by Dan Dicker, Testosterone Pit.com:
It is with incredible equanimity that the media has digested the announcement of a 5 million barrel ‘test’ release from the Strategic Petroleum Reserve on Wednesday, but the market certainly hasn’t – WTI crude plummeted.
It doesn’t take much analysis, however, to see that this is a weak attempt to flex some muscle to use the US energy boom as a wedge against Russian energy influence in Ukraine and the rest of Eastern Europe.
This ludicrous meme has gained traction in the last week and a half from mostly GOP leaders in Washington, suggesting that the United States ‘drill everywhere’ and begin exporting natural gas into Europe – a silly idea I’ve debunked several times this week in columns and on air – but now this fantasy has gotten support from real policy in the White House in this latest SPR release.
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