Skip to comments.The Strategic Petroleum Reserve Release Has Now Been Fully Priced In As Crude, Gasoline Surge
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 ...
This WH's track record of economic success is truly astounding.
knew this was coming
worked about as well as the “stimulus” (and for largely the same reasons)
Just like the Feds can print more money, Obama can continue to release the reserve.
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.
If 60 million did not work, obviously we need to release 120 million in to the supply!
That was, uh, unexpected.
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.
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.
>>> 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’.
Gee, and I though Zero’s plan would work! /s/
Next November can’t come soon enough!
spending millions for a job that nominally “pays” 140 grand
So was the Obama administration just trying to generate revenue for the federal government?
Obozo gets smacked upside the head by the invisible hand.
“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)
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.
You can’t print more oil.
Once again, Obama has told the private sector that there is no climate of stability or predictability. Now go hire!
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.
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.
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.
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.
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.
$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 halfs 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.
Follow any profits made from this deal directly to the zer0s 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...
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?