Prime Minister Cameron has announced a sweetheart deal to help Obama get re-elected. He will authorize the sale of part of the British government’s strategic oil reserves. Obama will do the same for American reserves. Together, they think oil prices will fall. Then gasoline prices will fall....The emergency oil reserves were paid for by taxpayers. It is clear what the emergency is: Obama’s falling poll numbers....Obama is falling in popularity. The pundits say it’s the rising cost of gasoline. On this issue, Obama is not to blame. International oil prices are set by supply and demand. The world uses about a billion barrels of oil every two weeks. Nothing Obama has done has affected this market....The plan will fail. There are not enough reserves available to hold prices down more than a few weeks. The world uses a billion barrels of oil every 12 days.
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The Tea Party Economist