Obama to release oil from strategic reserve 30 miilion barrels to be exact

thehill.com...

The Energy Department said Thursday that it will release 30 million barrels of oil from the nation’s Strategic Petroleum Reserve, citing supply disruptions threatening the global economy and hailing from the unrest in Libya and other nations.

thehill.com...

This is a stupid move in my opinion theres no need at heres the real deal the average consumption is around 21 biilion barrels a day so this move have the effect of 1 day but seriously it will not lower any gas prices whatsoever.

strategic oil reserve stats:

holds:727 million barrels that equals to about 34 days of usage

last time the spr was tapped was in 2008.


obama please stop think for once!

reply to post by neo96


You mean that there is really a reserve? I kinda thought that the cage was just lined with markers. That's the usual order of business.

reply to post by neo96


It depends from what side you are watching the move, if you are the regular Joe in the street unemployed destitute and now to feel the pinch of the Fed new move of no printing any more money, then you will welcome the relieve on gas prices.

But if you belong on wall street then you are going to lose some of your earning on your oil deals, after all this move is making investors very worry, have a hart attack and mass hysteria because Americas economy is in a very bad spot right now After Bernanke news yesterday.

But don't fear the Euro is going down and China and Japan are stuck with the US debt.

But inflation is heading our way, baby.

Originally posted by marg6043
reply to post by neo96

 

It depends from what side you are watching the move, if you are the regular Joe in the street unemployed destitute and now to feel the pinch of the Fed new move of no printing any more money, then you will welcome the relieve on gas prices.

But if you belong on wall street then you are going to lose some of your earning on your oil deals, after all this move is making investors very worry, have a hart attack and mass hysteria because Americas economy is in a very bad spot right now After Bernanke news yesterday.

But don't fear the Euro is going down and China and Japan are stuck with the US debt.

But inflation is heading our way, baby.

The Euro isn't going anywhere... First rule that mommy should have taught is don't talk out of your a$$.

Europe and China consume 83% of Libya's oil. We consume 3%, yet we're kicking in 50% of the reserves?

This oil is for national emergencies, not to prop up socialist countries.

What other countries are kicking in?

reply to post by Jepic


I don't know but the Euro volatility is been enhanced by the Greek situation and even when Bernanke yesterday was downplaying the link to the US banks and the Greek debt he could not say straight out that is not going to affect The EU and the US, if the US banks get a hit so the domino effect will hit the EU again.

We most just sit and watch.

reply to post by mishigas


Well Iran was asked to lower their prices of crude the say no, while the Saudi government agree with more output, so something is cooking and I think it has to do with the inflation heading to Americas working class households.

This may a give a little boost to the Summer driving/vacation season but may only knock about 1% off of the gas prices as happened back in 20008. I last filled up at $3.48 a couple of days ago.

Who knows. It would seem that he is merely trying to pump up his poll numbers once again. He's gotta look like he is trying to do something about the economy and that he actually cares.

“We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery,” said Energy Secretary Steven Chu in a statement.

the dude should have told obama not to start bombing them yet agian the us government creates the "crisis" and then comes in to save the day.


i agree with mishigas the spr is for us national interests here at home not elsewhere.

reply to post by jibeho


It may look like that is the reason, but I think is something else behind the move, something bigger and this is just a distraction as usual.

reply to post by marg6043


his plan is to push his green initiative create the crisis to push alternative energy.

the man has a plan and its nefarious.

reply to post by neo96


Whatever it is is going to hit the American tax payer as usual, he has to increase taxes now that the fed will not print money, he has to do cuts and balance the sheets, Green initiative is nothing but more taxes to the working class, while a group will enrich their dirty pockets as usual.

reply to post by marg6043


its more than that and while i do agree it will hit the average joe printing money has hurt us all more than anyone will admit and the green initiative isnt about american jobs or the middle class its about global redistribution of wealth and jobs that wont be made here they will be made in china and india.

obama owns words " the united states wants to be consumers not producers..."

...a "certain group within this country will enrich their poltiical power" and i mean government.

reply to post by Jepic

The Euro isn't going anywhere... First rule that mommy should have taught is don't talk out of your a$$.

Hey, chill out. watch your mouth - you're talking with one of ATS' pretty ladies. And she's right, the Euro is falling:

European markets down euro falls on disappointing euro-zone economic data.

European markets down euro falls on disappointing euro-zone economic data. FTSE 100 Britain 5,690.68 –82.31 –1.43%
DAX Germany 7,166.49 –111.70 –1.53%
CAC 40 France 3,793.32 –78.05 –2.02%
FTSE Eurofirst 300 Europe 1,077.81 –13.65 –1.25%

The euro fell below $1.4158 to fresh against the dollar Thursday as a disappointing euro-zone economic data and Greece worries drove investors away from the common currency.

Finally the euro dropped versus the dollar as investors concern that Greece and some European countries will have difficulty paying their debt and a drop in stocks curbed investors’ appetite for risk".
U.S has kept the value of dollar low to boost its exports. This action worked in China, also.

WSJ

reply to post by neo96


I remember from where that came from the (US been consumers and no producers) but he most be a moron along with all those support this notion because the American regular Joe can not longer even support itself now a days and soon to be worst.

See we were to be the nation with the innovations and the thinkers, with the technology sector but our wealth has been leached to developing countries our education sucks and the thinkers are in India, Pakistan and China.

The only reason our government is so full of itself about our economy is because we are after all an oil producing country and as long as we have it, we are untouchable.

reply to post by neo96


So, in a way, Obama is giving the American people exactly what they want and have been asking, nay, begging for. They are asking to be taken down the toilet and he is too happy to oblige. I don't blame him. America needs to be taken down a peg so the world can catch up. I once loved Obama... that quickly turned to hate, which turned to I dunno which now is turning into... 'this man is a genius'.

reply to post by marg6043


cant argue that pretty much agree with everything you said there.

second line did to

reply to post by mishigas


Don't worry and thanks for the support, we all know where the Euro is standing right now, I believe what another member said on another forum the Euro right now is a matter of patriotic duty for those that supports it.

He's doing it for political reasons, mostly. The scary part is he said he's willing to sell more of the reserve if necessary.

He's burning the furniture, eating the seed corn. He's desperate because he screwed up the economy so badly and 2012 is rapidly approaching.

The ironic part is that had he fast-tracked oil drilling here, instead of imposing moratoriums, this may not have been such as bad idea, because the refills would be well on their way.

There is no evidence this will do anything. Speculators might lower the price of oil for a bit...but it will be up as soon as they can find any reason to boost oil.

It's what they do. I want lower prices more than anyone, but this won't make much of a difference.

Exxon Mobil CEO recently stated up to 40 percent of the increase in gas prices is because of speculation. He may have been pushing heat off his company, but we all know this is happening regardless.