I have heard those on the right (Gingrich) and on the left (most recently Obama) want to tap into the strategic oil reserve. I have felt this was short-sighted and wouldn't really help oil prices. The reserve is there for an emergency. Dinocrat has a post that deals with many potential complications, especially if the Strait of Hormuz were closed.
For example, if the Strait of Hormuz were shut for any extended period of time, the US economy, and the warmaking capability of the US could be crippled. (What would happen if the Persian Gulf were irradiated or the largest Saudi fields disabled, for example?) Such a disaster would be far less likely to happen if our dependence on foreigners for energy were relatively modest, but that is not the case.
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