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Exclusive: U.S., Britain to agree emergency oil stocks release
Reuters ^ | 3/15/2012 | Richard Mably

Posted on 03/15/2012 8:56:46 AM PDT by mojito

Britain has decided to cooperate with the United States in a bilateral agreement to release strategic oil stocks, two British sources said, in an effort to prevent high fuel prices derailing economic growth in an 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.

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


TOPICS: Breaking News; Business/Economy; Crime/Corruption; Politics/Elections; United Kingdom
KEYWORDS: 2012; 2012election; anwr; bhocorruption; bhofascism; bhotreason; corruption; democrats; drainthesor; drainthespr; drillheredrillnow; electionfraud; elections; energy; europeanunion; france; fraud; fubo; gasolineprices; gasprices; germany; howtostealanelection; keystonexl; nobama; nobama2012; obama; obamacampaign; oil; oilreserves; opec; politicalstunt; reelection; remembernovember; socialistdemocrats; soremergency; sornatlsecurity; spr; strategicoilreserve; tyranny; unitedkingdom
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Surprise surprise surprise.
1 posted on 03/15/2012 8:56:50 AM PDT by mojito
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To: mojito
Pumping oil out of the reserves: Good

Pumping oil out of the ground: Bad

Got it.

2 posted on 03/15/2012 9:00:33 AM PDT by JPG (Hold on tight; rough road ahead.)
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To: mojito

Well, that should bring prices down - for about a month. What then?


3 posted on 03/15/2012 9:00:50 AM PDT by COBOL2Java (Mitt Romney is SEVERELY conservative - and I'm SEVERELY against giving him my vote!)
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To: mojito
LIBERALISM IS A DOMESTIC ENEMY OF THE CONSTITUTION. THESE PEOPLE MUST BE REMOVED FROM PUBLIC OFFICE, STARTING AT THE TOP.
4 posted on 03/15/2012 9:01:20 AM PDT by rlmorel (A knife in the chest from a unapologetic liberal is preferable to a knife in the back from a RINO.)
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To: mojito

LOL. Never saw that coming. You would ALMOST think this is purely a political move during an election year.

The bad news for Zero is that move will only lower the price of gas a few cents.


5 posted on 03/15/2012 9:01:56 AM PDT by CCGuy (USAF (Ret.))
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To: mojito

I guess Obama’s re-election campaign is now in full swing. Maybe he can get the Fed Reserve to print some more funny money, too. And isn’t it time to announce some more entitlements for his constituents?


6 posted on 03/15/2012 9:02:34 AM PDT by AtlasStalled
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To: mojito

This is NOT the purpose for which the Strategic Reserves were created! It is nothing more than a political stunt and could actually leave us more vulnerable in case of an actual emergency! (Maybe that’s what Bambi wants!)


7 posted on 03/15/2012 9:02:45 AM PDT by VikingMom (I may not know what the future holds but I know who holds the future!)
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To: mojito

uhhh

Why would Britain with gas at $12 a gallon release “strategic reserves” to get US gas below $4 a gallon?

Is $4 a gallon US gas a strategic crisis to Britain?

Or is obama’s reelection a strategic crisis to both the socialist dupe and the marxist clown? and thus worth pissing off our NATIONAL STRATEGIC oil reserves ....


8 posted on 03/15/2012 9:04:12 AM PDT by silverleaf (Funny how all the people who are for abortion are already born)
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To: mojito
"in an election year. "

Wow, even Reuters says he's spending our oil for his own selfish gain.
The rest of his media should do better though.

Wonder what of ours he gave England to provide some cover for him?

9 posted on 03/15/2012 9:06:39 AM PDT by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat Party!)
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To: mojito

Dumb and dumber.


10 posted on 03/15/2012 9:07:52 AM PDT by Eric in the Ozarks (Beware the Sweater Vest)
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To: mojito

Newt will take him to the woodshed on this one. Can’t wait. Go Newt!


11 posted on 03/15/2012 9:09:16 AM PDT by Qwackertoo (Gingrich/West 2012)
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To: mojito

Yes, lets deplete our reserves right before the Middle East erupts into war. Makes a lot of sense.


12 posted on 03/15/2012 9:10:32 AM PDT by crosshairs
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To: mojito

Wait a minute

Does Great Britain even HAVE “strategic petroleum reserves?

If so how much and where?

Why is this a “joint” decision? Since when does Briatin get a vote in how and when a US president in an election year releases strategic petroleum reserves over a domestic energy price issue

of his own making?


13 posted on 03/15/2012 9:11:35 AM PDT by silverleaf (Funny how all the people who are for abortion are already born)
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To: mojito

Wait a minute

Does Great Britain even HAVE “strategic petroleum reserves?

