Editorial Board
Strategic Oil Reserve or Short-Term Political Maneuver?: View
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Releasing oil from the Strategic Petroleum Reserve makes sense in time of emergency, natural disaster or a major disruption in supplies. None of those events have occurred, which makes the yesterday by President Barack Obama to tap the reserve puzzling.
Obama, in concert with the International Energy Agency, plans to draw 2 million barrel a day during the next month from U.S. and international reserves. Oil prices plunged.