Hussein Contemplates Tapping US Strategic Oil Reserves

Of course, the only “strategic” thing about keeping our oil reserves off the market is to keep foreign nations buying our treasury bonds.

You see, the US established a deal with many of these foreign oil producing nations, which simply stated, goes something like this:

-We will block nearly all of our domestic oil production and buy all of our oil from you, in return, you will buy our treasury debt.

Now that the dollar is about to blow up due to the Bernank running the printing presses at full tilt, foreign nations no longer want to buy our treasury debt.

Look for the US to totally uncap domestic production soon as the dollar implodes.

Reuters reports:

WASHINGTON/SINGAPORE, March 7 (Reuters) – The U.S. government reiterated that it could tap its strategic oil reserves in order to safeguard economic growth as surging gasoline prices increase pressure for action.

While longstanding U.S. policy is to release reserves only in the event of a significant and immediate supply shortage, some analysts say the Obama administration may feel compelled to try to tamp down prices that are being fueled both by outages in Libya and concern unrest could spread in the Middle East.