…or alternatively, stupid energy policy news….
A day after Reuters reported that the White House was “dusting off” plans for potentially tapping the Strategic Petroleum Reserve (SPR), Maria van der Hoeven, the executive director of the International Energy Agency, was blunt in her assessment: “There is no reason for a release.” [Source]
If Obama wants to prick the bubble in oil prices, all he has to do is approve the Keystone Pipeline and invite another proposal to come forward to connect the oil sands together with the Bakken oil and wet liquids from shale gas and get all of that energy to refineries on the Gulf Coast and salt water port in Texas and Louisiana.
Those two announcements could move the benchmark prices by $10 to $20 and have an enduring impact instead of a one-time release of limited reserve stocks .
Put simply, Obama needs to adopt an all hands on deck approach of getting stranded North American energy to global markets now!