Obama ready to release oil from petroleum reserve

Obama ready to release oil from petroleum reserve

finance.yahoo.com

he Obama administration has decided to release 30 million barrels of oil from the U.S. Strategic Petroleum Reserve as part of a broader international effort to pump more 60 million barrels onto the world market over the next month.

(visit the link for the full news article)

I knew I saw fear in Benanke over the past couple of weeks. I didn't really expect this, but it makes sense. QE3 can't happen unless oil is lower because of its affect on the dollar.

Looking to see if there is any unusual volume in oil futures over the last 48hrs. People close to the administration always seem to have a heads up on events like this.
You can mark this as a definite sign of desperation by the administration on the economy.

finance.yahoo.com
(visit the link for the full news article)

Originally posted by jefwane


I knew I saw fear in Benanke over the past couple of weeks. I didn't really expect this, but it makes sense. QE3 can't happen unless oil is lower because of its affect on the dollar.

Looking to see if there is any unusual volume in oil futures over the last 48hrs. People close to the administration always seem to have a heads up on events like this.
You can mark this as a definite sign of desperation by the administration on the economy.

finance.yahoo.com
(visit the link for the full news article)

Or desperation by the administration because they need to do something to prop up Obama as a hero?

Nasty elections coming up soon.

Obama needs to appear like the good guy again. Just until he gets voted in again of course. Then he'll have another 4 years to continue the destruction of the US.

I doubt this will have any real, direct effect on the economy, but Dems (and many Reps) in Congress have been pushing for this for a while now.

I remember in 2008 when The House vote was 385-25, the Senate vote was 97-1 to tap the SPR.

Since it was established after the 1973-74 OPEC oil embargo, it has been used in only a few emergencies, like the buildup to the first Persian Gulf War in 1991 and the aftermath of Hurricane Katrina in 2005. President Clinton released oil in 2000 when oil prices rose as a result of increasing tensions between Iraq and Kuwait, and Republicans charged that it was a ploy to help Vice President Al Gore’s presidential bid.

30 million barrels of oil ?

vs


the United States currently uses nearly 20 million barrels of oil a day, importing 55 percent of it.

www.nrdc.org...


lol 30 million is just a pin prick . We really are addicted to this black gold

Wow-we only import a little over half? Not nearly as bad as i thought.

Originally posted by seedofchucky
30 million barrels of oil ?

vs


the United States currently uses nearly 20 million barrels of oil a day, importing 55 percent of it.

www.nrdc.org...


lol 30 million is just a pin prick . We really are addicted to this black gold

To show he was serious, he should have pushed for drilling in ANWR, and everywhere for that matter.

Purely political move from the former Community Organizer.

Well, 30 million barrels is only the US side. 28 countries came together to try and influence the price of oil with their respective savings accounts. A total of 60 million barrels will be release.

We do not see this release as related to current budget talks because there are similar releases from 28 other countries.

The economics and the politics behind the issue do not make sense. That the entire developed world is involved suggests that this is neither a domestic American issue nor one that requires any degree of secrecy, rendering the reasons behind the move unclear.

source

So what is it? Anyone have theories about Iran, Israel, Venezuela, or the Saudis? I smell a conspiracy.

these barrels are gonna be refined to gas up thier golf carts while they're underground waiting for the elenin wreckage to cease.

Originally posted by Carseller4
To show he was serious, he should have pushed for drilling in ANWR, and everywhere for that matter.

Purely political move from the former Community Organizer.

Exactly. The oil industry is always very careful about their operations. Just look at BP in the Gulf of Mexico, or Exxon in Alaska! Any sorts of 'regulations' (code words for islamo fascism) are a waste of tax payer money and destroy jobs. We need to be drilling for oil EVERYWHERE and NOW so that we can enjoy low gas prices in the immediate future while ensuring much, much higher prices in the future and untold environmental costs and irreparable damage to the ecosystems we all need to live lives of relative autonomy.

And anyone who points out that the environment matters is just being political.

I wonder if they are trying to create a scarcity in the U.S. reserves.
Release petro from the reserves to counter-balance current Mid-East instability. Create further crude oil instability, while sucking off the reserves. Then when it really counts; No more oil. I hope we are not witnessing a manipulated scarcity.