If so how much and where?

Why is this a “joint” decision? Since when does Britain get a vote in how and when a US president in an election year releases strategic petroleum reserves over a domestic energy price issue

of his own making?


14 posted on 03/15/2012 9:11:57 AM PDT by silverleaf (Funny how all the people who are for abortion are already born)
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To: mojito
The good thing about my growing library of graphics is, they serve as sort of a pictorial history of the antics of obama.

The graphic below was done about this time last year when obama was bestowing his grace upon us with a donation from the oil reserves.

Amazing how that little trick seems to pop up to prop up his ratings, isn't it. But if we have to turn up the National heat to get a few cents toward affordable gasoline, it is pathetic.

OIL RESERVE
15 posted on 03/15/2012 9:13:12 AM PDT by FrankR
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To: mojito

Barstids.

Guaranteeing $20/gallon gasoline in the future to prevent $4/gallon gasoline now.

Doom on them.


16 posted on 03/15/2012 9:16:17 AM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: mojito

This is ignorance.

This is stupid.

This is insane.

This is arrogance.

This is Obamugabe..............


17 posted on 03/15/2012 9:16:30 AM PDT by Red Badger (If the Government can make you buy health insurance, they can make you buy a Volt................)
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To: COBOL2Java
Well, that should bring prices down - for about a month. What then?

Well what happens short-term is pretty obvious. After it runs out in a couple of weeks, we won't have the reserve and pressure will increase even more upon Israel to "take one for the team" and allow a city (Tel Aviv) to be burned off before attacking Iran.

Every president since the reserve was created has released oil for the wrong reasons: To affect the price of crude on the market. It was meant to provide a short-term buffer if the Arabs get another wild hair, as they did in '73.

Even al Reuter news recognizes this is an election year stunt, right there in the first sentence.

18 posted on 03/15/2012 9:16:34 AM PDT by Cyber Liberty ("If the past sits in judgment on the present, the future will be lost." --Winston Churchill)
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To: mojito

Obama the Zero. This will come back to haunt him. The Strategic Petroleum Reserve is for emergencies....this is no real emergency, except that Obama’s policies are destroying prosperity.


19 posted on 03/15/2012 9:16:41 AM PDT by SoFloFreeper
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To: mojito

...But we can’t drill ourselves lower prices? These guys are so full of **it!!


20 posted on 03/15/2012 9:16:50 AM PDT by READINABLUESTATE ("We must hang together, gentlemen...else, we shall most assuredly hang separately." - Franklin)
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To: mojito
The administration strongly desires international support and coordination from other strategic stock holders, but is encountering stiff resistance from some IEA members who think strategic stocks should only be used for severe supply disruptions," McNally said.

I am amazed al-Reuters is even admitting the Messiah is getting pushback from foreign leaders.

Also noted in the article: the release probably won't even happen until SUMMER.

So this is all psychological operations...Obama is playing a game with our economic lives.

21 posted on 03/15/2012 9:22:25 AM PDT by SoFloFreeper
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To: mojito

FALLING POLL NUMBERS FOR OBAMA ARE NOT A NATIONAL EMERGENCY

What part of “Strategic” is it that these clowns don’t understand?

And it comes within an HOUR of SWIFT cutting off Iran. This is no coincidence.


22 posted on 03/15/2012 9:26:18 AM PDT by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: VikingMom
This is NOT the purpose for which the Strategic Reserves were created!

Without Cameron's buy in, everyone will accuse Obama of releasing the reserves to save his own skin. This way, Obama can claim a global oil catastrophe, since England is doing it, too.

23 posted on 03/15/2012 9:28:26 AM PDT by sportutegrl
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To: SoFloFreeper

The only emergency is Zero’s poll numbers are in free fall


24 posted on 03/15/2012 9:28:27 AM PDT by Rodm
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To: COBOL2Java
Well, that should bring prices down - for about a month. What then?

A month? I'm confident we'll see prices lower until right around the first Wednesday in Novemeber. And on this day they'll shoot back up again.

Enjoy it while you can.

25 posted on 03/15/2012 9:29:00 AM PDT by Drew68
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To: mojito

So basically the thesis of this story is that Cameron agrees to help Obama with re-election. Nothing more. Nothing less.

If this were a Repub. There would be calls for impeachment.


26 posted on 03/15/2012 9:31:24 AM PDT by nhwingut (Sarah Palin 12... No One Else (Maybe Tim Thomas))
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To: Rodm

Have the 99%er’s(Democrats, we know) been told how many barrels of oil they use everyday?


27 posted on 03/15/2012 9:34:04 AM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: mojito

Barry’s using US assets for his personal gain? Par for the course.

