Buy oil high, sell it low

by Ethel C. Fenig

So, does it cost less to fill your car since President Barak Obama (D) dumped 30 million barrels of oil from the Strategic Petroleum Reserve oh so conveniently before the July 4th holiday week end?

No? Well, well, well.

The SPR's release of 30 million barrels of oil was sold to oil refiners and traders at more than $10/bbl BELOW market. Can the US taxpayer afford the $300mm subsidy?

Does the public know that prices are the same now, less than two weeks since the SPR announcement? Was this money well spent?

The released oil must be replaced, probably at a higher price than the original. Only in a Democratic administration can buying high and selling low be considered good business practice. Of course, if this is done with other people's money for political benefit, it is good business practice because it is good political practice. In other words, the proverbial Chicago Way.


http://www.americanthinker.com/blog/2011/07/buy_oil_high_sell_it_low.html