Exclusive: U.S., Britain set to agree on emergency oil stocks release

(Reuters) - Britain is poised to cooperate with the United States on a release of strategic oil stocks that is expected within months, two British sources said, in a bid to prevent fuel prices choking economic growth in a U.S. election year.

A formal request from the United States to the UK to join forces in a release of oil from government-controlled reserves is expected "shortly" following a meeting on Wednesday in Washington between President Barack Obama and Prime Minister David Cameron, who discussed the issue, one source said.

Britain would respond positively, the two sources said, and Cameron said a release was worth considering.

www.reuters.com...

Ok i am not a supporter of posting this in the WW3 forum[i dont believe its going to be global], although its much easier and less complicated than posting it as breaking news ..

US, UK and Japan might release their reserves as well....adjust to skyrocketing oil prices because of an Israeli attack off course.

US supposedly has the biggest oil reserve, but then also the UK and Japan to do the same tells me there's not something small going to happen, buckle up they're slowly massaging the war news for us..

Related threads

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What a waste. The last time the US released oil reserves I think it dropped the price of gas something like $.15 per gallon at the retail level. What a joke. Save the reserves for the purpose they were intended for, like a national emergency.

Originally posted by SpaDe_
What a waste. The last time the US released oil reserves I think it dropped the price of gas something like $.15 per gallon at the retail level. What a joke. Save the reserves for the purpose they were intended for, like a national emergency.

When was the last time, "katrina"?
But this is odd since the oil price isnt that high, the Dollar has devalued a bit though..

Oh and btw your price per gallon isnt that must taxed right? over here its really ridiculous how much goes to treasury..

reply to post by Foppezao


I think the price per gallon in tax is something like $.80? The last time that I know of that they released reserves was because of a refinery/pipeline fire I think. Anyhow it does little but allow them to act like they are proactive in the situation.

Great, the business men will be able to buy cheaper oil and sell at near enough the same price to get richer....thats all that will happen

Grow some balls and start monitoring and probing the criminal oil companies.

Its not that hard to see your in bed and just as curropt as them...

Could be effort to teach the speculators to stop what they are doing. There is no reason for oil to be high right now except the speculators/banks drove it up for no reason. A joint country release of oil would drive th price back down making the speculators/banks lose money.

The only reason gas prices are going up in calif is because of a refinery fire and the rest of the refineries are going at max and there is no shortage of oil just refineries since they have not built a new one in over 40 years.

Manipulating prices, sanctioning Iranian oil. The US dollar is backed by Oil, not gold. This is how they make us poor and control prices.

There is no way out of it. We are fluked when it comes to the oil pricing. They have figured out how to gouge us deeper every time someone in the ME farts or rattles a sabre.

Sickening, but short of torching the head offices, what can we do? stop driving?

What can we do about it?

Anybody?

You do ralise that, in political terms shortly means anywhere between three years to a decade right?

Trying to lower gas prices before the election. Nothing to do with war.

Although the news is from March, this week got closer to year-high record March prices.

Aug 17 Reuters Exclusive, updates political changes.

WASHINGTON (Reuters) - The White House is "dusting off old plans" for a potential release of oil reserves to dampen prices and prevent high energy costs from undermining sanctions against Iran, a source with knowledge of the situation said on Thursday.

U.S. officials will monitor market conditions over the next few weeks, watching whether gasoline prices fall after the September 3 Labor Day holiday, as they historically do, the source said.

It was too early to detail the size of any release from the U.S. Strategic Petroleum Reserve and other international stockpiles if a decision to proceed was taken, the source said.

Oil prices have surged in recent weeks, with Brent crude prices closing in on $120 a barrel, up sharply from below $90 a barrel in June. The United States and other Group of Eight countries studied a potential oil release in the spring but shelved the plans when prices dropped.

...

www.reuters.com...

US uses the most oil in the world. Not surprise for it to run out of oil because it can't get their hands on Iran.

Interesting this news when in the UK on the news there is a warning of petrol prices going up in the next few weeks.

I think the point is that the parties agree to release oil in sync, and not hold out individually, which would negatively affect prices.

Originally posted by princeofpeace
Trying to lower gas prices before the election. Nothing to do with war.

You're right. That's all it is.

Its a little odd, though. Does this mean that oil actually is subject to the law of supply and demand like every other commodity in the known universe, and that increasing supply actually lowers prices? Imagine that.