Bush to release strategic oil

"The strategic reserve should not be used as an attempt to drive down oil prices right before an election....It should not be used for short-tem political gain at the cost of long-term national security." (Presidential candidate George W. Bush, in September 2000)

A story is out this afternoon that the US Energy Department will "loan" oil to refineries from the Strategic Petroleum Reserve to make up for hurricane-related supply problems. The BBC story cited suggests this is routine and legitimate, as it was done following hurricane Lili in 2002.

Meanwhile, crude prices are almost touching $50 again. Let's see how this policy develops. Will Bush benefit from a pre-election drive-down of oil prices? Yes or no, don't expect Bush to be criticized from reactionary quarters like NewsMax.