Obama Releases g 30 million barrels of crude oil from the Strategic Petroleum Reserve

[Bad_Daddy 2,209]

http://www.alaskapublic.org/2011/06/23/obama-releases-oil-due-to-supply-disruptions/

Thursday morning, the Obama Administration announced it was releasing 30 million barrels of crude oil from the Strategic Petroleum Reserve, and the price of crude on the futures market went down $5 a barrel. August benchmark crude was at $90.23 a barrel by 6:30 a.m. Alaska time, after bottoming out lower than that.

The President said he was releasing the oil because of supply disruptions in the Middle East.

[spookyturtle 9,465]

30 million barrels won't last us 2 days. Why did the price drop so much?

[Gary and Alla 3,694]

Hmmmm. Sounds like something Bush did. More oil = lower prices. Who'da thunk it? Sounds like a market based solution. Even supply side economics! Horror!

If he would announce that we will expand oil drilling in the Gulf and ANWR he would kick the legs out of the oil price (whether we actually did it or not)

[spookyturtle 9,465]

Hmmmm. Sounds like something Bush did. More oil = lower prices. Who'da thunk it? Sounds like a market based solution. Even supply side economics! Horror!

If he would announce that we will expand oil drilling in the Gulf and ANWR he would kick the legs out of the oil price (whether we actually did it or not)

That's what he should do, but I'll bet he sucks at Texas Holdem and can't keep a poker face when he's bluffing.

[Gary and Alla 3,694]

30 million barrels won't last us 2 days. Why did the price drop so much?

Because the price is BS and driven there by speculators. Run off a few of them and "Voila!" the price drops. If Obama SAIDS tomorrow "We are gonna drill the Gulf and Anwar for every drop we can get!" The price would drop to $50 the next day.

Edited June 24, 2011 by Gary and Alla

[Mr. Big Dog 10,747]

Sounds like a market based solution. Even supply side economics! Horror!

Of course, the high oil prices had nothing to do with supply and demand. There is no shortage of supply nor has there been a shortage that one would have to combat. Even the oil executives admitted that the laws of supply and demand would dictate oil prices more in the $60.00 range. Everything above that is all speculation - that's what drove the price to where it is. And the Obama administration in concert with other OECD countries just stuck a needle into the oil bubble. They took a pizz on the casino. Hope the commodity gamblers loose really big.

[spookyturtle 9,465]

Of course, the high oil prices had nothing to do with supply and demand. There is no shortage of supply nor has there been a shortage that one would have to combat. Even the oil executives admitted that the laws of supply and demand would dictate oil prices more in the $60.00 range. Everything above that is all speculation - that's what drove the price to where it is. And the Obama administration in concert with other OECD countries just stuck a needle into the oil bubble. They took a pizz on the casino. Hope the commodity gamblers loose really big.

It would serve them right to lose. Damn leeches.

[Zero Sum 305]

30 million barrels won't last us 2 days. Why did the price drop so much?

That's the market right there for you. Yet some lunatics think that it can regulate itself. Yeah,

[Mr. Big Dog 10,747]

That's the market right there for you. Yet some lunatics think that it can regulate itself. Yeah,