Posted on 06/26/2011 2:33:18 PM PDT by Free ThinkerNY
HANOVER, New Hampshire (Reuters) - U.S. Treasury Secretary Timothy Geithner defended the decision by industrialized nations to release emergency oil reserves into global energy markets, saying on Friday that it was not a political move.
"It's really as simple as this: there's a war in Libya, costs between one and two million barrels a day in lost output, I think 140 million barrels off the market so far," he said in response to a question at Dartmouth College, where he spoke on a panel.
"Reserves exist to help mitigate those kinds of disruptions and we helped to organize a coordinated global international response to help ease some of that pressure," he added.
The Paris-based International Energy Agency announced on Thursday that it was tapping member countries' emergency reserves -- some 60 million barrels over 30 days -- for only the third time since it was founded in 1974, to fill the gap in supplies left by the disruption to Libya's output.
(Excerpt) Read more at ca.news.yahoo.com ...
Oh, oh... riiiiight. Of course it wasn’t political.
At least now we know for sure...wink wink
What a lying sack that guy is.
He must be talking to most of the Obama Voters.
“there’s a war in Libya” someone tell the boss he says it’s not a war! When can we burn these bastards at the stake?
How about drilling...It would even mean jobs...
Could you imagine the MSM ballistic outrage if GWB had done this in mid 2008?
The truth is always the opposite of what they say.
Timothy Geithner is an evil man! He’s the type of guy you would have found “hung” in the town square in past history!
Well Baraq said that drilling ANWR (which could produce about what the "release" does) wouldn't affect world oil prices. I wonder if any MSM hack will ask him about that at the next news conference?
BWAHAHAHAH! Yeah, sure, right, it wasn’t a political move. Just like the 33,000 troop reduction from Afghanistan flying in the face of all the advisors isn’t a bone to the Lefty faithful that were falling away. That’s the biggest joke of the week! And the acolytes will light another candle to O.
Leonardo DaVinci: “Those that do not punish evil, command it to be done.”
Try a non-global response such as drilling here ASAP. If I live to see the day that we don't make our enemies rich, it will be (seriously) one of the happiest days of my life.
Hey Timmy boy, how do you explain that Obozo decided to release this oil from the SPR now as opposed to when the price of oil was on the rise (currently on the decent)???
It’s the lying, the incompetence and the politics from the Obama Regime that necessitates the only political move for this nation: moving the Obama Regime out of power.
Re: Leonardo DaVinci: “Those that do not punish evil, command it to be done.”
Great quote and how true-—that is true of hitler, mussolini obama tojo etc.
RiiiggghhhhhhhT Timmy!The Kenyan Stench has everyone brainwashed.
I left out stalin.
The tax cheat has been wrong for almost 3 years. Every left wing lying sack of crap economist has been wrong for the last 6 years. And according to the ethically challenged ivy league journolistas who carry Obamas water, this is all the Republicans fault.
We all knew obama was a communist. If the media did their jobs, we wouldn’t be here right now
there’s a war in Libya
Oh really did congress approve that war??????
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