Many will argue that selling the reserve is a bad idea because then we would be unprotected from the vagaries of world oil markets. This is false. Speculators who anticipate future shortfalls would act in oil markets the way they do in wheat markets, buying oil in anticipation of higher future prices. This would dampen future price increases in oil markets, doing a big favor for future consumers.

He's saying "We don't need physical oil reserves because the market shall provide!". Somehow the S for strategic in SPR is completely lost on him.

You're clearly a dangerous pinko commie pragmatist.