Uncle Sam Slight of Hand

The move this week by President Obama and his administration to release Strategic Petroleum Reserve (SPR) crude oil should be seen as nothing more than a political stunt. Although an immediate short-fall in supplies worldwide was touted as the impetus, the decision to release more barrels from the SPR was more likely aimed at quieting oil prices than satiating short-term demand requirements. The tapping of 30 million emergency barrels raises questions about the motives, timing and most importantly, the accountability of the United States government with respect to oil policy and the use of the SPR as a tool to manipulate markets. Download here