Timothy Geithner Says Not to Worry About Oil Supplies?

So I was digging through the business news and came across this little tidbit that I thought was very, very interesting and revealing at the same time...

While oil prices are surging, there are signs that U.S. oil supplies are secure. According to recent data from the Energy Department, stocks of crude at a key U.S. shipping point, Cushing, Oklahoma, remain near record-levels.

The U.S. also has "substantial" oil reserves available, and "considerable" oil production capacity that can be tapped should there be a major supply disruption, according to Treasury Secretary Timothy Geithner.

Source

His exact words in his testimony to Congress, in which the above was derived, are as follows:

Developments in the Middle East have generated concern about potential disruption to the supply of oil, and this has put upward pressure on oil prices. We are monitoring this situation closely. But it is important to note that there is considerable spare oil production capacity globally, and we and other major economies possess substantial strategic reserves of oil. If necessary, those reserves could be mobilized to help mitigate the effect of a severe, sustained supply disruption.

Source

If we're sitting so pretty with oil supplies around the world, that tells me that the rise in current prices is nothing more than an effort from OPEC and it's pals to squeeze everyone to keep the economies of the world teetering on edge and siphon more money into the pockets of the elite. The Treasury Secretary sure is giving Congress the "warm and fuzzies" over this, making it look like there is nothing wrong with the economy except unemployment.

The oil prices are being artificially manipulated in a form of economic blackmail... what can we do to put and end to it? Same thing with gold, silver, precious metals, rare earth minerals... they are all being used as economic tools of mass destruction.

~Namaste

A few things jump to mind immediately.

* Increase supply by encouraging more production in friendly countries (Canada, US, UK, etc.) Yes, I know that would mean more drilling and pumping, but one problem at a time.

* Take anti-inflationary steps to increase the value of the dollar (stop defecit spending and monetary easing comes to mind).

* I don't think the US can practically reduce consumption. Oh, sure we could raise gas taxes to $20 a gallon and that would reduce oil use, but the disaster that would follow would be much worse than what we're facing today.

reply to post by charles1952


They want the collaspe to happen and that is the point it's done on purpose! It's an act of treason they "whom" are doing it.

There is plenty of oil here in North America and you DON"T have to drill for it.. PERIOD!!
This is such old news. It really is. It is NOT cost effect for Canada to remove Oil from shale unless oil maintains a value of around $100.00 a barrel.

If that price holds for more then 3-6 months...GAME ON.
No it's not 'sweet"oil...but at $100buck a barrel it'll get'err done.

emd.aapg.org...

At $65.00 a barrel? No..

Geitner is correct. Plenty of oil to extract if oil prices stays high.

Canada is just quietly waiting to "pull the trigger" and go to work.

Once we U.S. citizens get used to $4-$5 dollars a gallon and get desensitized to it.
We'll pick ourselves up and start extracting like crazy.

Never mind freight,food and everything else will go up to compensate the new fuel/energy costs.

Get used to it.

We have reserves. Just going to cost us..

Then oil from middle east may or may not go down... I don't know.

Funny, when President Bush was in office the MSM screamed day and night about him, and him doing nothing about it. Now that Obama is in office, when does it become his fault? He's the one in charge now, lets blame him too, and ask when the hell he's gonna do something about it.