Short Memory?
Or are you talking about when Boy George took office?
Posted on 06/29/2011 12:32:02 PM PDT by Hojczyk
The sway that non-OPEC governments had over oil and gasoline prices petered out in less than a week.
Benchmark crude hit $95.21 per barrel Wednesday on the New York Mercantile Exchange. Over two days, oil has recovered the loss from last Thursday when the U.S. and other oil-importing countries said they'd dump emergency oil supplies onto the market.
Brent crude, which is used to price many international oil varieties, also rebounded. Although at $111.95 per barrel, it's still about 2 percent below where it was last week.
The swift rebound in oil means that motorists won't see as big of a discount at the gas pump as expected. By Wednesday afternoon, gasoline futures recovered about 20 of the 26 cents per gallon that were lost after the International Energy Agency, which includes the U.S., said it would make 60 million barrels of crude and other fuels available this summer.
Gasoline for July delivery added 9.83 cents, about 3.5 percent, to $2.9123 per gallon in afternoon trading on the Nymex.
Patrick DeHaan, a senior petroleum analyst at GasBuddy.com, said the IEA announcement may have cut about 2 to 5 cents off the price of retail gasoline in the last week. "The rest was negated because of the increase in oil during the last 24 hours," DeHaan said.
The national average gasoline price fell nearly a penny overnight to $3.543 per gallon. But prices rose in some parts of the country, especially Rust Belt states, DeHaan said. In Ohio, for example, the average pump price increased 3.5 cents to $3.351 per gallon, according to auto club AAA, Wright Express and Oil Price Information Service.
(Excerpt) Read more at finance.yahoo.com ...
We had NO reduction in gasoline prices as a result of the raid on the reserves.
Regular gas went from $3.45 per gallon to $3.43 per gallon. Thanks Obama! Please may I have another?
Our gasoline dipped to $3.26 per gallon over the weekend, but is now back up in the $3.70 range.
Let’s all remember that gasoline was at $1.83 when Boy Wonder took the reins of gub’mint.
Even if gas got to $3.00 a gallon, it’s still a huge drain on the average family’s budget.
The dump of reserves (half from the USA) was only 2 million barrels a day for 30 days for the whole world market. The USA uses nearly 20 million barrels a day, and China, nearly 10 million a day.
0bozo's Amateur Hour strikes again!
You mean that dipping into the NSR didn’t cause prices to drop and stay there! Shazam!
What a fool, releasing oil you paid $50 a barrel for to replace it at $100 a barrel and all for nothing than a cheap political stunt. Jackass.
The release did nothing but hurt us.
Related.
Geithner warns Congress on need for debt boost, extends default deadline
(to August 2nd)
http://www.freerepublic.com/focus/f-bloggers/2713846/posts
Oil release not a political move: Geithner
http://www.freerepublic.com/focus/f-news/2740267/posts
Or... he did it intentionally to further weaken the economy and our security.
What they are doing just isn't going to get any clearer, America. It's not like it's a big secret.
The 0bama-Democrat-RINO (Progressive) "No Domestic Energy Policy!"
All of that puts the U.S. in a position that war for oil or
complete economic collapse will be our only choices.
You can't frustrate every source of domestic energy
without consequences. Our enemies will blackmail us
to the extent that we are vulnerable to blackmail.
0bama, the Democrats and RINOs are leading us into a real war for oil.
A war we won't have the energy to fight.
A war we don't need to fight because we have our own resources.
It Begins… First Oil Rig Relocates From Gulf to Foreign Waters
"As a result of the uncertainties surrounding the offshore drilling moratorium, we are actively seeking international opportunities to keep our rigs fully employed," Dickerson said. "We greatly regret the loss of U.S. jobs that will result from this rig relocation."
Idled Gulf Rigs Head For Africa
It is not just Gulf operations that are being effected either.
Wait and see for Shell {Shell puts Arctic drilling plans on hold, waiting on feds}
Let's not leave the refineries out.
EPA gives final "no" to Texas refinery permits
Then there are the land-based oil leases.
Judge Grills Feds on Pulling Drilling Leases"A federal judge on Wednesday questioned Interior Secretary Ken Salazar's justification for canceling 77 drilling leases sold by the Bush administration around national parks in Utah."
U.S. Saw Drill Ban Killing Many Jobs [ie. Obama KNEW he was destroying jobs, kept it secret]
Obama and O'Malley are Hurting the Poor in Md by Shutting Down Nuclear Power
Obama Administration Blocking 103 Gulf Drilling Permits February 03, 2011
Obama Clears the Way For America's 2 Largest Oil Wells to be Shutdown in Texas April 25th, 2011 (to "save" an "endangered" lizard)
EPA threatens Utah with air quality sanctions
Energy in America: EPA Rules Force Shell to Abandon Oil Drilling Plans
this is really shaping up to be a Wile E. Coyote Moment for the Bamster
Short Memory?
Or are you talking about when Boy George took office?
Awesome...!! I'd TAKE THAT!!
Better re-check your facts.........
On the upside, this was clearly a bid to improve his own approval polling, and it flopped.
On the downside, there are rumblings of default, the potential for contagion from a Greece default is very real ... not a good time to be depleting the strategic reserve.
I’ve got to wonder which deep pocketed speculators intervened to nullify any effect from this release. It would be hilarious if they did it with Obama’s own stimulus money.
Er, no. Different chart.
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