Last week we joked [6]that for every downtick in the Obama popularity rating (due to record February gas prices) we would see at least 1 million barrels released from the Strategic Petroleum Reserve. Sure enough, humor promptly becomes reality in United Banana States of Amerika:
- CHU SAYS U.S. WEIGHS USING STRATEGIC PETROLEUM RESERVE
- CHU SAYS U.S. IS `VERY CONCERNED' ABOUT EVENTS IN IRAN
So following the Transcanada fiasco, China is now doubly delighted that it will be able to buy even more cheap crude at America's expense. And yet one wonders why the SPR release: after all didn't we learn just today that Americans have not been more confident in years?