June 24th, 2011, Fairfax, VA—Americans for Limited Government (ALG) President Bill Wilson today issued the following statement commenting on an ALG study estimating what the release 60 million barrels of oil over a 30 day period would save consumers about $.10 a gallon for gasoline:
"If one is generous and assumes yesterday's $4 drop was solely because of Obama and International Energy Agency, at best it will save consumers $.10 a gallon for gasoline. That works out to about $1.50 per fill up, or $6 for the month the additional gasoline is available.
"In other words, Obama has jeopardized national security by drawing down the strategic reserves to, at best, save consumers about $1.50 per fill up when this 'flood' of new gasoline hits the market. To call this irresponsible would be an understatement."
"ALG Estimate on Price Impact of Releasing Strategic Oil Reserves," June 24th, 2011 at http://www.getliberty.org/files/ALGEstimateonImpactofReleasingStrategicOilReserves.pdf .