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The Energy Department said Thursday that it will release 30 million barrels of oil from the nation’s Strategic Petroleum Reserve, citing supply disruptions threatening the global economy and hailing from the unrest in Libya and other nations.
Originally posted by marg6043
reply to post by neo96
It depends from what side you are watching the move, if you are the regular Joe in the street unemployed destitute and now to feel the pinch of the Fed new move of no printing any more money, then you will welcome the relieve on gas prices.
But if you belong on wall street then you are going to lose some of your earning on your oil deals, after all this move is making investors very worry, have a hart attack and mass hysteria because Americas economy is in a very bad spot right now After Bernanke news yesterday.
But don't fear the Euro is going down and China and Japan are stuck with the US debt.
But inflation is heading our way, baby.
“We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery,” said Energy Secretary Steven Chu in a statement.
The Euro isn't going anywhere... First rule that mommy should have taught is don't talk out of your a$$.
European markets down euro falls on disappointing euro-zone economic data.
European markets down euro falls on disappointing euro-zone economic data. FTSE 100 Britain 5,690.68 –82.31 –1.43%
DAX Germany 7,166.49 –111.70 –1.53%
CAC 40 France 3,793.32 –78.05 –2.02%
FTSE Eurofirst 300 Europe 1,077.81 –13.65 –1.25%
The euro fell below $1.4158 to fresh against the dollar Thursday as a disappointing euro-zone economic data and Greece worries drove investors away from the common currency.
Finally the euro dropped versus the dollar as investors concern that Greece and some European countries will have difficulty paying their debt and a drop in stocks curbed investors’ appetite for risk".
U.S has kept the value of dollar low to boost its exports. This action worked in China, also.