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The Strategic Petroleum Reserve Release Has Now Been Fully Priced In As Crude, Gasoline Surge
ZeroHedge ^ | 6/28/2011 | Tyler Durden

Posted on 06/28/2011 2:28:24 PM PDT by mojito

Remember how 4 very long days ago, the 60 million barrel SPR release was vaunted as being the reason for the second consumer renaissance after it was largely expected it would lead to sub $90 crude, and low $3/gallon gas, and result in every Joe Sixpack going out and buying 3 houses at least? Well, so much for that: the IEA's [International Energy Agency] action has now been fully priced in and WTI [West Texas Intermediate] is back to precisely where it was before the IEA announcement on Thursday.

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Politics/Elections
KEYWORDS: obama; obamanomics; spr
$92.79, up $2.18 today.

This WH's track record of economic success is truly astounding.

1 posted on 06/28/2011 2:28:33 PM PDT by mojito
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To: mojito

knew this was coming

FAIL!


2 posted on 06/28/2011 2:30:46 PM PDT by dila813
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To: mojito

worked about as well as the “stimulus” (and for largely the same reasons)


3 posted on 06/28/2011 2:31:47 PM PDT by ConservativeDude
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To: mojito

Just like the Feds can print more money, Obama can continue to release the reserve.

Oh wait.....


4 posted on 06/28/2011 2:33:04 PM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: mojito

Obama hasn’t got a clue ,and evidently neither do his advisors.

It was all political anyway and he gave the imression he cared. That’s all that count in the end. For Obama.


5 posted on 06/28/2011 2:36:42 PM PDT by Venturer
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To: mojito

If 60 million did not work, obviously we need to release 120 million in to the supply!


6 posted on 06/28/2011 2:39:17 PM PDT by OCC
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To: mojito

That was, uh, unexpected.


7 posted on 06/28/2011 2:41:30 PM PDT by kallisti ("Think what you want. You're the one that has to live with your thoughts.")
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To: mojito

What a load of crap.

Follow any profits made from this ‘deal’ directly to the zer0’s largest campaign contributors.

My first grade grand-daughter has more economic sense than all of the so-called experts.


8 posted on 06/28/2011 2:47:05 PM PDT by panaxanax (0bama >>WORST PRESIDENT EVER.)
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To: panaxanax
Follow any profits made from this ‘deal’ directly to the zer0’s largest campaign contributors.

I just learned last week that "insider trading" rules do not apply to congress. Members of congress have an astounding investment track record vs. the market averages. No wonder so many come in upper middle class and leave as potentates.

9 posted on 06/28/2011 2:50:16 PM PDT by nascarnation
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To: nascarnation

>>> No wonder so many come in upper middle class and leave as potentates.

And their earning power does not stop even after they left their seats.

And you wonder why so many want to run to ‘represent you’.


10 posted on 06/28/2011 2:54:04 PM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: mojito

Gee, and I though Zero’s plan would work! /s/
Next November can’t come soon enough!


11 posted on 06/28/2011 2:56:26 PM PDT by New Jersey Realist (Congress doesn't care a damn about "we the people")
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To: Sir Napsalot

spending millions for a job that nominally “pays” 140 grand


12 posted on 06/28/2011 3:01:47 PM PDT by nascarnation
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To: mojito

So was the Obama administration just trying to generate revenue for the federal government?


13 posted on 06/28/2011 3:02:29 PM PDT by Paleo Conservative
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To: mojito

Obozo gets smacked upside the head by the invisible hand.

(Yet again).


14 posted on 06/28/2011 3:18:22 PM PDT by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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To: nascarnation

“spending millions for a job that nominally “pays” 140 grand”

Spend millions of someone else’s money, paying your “expenses” during the campaign from their money, etc.

I could live with $140 grand (actually, it is $174,000)

Elect me!


15 posted on 06/28/2011 3:22:09 PM PDT by BwanaNdege (For those who have fought for it, Life bears a savor the protected will never know.)
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To: mojito
Unexpected & Surprising !!
16 posted on 06/28/2011 3:35:53 PM PDT by TexasCajun
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To: kallisti
"Unexpectedly" Compilation
17 posted on 06/28/2011 3:39:54 PM PDT by preacher (A government which robs from Peter to pay Paul will always have the support of Paul.)
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To: mojito

Heck, by close of business Friday it was back up to the same price it was on Monday.

