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twitterLetter: Tapping U.S. oil reserves unwise
Friday, May 28, 2004 | 3:46 a.m.
WEEKEND EDITION
May 29 - 30, 2004
Why do people not see that releasing oil from the Strategic Petroleum Reserve will not lower the price of gasoline? Yes, there are millions of barrels of oil but the amount of oil in the reserves that could be released would only last the driving public a few days. Then where would we be?
I firmly believe that our best defense is to hold the oil reserves for an emergency and let the markets bring down the price of oil. Draining our oil reserves would be like pouring a glass of water on a raging fire. It would be a noble gesture but of little success.
LARRY SELK
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