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

Originally posted by marg6043
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.

OPEC inflated their reserve numbers between '82 and '88 (this was a very large adjustment).

Now production request are exceeding what they can produce and people are asking, why?

If it ever gets proven that OPECS '80's adjustment are fales, the ME would be broke overnight. Many of the ME OPEC members have credit out based on those reserves spanning 50+ years into the future.

It would be to the ME what a US economic collapse would be to the western world. Unfortunately, if the ME OPEC's go broke, it will drasticaly increase pressure on the already precarious US financial position.

The "strategic reserves" are just a type of shell game. They mention it from time to time as a way to elicit particular responses from news consumers. The real attention should be on Gull Island in the Lisbon Zone. They sent the Liberty oil rig up there the other day.

reply to post by stalphos


Gull Island is an unproven potential oil reserve.

Estimates range up to 2 million barrels a day.

Although, there is most likely some oil there, the chances of hitting a super field like those found in Saudi Arabia are very slim.

PS: Keep your fingers crossed, if the 200 year supply is true, North America is about to have another boom .

Yeah the whole thing is a political game. In 2012 he can say" remember when I gave 30million barrels of oil to you guys and I killed Osama Bin Laden? Vote for me. Its enough oil for a day and a half consumption is what a lot of people don't understand. He knows people are waking up to the BS so TPTB have to make us think they are for lower oil prices. They want us to believe its the middle east's fault. What really worries me is that gas prices have fallen in the last few weeks. Why does he do this now? Unless he knows that the prices are about to sky rocket again, then it starts to make sense.

Just got wind of a little development in this case. Obama sought permission from the Saudi's before tapping into the US oil reserve. Really!!!

President Barack Obama reportedly sent a secret diplomatic mission to obtain Saudi Arabia’s OK prior to the U.S. release of 30 million barrels of oil from its Strategic Petroleum Reserve.

The reserve originally was created to keep America running during an emergency disruption of supplies of the type that caused massive lines at gas pumps during the 1973 Arab Oil embargo.

In May, the administration’s campaign to mollify the Saudis began in earnest, and reportedly included a personal telephone call from Obama to Abdullah. Later that month, the president discussed the oil issue with world leaders at the G-8 summit in France.

Then in June, the International Energy Agency announced it would release 60 million barrels of oil, half of which would come from the U.S. strategic reserve.

Makes me wonder why he wanted to tap into it in the first place and what kind of deal was struck with the Saudis.

Hurricane season isn't even in full swing yet and Obama is tapping 30 million barrels out of the reserve. One good sized hurricane in the Gulf of Mexico could certainly disrupt our oil supply chain.

one last bit

Rep. Fred Upton, chairman of the House Energy and Commerce Committee, told Newsmax in an exclusive interview last week that releasing oil from the Strategic Petroleum Reserve in order to drive down prices was “a bad idea,” and sends the wrong message.

“We need a policy that begins to send a message to the speculators on Wall Street that we’re going to be serious about domestic production,” Upton told Newsmax.

Yes, a short sided bad idea when we should be back to producing oil and creating jobs again.

www.newsmax.com...