Damn Those Speculators !
Congresswoman Gillibrand is baffled that someone would tell her that high oil prices aren't caused by the evil speculators. Of course do-gooder lawyers would always reach for the regulatory button when confronted with any problem. It's their job after all.
Bob Murphy has a great article about this over at the Mises site. Murphy's point ?
The crucial point to remember is that there is nothing magical about government officials. There is no intrinsic reason to expect them to better forecast future disruptions in oil imports.
I know this rings hollow for all those afflicted with governmentis, but the idea that the strategic reserve (and even the Federal Reserve) is something that the government can control or eliminate will simply never be on the table for these types.