Posted on 06/23/2011 12:14:54 PM PDT by EBH
The International Energy Agency, which includes the U.S. and 27 other countries, said Thursday it would release 60 million barrels of oil from emergency stocks in an effort to stave off a possible spike in energy prices that could strain the global economic recovery.
This marks only the third time in its history that the Paris-based agency has released oil onto the markets. Half of the 60 million barrels will come from the U.S.'s emergency stocks. The oil will be released over the next 30 days.
Oil prices spiked beginning in late February when violence in Libya shut down that country's 1.5 million barrels of daily oil output. Many of the IEA's members are major oil-importing nations in Europe that rely on imports from Libya and countries in the Middle East to power their economies. With Libya's oil supplies likely unavailable for at least the remainder of this year, and the global demand for oil expected to increase in the summer, the IEA said it was concerned that the tightening of oil supplies threatened to "undermine the fragile global economic recovery."
(Excerpt) Read more at news.yahoo.com ...
“strain the global economic recovery”
What a pantload!
What better reason could there be to open up our oil fields? This is crazy. Also, this alone should stop this President from getting re-elected.
The move was somewhat unexpected because oil prices have dropped in the past few weeks. WTI is down about 20 percent from its high of $113.93 hit at the end of April. Brent has fallen about 14 percent from its high of $126.12. But the agency said it was reacting in response to an "imminent threat of a shortfall" in oil supplies
Combine this news with ...
G-20 announces measures to stabilize food prices
http://news.yahoo.com/s/ap/20110623/ap_on_bi_ge/eu_g20_food_security
And the world has just about gone over the edge. The mass emergency plans are being activated...
A month from now we will not recognize our world.
Funny, between the two articles I just posted...
my adrenalin is up and tears fill my eyes.
“It” really is upon us.
Tonight will be an evening of fasting and prayer, seems to be about all that’s left to do...
Here we go. When is the “peace” flotilla supposed to arrive to egg Israel into the untenable position of possibly firing on ships bearing flags from countries lke the US?
Just having a similar thought; the replacement cost and where are we going to get more if something huge happens? By huge, it could be a bigger war, sabotage, global warming(I mean force of nature), ect
... all orchestrated, no oil for the upcoming mid east war.... no oil for the west to fight nor defend itself.
Oil has been falling, they did this to add to the momentum, which it did. QE2 is ending, so the fuel that’s been lighting the fire is burning out.
At best this is a temporary measure, not a long term solution. Still, I’m curious as to the motive, though we probably will likely never know.
The madness of our Muslim President is catching on throughout the world I see.
His little piss poor release of a day-and-a-half's worth of oil will be touted as the reason for price drops - even though they (prices) have been in decline for a few weeks now. That's the reason.
If this were October 2012, maybe. This will be forgotten once oil spikes right back up if the perceived future shortfalls materialized.
Wasted political capital if that’s the case.
2 million more daily barrels for the whole world for 30 days (near the same time period before our deadline for default, big spending cuts or more monetization). That’s not much. The world uses nearly 85 million barrels per day. Consumption in China, India and other countries is increasing. I doubt that the move will slow east Asia down enough to deflate those economies.
Obama needs to be replaced...NOW> wait...no the entire regime needs to go.
Actually what I believe has been happening is something called the slow unwinding. The entire system would have collapsed in 2008, but many saw a way to 'unwind' it...give folks time.
I can't forget what President Bush said, "I destroyed capitalism to save it."
Unfortunately we had looters voted into office. The bottom is closer that we know.
ping!
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