Is oil touching $100 / barrel yesterday on talk of Nigeria cutting oil output due to the country's surging violence a strong enough reason to tap into the Strategic Petroleum Reserve?
The U.S does not have enough oil in the SPR to help meet world demand for any length of time but psychologically it would have an effect and cool prices a bit. Plus, President Bush would have the Nigeria issue and the price spike as perfect excuses to open the spigots.
It may make sense to wait a day or so until after the caucuses to ensure that there are no cries of political tampering. But after that a release of some of the SPR crude into the markets may be a sensible idea.