Posted on 06/23/2011 4:07:29 PM PDT by upbeat5
John Melloy was in full kneepad position for OB. Yes cheerleading sure helped Marc Rich (Clinton pardon recepient) push up the price of oil. if Bam-Bam releases more from the SPR, oil will be back above $100. Way to go.
Ben the printer yesterday showed he doesnt have a clue so O panics and opens the safety tap instead of releasing his hold on drilling on the coastal waters. We are so screwed.
No, I do not credit Obama with brilliance, just political guile.
I believe that he thinks he can depress gas at the pump prices long enough to prove his acumen and appeal to his discerning voter base.
It also sets up an opportunity to blame (fill-in-the-blank/Republicans) for any increase.
“You can stand to make $10 per 1 cent drop (per oil futures contract) in the futures market. That’s $1000 per $1 drop (per contract).”
Almost like cattle futures.
Drag the slider to the 3 minute mark for the relevant part.
(the first 3 mins are something else)
http://video.cnbc.com/gallery/?video=3000028564
Suck, baby, suck.
Not man enough to drill.
yep shear genius all right................oil futures up 1.12%
Good link. Reminds me of a recent WSJ article that IIRC was comparing the incomes of GOP congresscritters with Democrats. Anyone wonder what people like Schumer, Frank, Reid, and Pelosi are doing with their free time?
Maybe this will make a lot of obama's lefty buddies rich (MORE rich) so they can quit or retire right now.
According to the article the only other time that the Strategic Oil Reserve got tapped was for Desert Shield/Desert Storm, so that would have been George H. W. Bush. ‘Course tapping it in time of war when there was an actual disruption of the oil supply... that was sort of the whole point.
I don’t see how it’s an emergency in the US just because of a slight disruption from the ME. So, you lower gas prices for about a week or so, the reserve is down, then what?
I would have thought that the same could have been accomplished without tapping the reserve. The clown could have opened up some of our fields to drilling.
The WSJ pointed out that Baraq has always said that tapping ANWR would make no difference in world oil prices, while this “release” is about equal to what ANWR might produce.
What are the chances a MSM reporter will mention this at his next presser?
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