My word, fancy that!

Politician facing difficult re-election campaign will force down price of petrol.

The White House is \”dusting off old plans\” for a potential release of oil reserves to dampen rising gasoline prices and prevent high energy costs from undermining the success of Iran sanctions, a source with knowledge of the situation said on Thursday.

This is a surprise, isn\’t it?

3 thoughts on “My word, fancy that!”

  1. Aren’t they known as “Strategic Oil Reserves”?

    Good to know that the “strategy” concerned is their re-election one.

  2. They are largely located in areas that already have a surplus of crude (see WTI / Brent differential), so their release will be useless.

    Now if there were a huge pipeline bringing Canadian crude to the gulf coast and emptying the surplus at Cushing, it might work. Now if only the President could find someone willing to make such an investment 😉

  3. Ah! So, in Obama-world manipulating the price of oil for your own gain is good, but bankers manipulating libor rate is worthy of criminal investigations, big headlines etc? Got it!

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