Posted on 06/23/2011 4:07:29 PM PDT by upbeat5
Hey John Melloy how come it took him 884 days in office for Odumbo to have a “genius move”??? Was he constipated? jimmah carter can now die in peace knowing he is not the worst U.S. President!!!
yes, after Katrina. But that was to keep refineries operating when the Gulf rigs got wiped out. You could argue that was necessary as turning a refinery on/off is not like flipping a lightswitch.
There’s been a lot of interesting info lately on how really well our Congress critters do trading in the stock market.
They have no “insider trading” regs to worry about.
I don’t know, I guess we’ll have to watch and see.
That’s not all he accomplished. That oil is worth 2.7 billion...and he just put that in the government vault....to be spent on some cr** of course. The old steeling from Peter to pay Paul. He’s so damn clever.
I bet Goldman Sucks made lots of bets on Obama doing this now (OMG how’d they know????).
Of that there is no doubt. You nailed that one.
I was thinking or wondering if Bush got any grief over that. They’re hailing Obama as a/an (*) for opening the reserve - which to me is totally wrong.
John Melloy | Welfate State: Handouts Make Up One-Third of U.S. Wages
Government payouts—including Social Security, Medicare and unemployment insurance—make up more than a third of total wages and salaries of the U.S. population, a record figure that will only increase if action isn’t taken before the majority of Baby Boomers enter retirement.
Even as the economy has recovered, social welfare benefits make up 35 percent of wages and salaries this year, up from 21 percent in 2000 and 10 percent in 1960, according to TrimTabs Investment Research using Bureau of Economic Analysis data.
“The U.S. economy has become alarmingly dependent on government stimulus,” said Madeline Schnapp, director of Macroeconomic Research at TrimTabs, in a note to clients. “Consumption supported by wages and salaries is a much stronger foundation for economic growth than consumption based on social welfare benefits.”
Doesn’t sound like a liberal.
So we will need to replenish what he releases. WHO might we buy that from????
This ploy is all symbolism...
Nothing more.
facts- zero raided 4% of the sper and prices barely went down 4% today...they are already back up over $91/barrell
In 2000, President Clinton released 20 million barrels of oil from the SPRO for the purpose of reducing oil prices. The price before the release was $39.00 per barrel. After the release the price of oil dropped to $32.00 per barrel. But within 5 days the price of oil returned to $39.00 per barrel.
Right now the world is consuming ~90 million barrels of crude oil per day. The total release from all of the Strategic Petroleum Reserves is 60 million barrels...that means this release represents about two-thirds of one days oil demand. Hence, I don’t think oil prices will drop the $7.00 per barrel that they did in 2000 and I think oil prices will return to the $94.00 per barrel range soooner than the 5 days that it took in 2000.
Thank you sir.
Did Obama have to go along with the release because other countries were? Is it his decision alone or does congress have to be consulted? How much will the oil cost to replace what is released?
Treason!
I like the move. It gives an opportunity to buy some great companies at temporarily depressed prices. Some of the drillers really look good here.
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