Weakening the US seems to be his purpose second only to benefiting himself personally. It will take extraordinary work to salvage whatever is left of this country after his sorry behind is gone. I pray we don’t wait too long.


28 posted on 03/15/2012 9:37:43 AM PDT by FourPeas ("Maladjusted and wigging out is no way to go through life, son." -hg)
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To: silverleaf

Great Britain does indeed have a SPR, but no-one knows how large it is nor where it is stored. It could be a single tanker docked at Scapa Flow for all I know.

The UK is basically providing political cover to Bambi here - hope we got something nice in exchange! Maybe a barbeque set for number 10?


29 posted on 03/15/2012 9:39:24 AM PDT by agere_contra ("Debt is the foundation of destruction" : Sarah Palin.)
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To: FourPeas

Saw a headline on Bloomberg, this report has been denied.


30 posted on 03/15/2012 9:39:30 AM PDT by Williams (Honey Badger Don't Care)
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To: COBOL2Java
Well, that should bring prices down - for about a month. What then?

strategic reserves? A nickel, a dime?

31 posted on 03/15/2012 9:41:03 AM PDT by trebb ("If a man will not work, he should not eat" From 2 Thes 3)
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To: crosshairs
It's a really bad move to deplete the SPR when there is a possible supply disruption later this year caused by a military conflict with Iran, and any release of oil from the SPR will NOT bring down oil prices significantly. Oil and gasoline prices will not decline significantly for the following reasons: 1) If they release a small amount of oil, that won't be enough oil to affect the huge oil commodity market, and 2) Because a conflict with Iran could cause a supply disruption later this year or next year, if they release a substantial amount of oil that could bring down oil prices for a few weeks but the reduced reserves then make the US more vulnerable to a future supply disruption and that would offset the impact of higher short-term inventories. So there will be no change in oil prices beyond a few weeks from the date of the release of oil. Oil traders have already included all the oil in the SPR in their calculations of where oil prices could go if there is a supply disruption, and moving some of the SPR oil into above-ground storage tanks doesn't change the total amount of readily available US oil reserves. It simply moves the oil from one storage facility to another.

So the most likely end result of any oil release will be no change in oil prices beyond a few weeks into the future, and a substantial release of SPR oil could actually cause oil prices to RISE in the second half of this year because we'll be more vulnerable to a supply disruption. So this release of oil seems more like mere psyops being run against oil traders, who are far too smart to fall for this kind of trick. The oil market and oil stocks has already bounced back from this news release, and XLE is actually unchanged today, which shows that stock traders may be expecting an increase in oil prices later in the year caused by this poorly-reasoned decision to release strategic reserves.

This is a really bad move. The SPR is intended as an emergency reserve to keep our economy going if we have an extended supply disruption. It is not intended to be used for short-term management of oil prices or for political manipulation of the oil and gasoline markets. This release of strategic reserves also will make America more vulnerable to a supply disruption in the Middle East.

32 posted on 03/15/2012 9:43:06 AM PDT by socialism_stinX (We need a decline of statism and a revival of individualism and personal responsibility in America.)
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To: JPG

LOL

nicely put JPG.

I hope newt or rick says it like that on the news for the next month!


33 posted on 03/15/2012 9:48:03 AM PDT by Principled
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To: tcrlaf; mojito; tx_eggman
What part of “Strategic” is it that these clowns don’t understand?

Re-election constitutes a national emergency for EVERY incumbent president. They will do ANYTHING to stay in office. They will do EVERYTHING to stay in office.
34 posted on 03/15/2012 9:52:04 AM PDT by SpinnerWebb (In 2012 you will awaken from your HOPEnosis and have no recollection of this... "Constitution")
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To: mojito

But what if we deplete our reserves so 0bama can get elected and then Israel attacks Iran? Aren’t we kinda screwed for oil at that point?


35 posted on 03/15/2012 9:58:18 AM PDT by FedsRStealingOurCountryFromUs
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To: FedsRStealingOurCountryFromUs

You are giving away the plot!


36 posted on 03/15/2012 9:59:23 AM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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To: silverleaf
Apparently lots of countries have strategic reserves -

http://en.wikipedia.org/wiki/Global_strategic_petroleum_reserves#European_Union

But the US action last summer didn’t do much in the long term trend -

http://www.bbc.co.uk/news/world-us-canada-13893252

37 posted on 03/15/2012 10:00:23 AM PDT by az_gila
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To: mojito
Fox Business is saying this report is in error and that there has been no such agreement.
38 posted on 03/15/2012 10:10:04 AM PDT by Truth29
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To: Truth29

Every day this clown price does something to really P me off.


39 posted on 03/15/2012 10:16:56 AM PDT by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: JPG

Yes, but its an “EMERGENCY”.

