Posted on 06/23/2011 6:54:24 PM PDT by randita
And I'm not being sarcastic.
It's real.
Short of a miracle, nothing is going to save the AnointedIdiot’s “skin”....even if he ends up raising that vaunted billion dollars for re-election. Daffy Duck has more experience than this SOB! =.=
Its a sop to France for Libya and probably a payday for Goldman. No doubt Goldman has the Big Short on Oil for July. 5% downdraft in 1 day.
Remember the scandal when Bush released some from the reserves? IIRC, minorities and people with special connections got the contracts to sell the oil.
This release makes us more vulnerable to an Arab blackmail in the future, after the Muslim Brotherhood take over. That is Obama’s plan.
Commodity prices are manipulated like a trick yo-yo.
Ping for reading when I am sober
“The decision to release two million barrels per day of emergency oil reserves — with the U.S. covering half from its strategic petroleum reserve — is surely aimed at the sputtering economies of the U.S. and Europe following an onslaught of bad economic statistics and forecasts. This includes a gloomy Fed forecast that Ben Bernanke unveiled less than 24 hours before the energy news hit the tape.
I wonder if all this was coordinated.”
When is anything the left ever does *not* coordinated?
If it is 60 million barrows total then it is only good for 3 days. If it is per day then it must be going over seas again.
In any case the reserves would only last about 10 days at that rate.
This is nonsense.
It's our only hope!
A quick fix will not do Premier Hussein any good, and at the very best, this SPR release is going to be very short lived.
The excuse they are offering that this somehow balances out the losses from Libya is just BS....
This announcement blew-up the speculators that were betting that the price of oil (mainly Brent) would go up forever.
It pre-emptively burst a balloon that was causing US gasoline and diesel prices to rise.
It may have been one of the few good things the US Government has done in the past 2 1/2 years.
Let it play out...
Wag the Dog
I’m willing to listen to the theory that it was (a) a plan to break speculation (note the naked threat that it might unexpectedly happen again), or (b) it was a hail-mary to get the country bootstrapped into a better mood to break the supposed doom and gloom cycle.
If this knocked oil down $4, open season on drilling and express, 10-year irrrevocable permits would have knocked it down 15. But that won’t happen, because the latter would be a PERMANENT fix, and that is a fix that the administration doesn’t want.
As sustainable as cash for clunkers, or cash to get a mortgage, or cash to buy a Volt....or all those ‘Five year plans’ the commies used to do.
Oil prices based on fundamentals should be in a pretty steep decline due to decreased demand and they are being manipulated to drive them higher artificailly.
This will help burst the oil bubble and make the speculators a bit less bold. No doubt this decline will be assisted by Obama insiders such as Goldman Sachs shorting the market and who will make a killing.
I'm naive, but I still have hopes that, someday, the Dem Party will grow up and produce at least one adult!
I think that anything that pisses off OPEC is good. This should indicate how a little extra oil goes a long way, Drill baby drill.
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