Means lower prices….
Despite the opposition of the current Administration to more drilling in the US, he’s going to release oil to the market from the Strategic Petroleum Reserve.
I don’t get it.
More oil equals lower prices for fuels like gas and diesel. But he won’t let new supplies to be created, instead pushing ale, biofuels and ethanol.
While I am all for development of alternative fuels(albeit not
pissing development money away by giving it to campaign donors wasting money in foolish boondoggles) until those sources actually work, we are going to be dependent on oil.
The logic of his move with the Strategic Reserve escapes me….unless it is just a campaign stunt. And if more oil in the market is a good thing, then lets get serious about it and develop new sources in our own turf.
Price stabilization is not the intended use of the Strategic Reserve.