According to Mish, several influential Democratic congressmen are currently pushing for the US to sell some of its strategic oil reserves to bring down the excessive oil price.
What a bizarre proposal:
The oil price is still 50 % below its peak, and they want to sell the strategic reserve because prices are so terribly excessive. Has nobody told them that the marginal cost of developing new oil supply is roughly equal to the current market price?
Where Are The Deficit Celebrations?
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