Professor Steve H. Hanke, an economist and columnist for Forbes magazine, says the current record high price of oil could be lowered if President George W. Bush did what his father did a dozen years ago — release the strategic reserves.
By releasing the reserves, the price of oil will drop, Hanke says, just as it did in January of 1991 when President George H.W. Bush ordered the drawdown of the government's reserve. The price of a barrel of oil fell from $32.25 to $21.48 in one day, Hanke writes in his recent Forbes column.
"The lesson is clear," Hanke writes. "We have an oil weapon, too. The strategic reserve should be used to bloody OPEC's nose, not prop up a cartel."
Professor Hanke is available for interviews. To reach him, call 410-516-7183.
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