Posted on 03/30/2004 7:49:53 AM PST by PhiKapMom
KERRY FOUR YEARS AGO SAID SPR
WOULDNT AFFECT GAS PRICES
In February 2000, Kerry Said Release Of Oil From Strategic Petroleum Reserve Would Not Be Relevant. Without being specific, Kerry, a key member of the Senate Foreign Relations Committee, suggested the US could retaliate economically in other trade areas. He also said he does not want a release of oil from the Strategic Petroleum Reserve. A release is not relevant. It would take months for the oil to get to the market, he said. (Cathy Landry, US Energy Chief Warns Of Gasoline Crisis, Platts Oilgram News, 2/17/00)
NOW, HE SAYS THAT NOT FILLING SPR WILL LOWER PRICES
In March 2004, Kerry Called For Stop In Filling Strategic Petroleum Reserve To Reduce Prices. Kerry would pressure oil-producing nations to increase production and temporarily suspend filling the U.S. Strategic Petroleum Reserve, according to campaign documents. The Bush administration has put the SPR fill program on automatic pilot without regard to the short-term effect on the US market, the campaign documents said. The program needs better management ... Kerry would temporarily suspend filling SPR until oil prices return to normal levels. (Patricia Wilson, Kerry To Offer Plan To Reduce Record Gasoline Prices, Reuters, 3/29/04)
Opec heavyweights back production cut Financial Times 3-30-04
Mr. Rothman believes $5-$7 of the price is attributable to hedge funds, that have entered the market in record numbers. Some funds are seeking a sanctuary from a falling dollar by investing in oil futures - whose prices go up as the greenback falls.
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