The White House's W Take Profit on Their SPR Refill

The White House didn't book their W takes profit on their SPR, you know, refill. It seems like a really foolish move to leave it up to free markets to hope that oil is going to continue down as a policy mistake. I mean, don't get me started on the energy policy because I have nothing constructive or good to say about it. The wholesale inventory to sales ratio has only been this high twice before. And both of those were big recessions on the backside. But for sure, you would expect to see a profits recession as that inventory gets liquidated.

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