I understand that our President feels he must keep the prices of gasoline down through November 6, 2012 at about 7pm Pacific Time, but does he really think that the country is so stupid as to allow him to use the Strategic Petroleum Reserve to accomplish that? Obviously he does. He has a willing press ready to make that “okay” for whatever reason he comes up with.
Well, there are published reports out there saying the Obama administration is planning on doing just that. One report says they are “dusting off” such plans. Another says they are doing it; look for it very shortly.
Let’s see if they try to pull this one on the country! I certainly hope they don’t. But – they’ve tried a lot. This would actually surprise me, but that’s okay. I think the country would not reward him with any positive credit for a few cents off at the pump. More likely, this would drive up the price of gasoline, winter heating oil and other products because it would indicate a “shortage.” As a trader of oil futures on occasion, I may play it that way.