Dick Morris’ proposal is really, really stupid. The fact is that the Feds wouldn’t be able to sell a single barrel at $60 because the minute they announced that they were going to pursue such a policy the price would fall below $60. This doesn’t mean that the Feds couldn’t use the reserve to subsidize all of us simply by opening the floodgates. After all they’ve been taxing us all these years by draining supplies from the market to fill the stupid thing, causing the price of oil to be higher than it otherwise would be.
by Locker Room contributor