Pres. Obama was wrong to say he can't affect the price of oil

To the editor,

Thursday, Reuters and other news outlets reported that President Obama would release 30 million barrels from our strategic oil reserve. This is less than two days U.S. usage, about one-third of one day’s world-wide usage, and less than one-tenth of one percent of a year’s usage.

Before most people even knew of these reports the oil price dropped about 3-percent before quickly rising again when the White House denied them.

Instead of reducing our strategic oil reserve, imagine if American production increased by 1-million barrels every day, not just for 30 days? The oil industry says it will risk its own money to increase U..S production by about 4-million barrels daily in a few years if government gives the go ahead.

Increasing U.S. production creates jobs, increases government royalty income, and, by reducing dependence on foreign oil, reduces the ability of speculators to drive up the price. Price reductions could be dramatic!!

President Obama was wrong when he said there is nothing he could do to reduce the oil price. Thursday proves his actions affect the price. Will he act to reduce the price? If so, when? Soon? Or, will he let people suffer until closer to the election so that people’s joy at lower prices might be expressed with votes?

Don Ewing

Meredith