Obama oil plan may weaken emergency stockpile
Thursday, August 7th, 2008Democratic presidential candidate Barack Obama’s plan to release oil from the U.S. Strategic Petroleum Reserve may lower crude and gasoline prices in the short term, but it could also leave the United States more vulnerable in a supply emergency.
Obama called this week for easing fuel prices by releasing some 70 million barrels of light, sweet crude from the nation’s stockpile and swapping it for less expensive heavy, sour oil.
The hope is that putting more oil on the market will push down crude prices and those savings will be passed on to consumers at the gasoline pump.