Originally Posted by aceventura3

So, Pres. Obama is releasing 30 million barrels of oil from the strategic reserves. He has not given a clear explanation on why he is doing it now rather than when the price of oil was about 30% higher.

I also thought most people felt that the price spike was due to speculators and not supply.

I thought that higher oil prices would help the fledgling hybrid auto market, specifically Government Motors or GM.

I though that since drilling on our own shore wont make a difference, releasing oil from our strategic reserves would not make a difference.

So, as usual I am at a loss here and I can only assume Obama's motivations are purely political - what a shame!