Obama Releases 30MM Barrels from the SPR --- OIL Nosedives (gallon, gasoline)

[Pequaman]

Oil down over 5% to $90/bbl. Obama pulling out all the stops...releasing 30 Million barrels and pulling 30k troops.

Speculators crushed.

Effectively a major tax cut.
http://finance.yahoo.com/news/Wall-Street-drops-at-open-on-rb-3592006168.html;_ylt=Aml0t2ny9ebrzj4GTefXpKa7YWsA; _ylu=X3oDMTE1amdvZ2FuBHBvcwMzBHNlYwN0b3BTdG9yaWVzB HNsawNkb3dmYWxsczIwMG8-?x=0&sec=topStories&pos=main&asset=&ccode= (broken link)

[SourD]

There goes the myth that if we used our own supply it wouldn't lower prices.

[kevinm]

Originally Posted by Pequaman

Oil down over 5% to $90/bbl. Obama pulling out all the stops...releasing 30 Million barrels and pulling 30k troops.

Speculators crushed.

Effectively a major tax cut.

How is this a tax cut? WE paid for that oil already. Those reserves have to be replenished.

[Pequaman]

Originally Posted by SourD

There goes the myth that if we used our own supply it wouldn't lower prices.

True ... down to $89 now, it's in free-fall. Brent Crude down over 6%. Gas should be back at around $3/gallon in no time.

[pghquest]

I wonder what one of Obamas buddies shorted oil and is making a killing today..

[Pequaman]

Originally Posted by kevinm

How is this a tax cut? WE paid for that oil already. Those reserves have to be replenished.

We paid much lower than $90/bbl. Avg price of the SPR is below $50/b. It's a tax cut because every penny that gasoline drops is $1Billion extra in US consumers' pockets.

[pghquest]

Originally Posted by Pequaman

True ... down to $89 now, it's in free-fall. Brent Crude down over 6%. Gas should be back at around $3/gallon in no time.

Just in time for his re-election campaign.. I'm sure its all a coincidence..

[pghquest]

Originally Posted by Pequaman

We paid much lower than $90/bbl. Avg price of the SPR is below $50/b. It's a tax cut because every penny that gasoline drops is $1Billion extra in US consumers' pockets.

Thats not a tax cut, especially since the oil has to be repurchased to refill up the reserves..

In addition, the market is down 185 points at the moment.. There goes those billions saved.

All this did was prove that when you pump in supply, prices of oil drops, which is what liberals have been saying for years is false.

[SourD]

Originally Posted by pghquest

Just in time for his re-election campaign.. I'm sure its all a coincidence..

It is definitely a calculated move. Everything he does is.

[Bostonian123]

WTH! Why are we releasing oil from the SPR when there are no supply disruptions??