“The government is playing retail politics with energy and not solving the underlying problem. It does more damage than good.”-John Hoffmeister, former president of Royal Dutch Shell Oil

March 15, 2012, President Barack Obama, and Prime Minister David Cameron announced they will release oil from their respective Strategic Petroleum Reserves.  However, there is no oil shortage, and prices are high only because of speculation, not supply or demand!

The U.S. oil industry is being flooded with oil from Canada and the U.S. state of North Dakota!  And concerning the high prices of oil, Exxon Mobil CEO, Rex Tillerson, said to blame that on the speculators!

But it looks like Obama and Cameron are playing to the speculators, because price began dropping soon after the announcement.  Oil analysts have said  speculators are concerned with future oil supplies if a war with Iran was going to happen.  Is this a sign that war with Iran is a done deal?