Obama laying the groundwork to tap the Strategic Petroleum Reserve

Here we go again: Obama playing politics with our future. Austan Goolsbee was Barack Obama's senior economic adviser during his 2008 campaign and went on to serve as chairman of  President Obama's Council of Economic Advisers. He left in mid-2011 to teach at the University of Chicago. Now he takes to the pages of the Wall Street Journal to advocate releasing oil from the Strategic Petroleum Reserve  because, he says, there is too much crude stored away for emergencies. The most absurd part of his column is when he dismisses concern that we may need this oil if, say, a war breaks out in the Middle East: In recent years, new technology has unlocked large amounts of low-cost production in places like the Bakken Shale of North Dakota and the Permian basin in West Texas. There has also been a tremendous increase in crude production from the tar sands of Canada. All of this new output has reduced our demand for oil that we get from strategically uncertain ...(Read Full Post)