“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
... 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.
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.
ping!