Opening the Strategic Petroleum Reserve
What he said: “We should sell 70 million barrels of oil from our Strategic Petroleum Reserve for less-expensive crude, which in the past has lowered gas prices within two weeks.” —Speech in Lansing, Mich., Aug. 4, 2008
Why it’s a bad idea: Obama was right in July when he said that the strategic oil reserve “has to be reserved for a genuine emergency.” Selling oil from the 700 million barrel reserve would increase domestic supply and could drive down prices in the short term, but encouraging consumers to use more oil isn’t going to fix anything. And depleting the reserve would leave the United States vulnerable to a supply disruption caused by a natural disaster or further unrest in the Middle East. Obama swapped common sense for this dangerous boondoggle in August after McCain started to hammer him on offshore drilling. So much for tough truths.