SPR release « POWIP

29Jun/114

So how’s that SPR oil release working out for you?

Remember just a short week ago when Mr. Obama announced with the utmost aplomb the release of Oil from the Strategic Petroleum Reserve? Recall how all of his allies in the MBM hailed it as a masterful SUPER-JEEENYUS! move that would help the economy out, at least in the short term, by removing the extra demands on ordinary folks' budgets that higher gas prices imposed, remove the energy component from the inflation pressure producers were feeling, and, surely only be coincidence possibly reverse the downward trend of his poll rating? Good times, my friends, good times...

At that time, regardless how reckless and cavalier you may have thought the President's policy decision, releasing oil from essentially a rainy-day fund when the sun was shining-so to speak, did you find yourself wondering just how long those short term effects would last? I know I did. And so did some of the professional economists and Wall street types. Depending on your outlook, and whether you counted yourself among Obama's allies, the estimates ranged from weeks to a GAME CHANGER!11!1! that would have an lingering effect through at least the first of the year.

Well if you were a gambler, I hope you took the under; at least based on a check of the commodities markets:

WTL crude oil

Check out the price of West Texas Light Crude(symbol CLQ11), keeping in mind the release announcement bythe IEA was on June 23rd, and Obama's on June 24th.

Unleaded Gas

Now Look at a similar chart for refined Unleaded Gasoline(symbol RBN11), keeping in mind the same release dates.

As you can see, in both cases today's price is higher than at the time of the release announcement. So since the President is into trusting his "gut instincts" these days, I guess we can pin that one squarely on his vaunted BRILLIANCE!, JUDGEMENT!, SOLOMON-LIKE WISDOM, AND NEAR-CLAIRVOYANT-NAY PRESCIENT-INTUITION!

But really, like everything else, this has been just another bad decision, to implement a desperate central command-and-control-economy maneuver, as part of the President's failed economic policy.

Me? In 2012 I'm looking for real change...

What do you think kind reader?

[Cross posted at the Conservative Commune]