It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by marg6043
reply to post by jibeho
It may look like that is the reason, but I think is something else behind the move, something bigger and this is just a distraction as usual.
President Barack Obama reportedly sent a secret diplomatic mission to obtain Saudi Arabia’s OK prior to the U.S. release of 30 million barrels of oil from its Strategic Petroleum Reserve.
The reserve originally was created to keep America running during an emergency disruption of supplies of the type that caused massive lines at gas pumps during the 1973 Arab Oil embargo.
In May, the administration’s campaign to mollify the Saudis began in earnest, and reportedly included a personal telephone call from Obama to Abdullah. Later that month, the president discussed the oil issue with world leaders at the G-8 summit in France.
Then in June, the International Energy Agency announced it would release 60 million barrels of oil, half of which would come from the U.S. strategic reserve.
Rep. Fred Upton, chairman of the House Energy and Commerce Committee, told Newsmax in an exclusive interview last week that releasing oil from the Strategic Petroleum Reserve in order to drive down prices was “a bad idea,” and sends the wrong message.
“We need a policy that begins to send a message to the speculators on Wall Street that we’re going to be serious about domestic production,” Upton told Newsmax.