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There was good news on the job front Friday, but Wall Street didn't seem to care as much about 192,000 new jobs and a downward tick in the jobless rate. Traders focused instead on rising oil prices. The reasonable fear is that people who suddenly have to spend considerably more to fill gas tanks won't be spending on clothes, electronics and all the other things that would boost the recovery.
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other major economies possess substantial strategic reserves of oil. If necessary, those reserves could be mobilized to help mitigate the effect of a severe, sustained supply disruption.
America's Strategic Petroleum Reserve contains about 727 million barrels of oil.
Some people think it would be better to tap strategic reserves early to reassure Wall Street and keep gasoline prices down. In fact, congressional Democrats sent President Obama a letter on Friday asking him to draw down the reserve. Democrats noted that the first President Bush approved tapping the reserve in 1991, and the
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