Sunday, March 13, 2011

Should we tap the Oil Reserves to help lower the price of Oil?

That is the question this morning on Candy Crowley's CNN program this morning. Sen. Dick Durbin believes we should and Candy pointed out to the Senator that President Obama says it should be used for supply shortages not to just lower the price of oil. There were no facts presented as to how many days supply do we have today and would using the Oil Reserves really prevent a setback to our economy if we don't use it. So here is one fact. There are about 726 Million barrels of Oil in our Strategic Oil Reserves. That supply would last only 34 days! Now here's the question for you given that bit of new information: Should we use the Strategic Oil Reserves to ease gas prices?

Source of data on Strategic Oil Reserves.

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