IF this is what Obama intended, and we can show that insiders close to Obama adjusted their positions -— some heads will swing!
Yeah, it was a ‘genius’ move for all the futures ‘short’ traders.
By what calculation, though? Who is benefiting from our opening of the SPL?
This move floods the market with a little bit of oil for a short amount of time, but it’s liquid money for us right now. Where it’s going is my biggest question. They might use SPL to drain our reserves in wartime maneuvers.
Ground ops are highly demanding of fuel for success.
THAT is all that Obama accomplished.
Did you read the whole thing?
Like this part:
“The release of oil from the SPR was utter and complete nonsense,” said Dennis Gartman, long-time commodities trader and author of the daily The Gartman Letter. “Most of the SPR is low quality, heavy, sulfurous crude that no one wants. This was purely a political ploy.”
No. A genius move would be to announce that we are lifting the ban on drilling offshore and in ANWR.
When he can’t release anymore then the price does what?
It was a political move, but sadly it was pretty clever.
Oil prices have been falling and because the economy is more awful than "expected" the price looked set to continue dropping as investors are going elsewhere. Soon consumers are going to really notice the price in gas has gone down - and now Obama will try to claim credit. You can count on the media to breathlessly report on the falling gas prices and link it to Hussein releasing oil from the Strategic Petro Reserve.
how does 36 hrs of oil make any difference... what... so... ever?
i guess i’d have to be a special kind of stupid to recognize the genius on this move
along with reducing our nuclear stockpile, from 23,000 to under 1500... now we’ll start to get rid of our strategic oil reserve... which is only needed for our humvees, tanks, helicopters, and jets in time of war
some genius move, dump oil that cost $2.00 when purchased, and replace it with oil that will cost ohh $3.50 or so this summer?
Didn’t Bush do the same thing before and got slammed for it?
it was genius- for today anyway.....of course in the coming months when oil starts to creep up towards of $100/barrell and OPEC comes out and says they have absolutely no intention of increasing production this move with turn to shat- like everything else zero touches...
Didn’t W.Bush do the same thing?
Was it Obama or the IEA? I’m confused!
from earlier thread - “NHK has learned that the International Energy Agency is finalizing talks to release emergency oil reserves of its oil-consuming member nations to help stabilize crude oil prices.
The autonomous organization of 28 major oil consuming countries, including Japan and the United States, is said to be close to securing agreement for the coordinated operation.
(skip)
Observers say that the move is aimed to appease the United States, as gasoline prices there are hovering at high levels.
(skip)
Thursday, June 23, 2011 19:41 +0900 (JST)”
So, who is the culprit? - fess up!
Believe me he intends to drain the reserves from now until November 2012.
Non-OPEC govts to release oil to combat high price
http://www.freerepublic.com/focus/f-news/2738960/posts
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.
Read much closer if you dare!
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
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!!!
I bet Goldman Sucks made lots of bets on Obama doing this now (OMG how’d they know????).