Utter BS. The Saudis are driving the price down in an attempt to maintain their market share. Everyone in the energy business knows this and they’ve been very public about it.
Not a surprise at all. There’s always more to the story.
“Very reliable source. “
Release them from where? To go where? For what?
And the precise source, and their credentials, please.
shades of Clinton-Gore (same thing happened)
Buying votes with the peoples’ own money, I’d say.
SMDH...
Actually Gas Prices dropped today in my area.
From 3.09-3.19 to 2.83 per gallon.
I use a great little Phone App called Gas Guru (also fast to find restaurants, bar locations etc.)
This morning I thought something was broken when I saw the prices had dropped for no apparent reason.
Your source is an idiot.
They couldn’t release enough oil to affect the price of oil.
It is an artificial dump, if it happened and has zero effect on production and supply past a week.
It’s much more likely that O cut a deal with the Saudis to drop the price. It would have a number of short term benefits for O and the Saudis: Saudis keep their market share up, hurts the domestic oil and gas business, cuts gasoline prices going into election and hurts Putin who suddenly becomes much more reasonable on the Ukraine. O’s Long term goal: hurt domestic production to raise prices and make green energy look more economical.
Sorry, this is a total croc. There is not enough oil in the strategic reserve to impact prices one penny.
Google around yourself.
Daily global oil consumption is about 87 million bbl / day.
Strategic reserve is about 727 million bbl.
Which would supply the world for only 8 days.
Also, if you prefer something subjective, check old news stories around the time when gas prices are through the roof.
There’s always at least one dummy recommending a release of reserves to help the price and the answer is always no.
Because....
I believe this was the Oktober Surprise that was mentioned earlier? Low gas prices ahead of the elections? Makes sense. Sure been in the news a lot. Certainly enough to detract from the many negatives being experienced thanks directly to Obola and the America hating leftists.
Gas has been uncommonly low (for the Obama administration) over the summer.
So while I may not think your story is true, It would be interesting to know what the factors are. I dont’ think the strategic reserves can be released without a big ta-do.
The government is scheduled to announce the social security cola on Wednesday. Since 1975 the cola was less than 2 percent only three times except recently, if the cola is low next year it will be the fifth time in the last six years. Coincidence anyone? I always wondered why the gas goes down in price for a little while this time of year.
“Very reliable source.”
I don’t see any source at all.
Pfffht.
Does it involve, he says with a slow raspy voice....FEMA?
2) The federal reserve holds unrefined product (Crude), it does not lower the price of gasoline upon release.
Between this and the 11th hour revelation on Bush's old DUI charges, what was supposed to be a decisive election turned into a cliffhanger.
That’s not what they are for.
Doesn’t mean it couldn’t happen — with the corrupt people we have in charge since 2009
Didn’t happen for all reasons already mentioned. Price of gas is already dropping, and a release of oil from the reserves wouldn’t affect the price of gas anyway.