I’d Gladly Pay You Tuesday for a Tank of Gas Today
Here comes yet more economic stimulus:
The Obama administration has decided to release 30 million barrels of oil from the U.S. Strategic Petroleum Reserve as part of a broader international effort to pump more 60 million barrels onto the world market over the next month.
U.S. Energy Secretary Steven Chu said the release of oil is a response to oil supply disruptions caused by turmoil in the Middle East and North Africa, including Libya.
The administration said the uprising in Libya has resulted in a loss of about 1.5 million barrels of oil a day. The release comes as the United States approaches a period of high energy use in July and August.
High oil prices have increased the cost of gasoline, contributing to an economic slowdown and putting increased political pressure on President Barack Obama.
Remember, oil released from the SPR must eventually be replaced, driving demand higher than it was before. It might be possible to realize a profit — if China’s and India’s economies weaken and/or the dollar regains some strength. Anyone willing to take that end of the bet?
I was waiting for that. Hey, it worked for Clinton, right? Right? … Bueller?
Even better, the amount released is miniscule, prices have stabilized and compensated for Libya, and prices are down here because the economy is bad enough that stores are up a bit because people are not buying as much even with the recent drop and mot likely to nuy much more until the flipping economy is fixed. The Petroleum Institute asks “Why Bother?”
So, they admit that the aggression against Libya has disrupted oil supplies and raised prices? So, Obama caused the spike in oil prices with his unilateral, illegal war against Libya? That’s how I am reading their justification for releasing some of the reserve.
Stupid voting has stupid consequences.
The US uses 22 Million barrels per day. So this will take care of America for a day and a half
“The administration said the uprising in Libya has resulted in a loss of about 1.5 million barrels of oil a day.”
Has anyone calculated the cost of this administration’s retarded outlook on domestic exploration and drilling? Our involvement in Libya is stupid but it has little if anything to do with the effed up price of gas.
Obama’s idea of “stimulus” is the same as that of a grasping conniving relative who wants to give his rich old uncle just enough amphetamines to keep him alive long enough to change his will.
My brother is expecting a collapse is China.
I recently joked about emigrating to Australia, he said they are dependant on exports to China and china’s economy is going to take a dump soon.