And it’s only an emergency because zero’s poll numbers are tanking during an election year.


40 posted on 03/15/2012 10:18:09 AM PDT by diverteach (If I find liberals in heaven after my death.....I WILL BE PISSED!!!)
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To: mojito
Let's do the same really serious mistake together.

41 posted on 03/15/2012 10:21:28 AM PDT by BitWielder1 (Corporate Profits are better than Government Waste)
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To: silverleaf

Reading the article, it seems like the British government requires British-based oil refineries to store a certain amount of oil on their premises as part of a ‘strategic reserve’. The British government seems to have agreed to relax this requirement in order to get the refineries to release more oil in an attempt to depress prices.

Given that this goes against the British national interest to lower our reserves when there is no shortage, I hope the Obamateur is giving us something substantial in return, especially since he hasn’t done much to establish his pro-British credentials in the last few years...


42 posted on 03/15/2012 10:22:41 AM PDT by sinsofsolarempirefan
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To: combat_boots

Somehow I think the plot involves painting Israel into a corner so that if they attack Iran they’ll have left us bone dry for oil because we’ve tapped our reserves. Hmmmm, what a great way for 0bama to seize more control while America is brought to it’s knees and “IT’S ISRAEL’S FAULT”, too..


43 posted on 03/15/2012 10:23:23 AM PDT by FedsRStealingOurCountryFromUs
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To: Drew68
A month? I'm confident we'll see prices lower until right around the first Wednesday in Novemeber.

There's not enough in the petroleum reserves to last that long, and I don't think "The Won" can scrape enough algae off the nation's fish tanks to boost the supply.

44 posted on 03/15/2012 10:25:43 AM PDT by COBOL2Java (Mitt Romney is SEVERELY conservative - and I'm SEVERELY against giving him my vote!)
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To: crosshairs

“Yes, lets deplete our reserves right before the Middle East erupts into war. Makes a lot of sense.”

Just paving the way for the caliphate of the 12th iman.


45 posted on 03/15/2012 10:29:18 AM PDT by fella ("As it was before Noah, so shall it be again.")
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To: crosshairs

If we draw down our reserves, then we cannot back Israel in a war since it would stress our capacity and endanger America.

See? Simple.

Now stop thinking about these things. The Kardashians have some scandal to worry over.


46 posted on 03/15/2012 10:34:31 AM PDT by Norm Lenhart
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To: mojito

Oh goody, China and India appreciate that gesture, more oil for them.


47 posted on 03/15/2012 10:43:53 AM PDT by Sea Parrot (One, thinks he was great prez)
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To: COBOL2Java

It will not have 0.000000000001% effect upon the world price of oil, just gives the Asian countries more oil to buy.


48 posted on 03/15/2012 10:46:29 AM PDT by Sea Parrot (One, thinks he was great prez)
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To: silverleaf; mojito; no-to-illegals; SunkenCiv; blam; All

This is a complex problem. Of course it is political, but it also may scare speculators out of the oil futures market somewhat which is part of what is causing the price rise in gasoline. Several decades ago, end users comprised 70% of the futures market in oil. Now speculators/investors comprise 70% of that market. Most of the oil used on the east and gulf coasts is Brent Crude which is $10 to $20 per barrel more than West Texas Intermediate. Cushing, OK storage tanks are stuffed, and Obama has finally approved the portion of the XL pipeline between Cushing and the gulf refineries.

Another interesting fact is that we are apparently now EXPORTING about 2% of our oil, and if the entire XL pipeline is built will export even more. Should we regulate the Oil Companies to not export oil and refine more and lower our gas prices? If we are exporting oil, then added drilling seems irrelevant. Chinese and Indian demand is driving the market and speculator enthusiasm. The Oil Companies will all play these factors to their best advantage. I also read that the Oil Companies have shut down around 19% of refinery capacity for periodic maintainance. If the Oil Companies start refining more oil and can get the cheaper oil from Cushing, this should help more than just scaring the speculators. Then again the oil companies may keep production low to keep prices high and/or to help Republicans (politics goes both ways). In other words when the elephants fight we mice should head for the trees.

Cameron is a Conservative on an austerity kick with taxes that are pushing up the price of gas in Britain. I am not sure how this makes him a socialist dupe. Please explain.


49 posted on 03/15/2012 10:57:41 AM PDT by gleeaikin
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To: gleeaikin
Actually, some of the closures are worse than for periodic maintenance. Several of the East coast refineries are closing permanently because they are continuing to lose money due to a combination of high oil prices and EPA required upgrades. A big refinery in St. Croix is also closing because of mandated environmental upgrades.
50 posted on 03/15/2012 11:30:55 AM PDT by Truth29
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