In his energy policy speech on Monday Barack Obama flip-flopped on tapping the Strategic Petroleum Reserve. He now wants to tap into the reserve as a way to bring down gas prices at the pump “within two weeks.” Just a few weeks ago, he called the idea a “gimmick.” He was against it before he was for it.

His reversal is just another example of how twisted into knots Democrats are on energy. Democrats oppose drilling because they say it won’t affect current prices, but they believe releasing a few million barrels from SPR will. Yet every sign indicates that today’s high oil prices are not due to any present shortage but mostly to expectations of tighter supplies in the future. Indeed, every time there is political movement forward on the drilling issue, the oil price falls.

Democrats, however, apparently understand at least one thing about markets: “buy low, sell high.” Jerry Taylor, energy expert at the Cato Institute, calculates that the average purchase price of oil in the SPR plus carrying cost and inflation is $70 a barrel. With the price at $120 today, Uncle Sam could make a $50-a-barrel profit. Mr. Taylor says: “Go ahead and tap the oil. It would be one of the few times the government actually made money on an investment.”

So perhaps Democrats have actually stumbled onto at least one smart energy policy — albeit for all the wrong reasons.

Stephen Moore at Political Diary (Subscription)