23 Jun '11, 3pm

Why tapping the strategic petroleum reserve is like giving Bubbles from the Wire $5 when he's on a smack binge

Why tapping the strategic petroleum reserve is like giving Bubbles from the Wire $5 when he's on a smack binge

When it comes to oil, this is what the U.S. looks like to the rest of the world The Obama administration has decided over the next two months to release 60 million barrels of oil from the Strategic Petroleum Reserve . This is kind of like giving Bubbles from the Wire $5 when he's in the middle of one of his smack binges -- it's not really going to affect consumption, and it sure as hell doesn't address the root problem, which is our seemingly insuperable addiction to oil. The general idea is that this release will drive down prices, even though that represents a drop in the ocean of global oil consumption. For reference, the world consumes well more than that amount every day -- 88.4 million barrels. As temporary fixes go, the release appears to be working already , mostly because of its affect on the psychology of traders. Aside from the fact that it's a short-sighted ban...

Full article: http://www.grist.org/list/2011-06-23-why-tapping-the-stra...

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