Obama finally admits that Oil Supply affects the Price at the Pump.

Releases 30 million barrels of oil from the Strategic Petroleum Reserve.

Here’s your crow, sir.

Chow down, big fella

Of course, this represents a mere day and a half of national need, but it seems to have affected the crude price somewhat signifficantly, if only for the short term.  As of this writing, oil futures are down $3.93.

But this blatant political calculation uses Obama’s typical short term approach to long term issues.  Bandaids for decapitations, if you will.

But still, why would he increase the supply of oil on the market?  Because he knows at least the basics of supply and demand and how that effects prices and his poll numbers are reflecting the general disgruntlement by the public at large to having to dump $75+ in their gas tanks for every fill up.  Or maybe it was in response to this?  <wink>

Of course, Obama will have to drain the whole SPR if he wants keep prices down through election day 2012.  

What really needs to happen is to lift his drilling moratorium in the Gulf and to open up more areas for oil exploration.  He can’t do that and satisfy his lunatic base, so here’s your Bandaid ladies and gentlemen.