Posted on 07/18/2011 5:11:27 PM PDT by jazusamo
Siphoning oil from strategic reserve fails to cut prices
The results are in from President Obama’s controversial decision last month to tap into the nation’s oil reserves to drive down gas prices: none. Like his futile efforts to revive the moribund U.S. economy by spending $1 trillion in borrowed money, the president’s release of 30 million barrels from the nation’s Strategic Petroleum Reserve produced nothing more than a brief pause in the steady rise in prices at the pump. Nearly three years into an energy policy designed to hector Americans into accepting pointless “green” alternatives, the president seems to have finally acknowledged his chances of being re-elected go down as gas prices go up.
Prior to the June 23 dip into the reserves, oil stood at around $93 a barrel. The price dropped more than $4 a barrel after the announcement but bounced back up to the same level within five days and ended last week above $97. Likewise, gasoline stood at $3.63 a gallon before the president’s move and subsequently fell to a low of $3.54 on June 30 before climbing steadily upward to $3.67.
The International Energy Agency did its best to help Mr. Obama, releasing 30 million barrels of its own. Though that may sound like a lot, it’s little more than a drop in the global oil bucket. Such moves have no lasting impact because oil traders are looking at the big picture. There isn’t enough supply to meet the world’s demand. Even if consumption has softened in the United States and Europe due to the persistent economic slowdown, the thirst for crude in places like China and India is growing.
(Excerpt) Read more at washingtontimes.com ...
Exactly.
failure
Hope he does it again. Gives me a chance to by oil company stock on the cheap.
He’ll drive the price up first, just so it costs more than we got out of it. Assuming he will refill it in the first place.
Is his buddy Warren Buffett speculating on oil as he did in 2008?
You’ll never read this in the MSM.
They were ecstatic over Baraq’s market timing prowess for about 3 days.
Now it’s buried.
Note to Republican candidates: Another torch to put to Obama’s behind in 2012.
Exactly exactly.
There’s only 1 way to reduce the price of iol - and that’s to increase the supply of Oil. and to increase the supply of oil, we here in the US of A need to be allowed to Produce/extract said oil.
Economics 101 - supply and demand.
Amen to that!
Let's hope they're keeping a list, it's a target rich environment.
I like brevity and economy. Looks like you do too. :)
Its a wonder he didn’t empty the damn thing!
Looks like the Mayans were right after all.
I don’t believe that Obama has enough knowledge, experience or the mental aptitude to make these kind of decisions.
Who exacly is advising him on these things?
Good question, but I honestly believe he listens to what his advisers have to say and then promptly ignores them and does whatever he wants. And not just on this issue but practically every issue because by sheer numbers they can't all be idiots.
Obama is a joke, but no one’s laughing.
The lesson is that obama manipulates oil prices. Better to hammer him for manipulation up and down than to hammer him for high prices.
“Who exacly is advising him on these things?”
Valerie Jarret. Obama is the puppet. Jarret is doing all the heavy lifting. She did in Chicago and she is doing it here.
The 2012 election isn’t going to be boring, that’s for sure. Dear leader doesn’t have a whole lot to actually run on, so it’ll be interesting to see how he handles his campaign...and it’ll be very interesting to see how his useful idiots work to help him.
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