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May 07, 2014

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I know I mentioned it online when Obama opened up 5 million barrels when the Crimea thing started. May be someone stumbled across it.

The story got a lot of traction after the Crimea annexation. George Soros was pushing the administration to use the reserve to "punish Russia into ruin", but for what I think are obvious arguments against it, the idea fizzled out pretty quickly. Seemed like another desperate attempt to try anything to influence Russia. I just came from a week at the OTC, a lot of Russians were there.

Hi, Mike: Thank you!

Apparently Soro made the suggestion in Berlin on March 20th.

(http://www.bloomberg.com/news/2014-03-26/soros-endorsed-sale-of-u-s-oil-reserves-seen-as-russian-penalty.html)

George Soros is a very smart guy -- on the Eurozone, he's brilliant -- but using the SPR to punish Russia was not a good idea. I'm surprised anyone bothered to refute it almost two months after-the-fact.

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