What was Obama's real reason for releasing oil from the strategic reserves?

my qustioning mind | 6/26/2011 | Abathar

[Abathar]

I was just wondering if some knowledgeable freepers could enlighten me on Obama's release from the strategic reserves and the sudden and severe drop in oil prices that occurred within minutes of his announcing it. I'm wondering exactly who has to agree with this for it to happen, or is this something that is entirely up to the President's whim.

The reason its been bothering me is a few weeks ago I heard about a group of traders that slowly bought up millions of barrels of oil on the open market over a span of months. It was small purchases that normally are bought and sold quickly but in this case they held on to them until they had a very large amount. I don't remember the exact amount, but what I do remember is when they dumped them all on the market at the same time the price of oil plunged steeply. No one knew where this large amount of oil had come from, but the markets shift was both abrupt and quite large.

This group of investors planned for this and they had sold their oil short. In a very short amount of time they had made an incredible amount of profit, many hundreds of millions of dollars worth. The part of the story I remember most is the talking heads admitting that they didn't even know if any laws were broken by them doing this.

This brings me back to Obama and what he did that was almost exactly the same thing as these traders did. Since I don't trust the SOB further than I can throw him, my mind wandered as to who could benefit from knowing beforehand whether or not he tapped those reserves? Who exactly would know in advance of him making that announcement?

One phone call a day before the announcement could mean untold millions of profit for anyone in the markets who could sell short, like the group of investors did recently I mentioned. Is there any way of seeing if big time Obama supporters and donators places buy and sell orders before the announcement, gambling on sudden major drops in the price of oil?

Its horrible to think our own President capable of stooping this low, but I just can't see him passing up on an opportunity to enrich his backers so easily by not letting word slip to a few big traders. On another note since McCain/Feingold was struck down these companies can turn around and put some of this profit back into the Democrat election machine and still make a fortune.

This just all seems too easy to me, what am I missing here? Where is the checks and balances or oversight on decisions like this?

[newzjunkey]

p-o-l-i-t-i-c-s

There's no new disruption in supply, particularly regarding Libya, therefore the fig leaf claims are false leaving the politics of price manipulation as the obvious reason.

The price of oil dropped because new supply, even the threat of new supply, always causes it to drop.

I suppose it's possible, however unlikely, Obama anticipates a new disruption is coming because he's going to do something to precipitate one.

[newzjunkey]

If that’s how things plays out, it would be well worth tracking and exposing.

[<1/1,000,000th%]

Same thing Clinton did when oil prices were rising and he wanted to appear to be doing something. It’s politics.

Eventually the Feds will have to buy it back, but they’ll do it in secret.

[Lizavetta]

For the same reason any politician does anything.

Because he was paid to.

[Outlaw Woman]

Thought you may want to provide some of your insight to this thread. :)

[G Larry]

Just another step to weaken America’s ability to withstand the remainder of Obama created crisis.

[baa39]

Half EU, half US reserves. Maybe the scheme was cooked up at the Bilderberg meeting a few weeks ago.

[chiefqc]

IT WAS ALL ABOUT HIM AND ONLY HIM.

[dixiechick2000]

“Do something, even if it’s wrong

(note he dithered for two months and by the time he decided, the problem was already diminishing)”

“Election season has begun.”

Yep...and, yep.

[IMR 4350]

There is no if, ands, or buts about it they are playing the futures market.

If they can manipulate the world oil price, they can manipulate the world economy.

Start watching for news stories on the use of idle tankers being used to stockpile oil in anticipation of a major price swing the same way they did prior to the 9/11 attack.

If stories of an oil glut and idle tankers being used to stockpile oil start popping up, grab your butt with both hands and hold on, something major is coming down the pike.