Not quite. Clinton released the oil also partly to damp the Republicans and their pals' attempts to run up energy prices toward the end of his term, which of course they wouldn't see eye-to-eye with.
It's worth noting that it took the destruction of New Orleans and Southern Mississippi to get Dumbya to cut his precious vacation time short by two whole days so he could get back to his actual job of ruining things for everyone. No, the impending threat wasn't enough...it took negative public opinion vibes to get his sorry ass to get in gear.
What a statesman.
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