Ultra Premium Irony.
Yesterday the United States Government announced the release of 30M barrels of oil from the SPR to help ameliorate the effects of rising oil prices on economic recovery. We note, however, the effect of the Gulf drilling moratorium and glacial rate of new drilling permitting imposed by the Administration has been to reduce domestic oil production by 240K barrels per day, or nearly 90M barrels over the last year. And then there is the knock-on effect of lost jobs in the Gulf region. The White House can't be as clownish on this as they appear...can they?