Releasing Gas From Strategic Petroleum Reserve Won’t Help Long-Term
President Obama has a much-ballyhooed plan to release gas from the Strategic Petroleum Reserve (SPR), in hopes of lowering gas prices enough to secure re-election. Unfortunately for him, research by the Heritage Foundation seems to indicate that it’s not going to work, at least not long enough.
According to the graph at the article linked above, the timeline went something like this. Obama announced the release on 23 June 2011, the actual release happened between 25 July and 29 August, and by early September gas prices were back to the approximate price they were when the release was announced.
In short, the effects lasted 3 month or less. So, since he announced it in March this time, we can expect that by June or July whatever relief the SPR release will cause — and it’s questionable if there will be any relief, because last time gas prices were already falling when Obama made his announcement — it will be over long before most of the non-political-wonks out there start paying attention to politics, which generally happens between the time of the conventions and Labor Day in Presidential election years.
The SPR release is just a transparent attempt to get a little favorable coverage, but the real problem still exists, and will still be right in front of the voters when they fill up before the election. Kind of like a lot of Obama policies, when you think about it.