John Ransom

Obama moved on from incompetent to reckless when he released 30 million barrels of oil from the U.S. strategic reserve in a bid to save the summer tourist season.

But he told us he would do that in his first prime-time press conference.

"That whole philosophy of persistence, by the way, is one that I'm going to be emphasizing again and again in the months and years to come as long as I'm in this office. I'm a big believer in persistence."

I would agree. No one knows how to double-down on a mistake better than Obama. 

U.S. Treasury Secretary Tim Geithner assured everyone that the administration’s decision to release 30 million barrels of oil from the U.S. strategic reserve wasn’t at all political. But he quickly reminded us that the decision was made in an attempt to cover another political mistake by Obama.

From Reuters:

"It's really as simple as this: there's a war in Libya, costs between one and two million barrels a day in lost output, I think 140 million barrels off the market so far," he said in response to a question at Dartmouth College, where he spoke on a panel.

"Reserves exist to help mitigate those kinds of disruptions and we helped to organize a coordinated global international response to help ease some of that pressure," he added.

Oh. It’s the war in Libya that’s the problem. Maybe admitting that Obama is prosecuting a war in Libya is a sign of progress, because the administration told us recently that there was no war in Libya. They told us it was just a time-limited, scope-limited, kinetic military activity.  

If it’s a war that’s a problem, I have a suggestion for them: Perhaps the administration should “organize a coordinated global international response to” end the war in Libya. 

You know?

I mean since they are organizing the “coordinated global international response” in prosecuting the war in Libya that caused the disruption in the first place.

What was the slogan? No blood for oil.

Soon Obama will be asking the country for more shared sacrifice, in a parody of Churchillian prose, by telling us that he can only offer us “blood, sweat, tears and oil.”

Our blood, our sweat, our tears, and Saudi, Brazilian and Canadian oil.

Would it be too much to ask for one (1) policy to come out of the administration that tries to leave the country better off than we were before the administration took over? 

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

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