We had a lot of oil in the nation’s strategic petroleum reserve, it was almost full. That reserve was designed for use only in the most dire of circumstances and partly to ensure that in the event of military conflict, we had lots of fuel for the armed forces. Our demented president considers the possibility of big Democratic losses in the midterms to be a dire national emergency, so he took almost all of the oil out of the reserve, meaning that if there is a real emergency, we don’t have reserves. Notwithstanding the fact that the price of gas has declined, the pace of withdrawals has actually increased in recent weeks. Mr. Senile, or rather his handlers, know that the moment they stop pumping out oil, the price of gas will accelerate again. They just hope they can keep doing it til November. After that they don’t care what happens to the peons whom they dupe into voting for them.
Congress needs to amend the law so that withdrawals can only occur with the consent of both the President and a vote of at least 60% of the members of each branch of Congress. Otherwise this political monkey business will occur again and leave us vulnerable to true necessity. See the chart in this Zero Hedge post. (ZH Post)