Thursday, June 23, 2011

Oil Reserves Tapped while Gas Prices are Dropping! Huh!

As we've documented here a couple of times, oil speculators were responsible for most of the increases at the pump, about 40 cents or so. We also know there is no shortage whatsoever of gasoline. None. Saudi Arabia even announced it was cutting production because the market prices didn't reflect the oversupply available to consumers. But...

There's absolutely no explanation for this action. None. Is the administration that cut off from reality that the Republican meme of oil shortages and the need to drill baby drill is any more believable than before? 

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