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So in my infinite optimism, I watched Obama's press conference yesterday. It had been billed as discussing the increasing oil price.

After a few minutes of boilerplate on the Japan situation, I was ready for the meat! The administration is "willing" to release oil from the SPR. That was it. No mention of what price would be required to trigger this feat. Especially when the SPR is supposed to be there to mitigate supply disruptions. I guess Libya is not a supply disruption.

What I was hoping to hear was an actual SPR release plan and a limit of speculative positions by the CFTC. I guess we will have to wait until GM is bankrupt again!

Leadership we can believe in.

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