Bill and Bill

[Charles]

As I was fetching myself another Sam Adams, I caught a clip of Bill Richardson being interviewed by Bill O'Reilly, apparently discussing oil prices.

BR made a statement that during the Clinton administration whenever they released the strategic reserves, they put them on the market but didn't sell them. He said that it was effective in driving down oil prices short term.

As I only watched app 30 seconds of this I probably shouldn't comment, but the ramifications of this seemed to fly over BO's head. This is based on his past performance, as I have trouble determining if BO is playing the Devils advocate or is simply clueless...especially concerning oil prices.

I suspect Harvard doesn't offer any courses in humility.

So I'll ask the question BO should have asked.

What is the upside, or downside of playing poker with the strategic reserves? There must be one.

I suppose that if we can dump them on the open market at the peak and then buy them back once the price has collapsed, this would be a great move for the treasury. 100% upside for the American people. Not to mention driving down energy prices.

Then again, if we manage to collapse the price of oil, would we not be losing revenues from the oil companies, possibly putting people out of work? I do remember being in Texas in the mid 80's when oil prices collapsed, and it was like living in a depression.

So I ask the great minds of Political Chat to enlighten us all on this subject. Especially myself, as my knowledge of the subject is peripheral at best.

And would you be so kind as to put it in a nutshell???

Chas