is likely more focused on a “political emergency” and “the government should not tap the reserve absent a genuine crisis.”
Full article here
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