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30 million barrels is literally 36 hours worth of oil, barely a squirt of piss. If it freaks the speculators into driving down the price more power to him.
It was a price dip. Oil prices are recovering today.
Well just checked. Oil is off 54 cents per barrel. Gas is down 6 cents to $2.77.
So it's been an up and down day.
Prices have been in a slow decline for about 5 weeks now.
The order to release oil from the SPR has little to do with the market price.
It's a two day supply. The assessment is that it will cause prices that are already coming down to decline by another penny.
Big Whoop.
If he were really concerned, he'd quit hindering drilling for oil on American lands and offshore.
it is a stimulus in disguise
thank you
we will have to replace that oil at 3 times the cost we put it there
thats tax payers money
Actually I think bush refilled it using $4 plus gas prices after he let some loose out of it that was filled at $2.50 gas prices.
I would hope that we would use links to prop up those accusations
I also cannot imagine how many more years GWB will be president
It's a two day supply. The assessment is that it will cause prices that are already coming down to decline by another penny.
Big Whoop.
If he were really concerned, he'd quit hindering drilling for oil on American lands and offshore.
There it is in a nut shell
pure political and it will backfire
Gas will be 5.00 a gallon in 6 months
you think the Saudis, Mexico and Canada is happy about this?
The decision to release oil from the Strategic Petroleum Reserve, part of an international move to release 60 million barrels, was made after months of consulting with allies and oil producing nations, according to officials, who briefed reporters on condition they not be named.
The release of light, sweet crude represents less than 5 percent of the reserves and will help meet U.S. summer driving demand, the official said. The first of the draw will be offered for sale within 24 hours, the administration official said.
It is the third time the IEA coordinated release from the emergency stockpiles since the agency was founded in 1974. Oil was released during the 1991 Persian Gulf War, and after Hurricane Katrina damaged oil rigs and refineries in the Gulf of Mexico in 2005.
It's a two day supply. The assessment is that it will cause prices that are already coming down to decline by another penny.
Big Whoop.
If he were really concerned, he'd quit hindering drilling for oil on American lands and offshore.
There it is in a nut shell
pure political and it will backfire
Gas will be 5.00 a gallon in 6 months
you think the Saudis, Mexico and Canada is happy about this?
K lets get some details down on the bet.
Where will it be $5/gal?
And is that for the cheapest grade.
So what was the reasoning the IEA used when they requested the release?
Obama Faulted for Tapping Oil Reserves by Republicans, Industry - Businessweek
The decision to release oil from the Strategic Petroleum Reserve, part of an international move to release 60 million barrels, was made after months of consulting with allies and oil producing nations, according to officials, who briefed reporters on condition they not be named.
The release of light, sweet crude represents less than 5 percent of the reserves and will help meet U.S. summer driving demand, the official said. The first of the draw will be offered for sale within 24 hours, the administration official said.
When has the IEA previously requested the release of sweet crude and did America cooperate?
It is the third time the IEA coordinated release from the emergency stockpiles since the agency was founded in 1974. Oil was released during the 1991 Persian Gulf War, and after Hurricane Katrina damaged oil rigs and refineries in the Gulf of Mexico in 2005.
Oh, so why is this news?
It's a two day supply. The assessment is that it will cause prices that are already coming down to decline by another penny.
Big Whoop.
If he were really concerned, he'd quit hindering drilling for oil on American lands and offshore.
So what was the reasoning the IEA used when they requested the release?
Obama Faulted for Tapping Oil Reserves by Republicans, Industry - Businessweek
The decision to release oil from the Strategic Petroleum Reserve, part of an international move to release 60 million barrels, was made after months of consulting with allies and oil producing nations, according to officials, who briefed reporters on condition they not be named.
The release of light, sweet crude represents less than 5 percent of the reserves and will help meet U.S. summer driving demand, the official said. The first of the draw will be offered for sale within 24 hours, the administration official said.
When has the IEA previously requested the release of sweet crude and did America cooperate?
It is the third time the IEA coordinated release from the emergency stockpiles since the agency was founded in 1974. Oil was released during the 1991 Persian Gulf War, and after Hurricane Katrina damaged oil rigs and refineries in the Gulf of Mexico in 2005.
Oh, so why is this news?
as well as Hurricane Igor was it?
it was as big as Katrina
it just did not involve people who chose to live 18 feet below sea level
and why is it news
Obama is desperate that is whyhe is using tax payers wealth again to try and bolster his poll numbers
If he was really trying to deal with the price of oil
DRILL BABY DRILL
So what was the reasoning the IEA used when they requested the release?
Obama Faulted for Tapping Oil Reserves by Republicans, Industry - Businessweek
When has the IEA previously requested the release of sweet crude and did America cooperate?
Oh, so why is this news?
as well as Hurricane Igor was it?
it was as big as Katrina
it just did not involve people who chose to live 18 feet below sea level
and why is it news
Obama is desperate that is whyhe is using tax payers wealth again to try and bolster his poll numbers
If he was really trying to deal with the price of oil
DRILL BABY DRILL
I see, you're trying to pain Obama as desperate.
So what your saying is Obama shouldn't have cooperated with the IEA's plan, right?
Can Offshore Drilling Really Make the U.S. Oil Independent?
In fact, oil companies have yet to take advantage of the nearly 86 billion barrels of offshore oil in areas already available for leasing and development. So why are they chomping at the drill bit to open up the moratorium waters and survey them anew?
"Oil company stocks are valued in large part based on how much proved reserves they have," says Robert Kaufman, an expert on world oil markets and director of Boston University's Center for Energy and Environmental Studies. Translation: just having more promising leases in hand would be worth billions of dollars.
So are promises of U.S. oil independence real—or rhetoric? The issue is not whether the U.S. can significantly reduce its reliance on oil imports with domestic, offshore oil, say both Kaufman and Nathan, but whether there is enough that is recoverable to significantly lower the price of a barrel of oil on the global market.
Even by 2030, offshore drilling would not have a significant impact on oil prices, according to Martin, because oil prices are determined on the global market. "The amount of total production anticipated—around 200,000 barrels a day—would be less than 1 percent of the total projected international consumption."
"Do you think oil companies are going to sell [U.S. oil] to U.S. consumers for anything less than top price?," he asks. "The answer is no."
What if Congress mandated that the offshore oil could not be exported? "The question of how much of that product that comes out, where it goes, I don't think Congress can dictate," industry rep Penniman says. "It goes onto the market. It's a free market system…but it is up to Congress [to pass] the laws on what they will and won't open."
SO the IEA is running this country now?
are you saying the reason we are taking our reserves and dumping them on the market is to help IEAs plan?
Conservatives do use fear as their favorte tool to manipulate their followers.
Actually I think bush refilled it using $4 plus gas prices after he let some loose out of it that was filled at $2.50 gas prices.
I would hope that we would use links to prop up those accusations
I also cannot imagine how many more years GWB will be president
GWB will essientially be president till Jan 2019.
And we will be paying for his 3 terms for decades.