Just like the rest of what this bunch of meat heads does... it is a joke and they know it.


18 posted on 06/28/2011 3:47:55 PM PDT by Sequoyah101 (Half the people are below average.)
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To: mojito

You can’t print more oil.


19 posted on 06/28/2011 3:48:01 PM PDT by Lorianne (o)
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To: mojito

Once again, Obama has told the private sector that there is no climate of stability or predictability. Now go hire!


20 posted on 06/28/2011 3:58:09 PM PDT by optiguy (Government does not solve problems; it subsidizes them.----- Ronald Reagan)
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To: Sir Napsalot

Bottom line is congress thinks of themselves as royalty and idiots keep re-electing them. I’ll never vote for anyone in the dem-rep party.


21 posted on 06/28/2011 4:02:59 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks mojito.
Remember how 4 very long days ago, the 60 million barrel SPR release was vaunted as being the reason for the second consumer renaissance after it was largely expected it would lead to sub $90 crude, and low $3/gallon gas, and result in every Joe Sixpack going out and buying 3 houses at least? Well, so much for that: the IEA's [International Energy Agency] action has now been fully priced in and WTI [West Texas Intermediate] is back to precisely where it was before the IEA announcement on Thursday.
And now the gubmint has to buy oil on the open market to replenish it.


22 posted on 06/28/2011 4:14:19 PM PDT by SunkenCiv (It's the Obamacare, stupid! -- Thanks Cincinna for this link -- http://www.friendsofitamar.org)
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To: mojito

It’s a fixed reserve, hence any release of it has zero effect other than conceding a future reserve of demand once the reserve will have to be refilled for emergency reasons. As a result the price will increase.

When someone use their last food savings to pay for something, common sense tells that the demand for food and nourishment will be felt even more in the near future, since it is always needed.


23 posted on 06/28/2011 4:18:58 PM PDT by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: Paleo Conservative
So was the Obama administration just trying to generate revenue for the federal government?

Nah. He really thought it would work. Now that it hasn't, he will conclude that we don't need to drill more because it's been shown that an increase in supply does not reduce prices.

Economics was wrong!

It's just like his protestation that he tried tax cuts and they didn't work. Just like all liberals, he's unaware that different types of tax cuts have different economic results.

24 posted on 06/28/2011 4:21:24 PM PDT by BfloGuy (Even the opponents of Socialism are dominated by socialist ideas.)
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To: Terry Mross

Time is running short. Emergency is going to be felt, they are going to obstruct the normal taxing process and start confiscating by force left and right, because they are getting highly squeezed and feel like they have a right of emergency and “to not be gauged” by the tax payers.

Hey, screw you big gov... go to the street you all fat mentally ill squatting demons from hell.


25 posted on 06/28/2011 4:24:49 PM PDT by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: mojito

“$92.79, up $2.18 today.
This WH’s track record of economic success is truly astounding.”

According to my research, the United States uses 20 million barrels a day. Thirty million barrels is a day and a half’s worth of oil consumption. Spit in the ocean. One wonders if he even knows what we use. If so, he does, then he must know all he did was damage our ability to respond in a true military emergency.


26 posted on 06/28/2011 4:32:29 PM PDT by Gen.Blather
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To: panaxanax

Follow any profits made from this ‘deal’ directly to the zer0’s largest campaign contributors.
*************************************************
ABSOLUTELY , The ability to create a 100% certainty in a short term price drop means he could be making anyone rich with a single trade... The Chicago Way dictates a Quid Pro Quo...


27 posted on 06/28/2011 5:11:53 PM PDT by Neidermeyer
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To: BfloGuy
Now that it hasn't, he will conclude that we don't need to drill more because it's been shown that an increase in supply does not reduce prices.

Yeah, that was kind of my thought: maybe releasing the reserves was some kind of Machiavellian move to cast doubt on the law of supply and demand. Now whenever someone suggests more drilling to keep prices low -- like say in a presidential debate or something -- he can whip out the little factoid that dumping 60 million gallons on the market didn't do squat to prices. Seems far fetched, but who knows with this guy?

28 posted on 06/28/2011 5:28:36 PM PDT by Yardstick
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