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In June 2011, the President authorized the release of 30 million barrels of oil from the Strategic Petroleum Reserves. He was castigated for the move back then as being not all that necessary. At the time, oil was averaging around $100 per barrel
Quote:
Critics blasted the release of 30 million barrels of oil -- half of a global injection coordinated by the International Energy Agency -- as an ill-timed misuse of reserves at a time when U.S. supplies are relatively high, despite the loss of Libya's exports for the past three months.
Some OPEC officials went further, calling it a political ploy that ignored Saudi Arabia's promise to step up production and the fact that oil prices had already fallen sharply.
But the move fueled questions about the timing and catalyst for releasing the stocks, which in the past have been reserved to address abrupt disruptions like natural disasters.
Now with increased tensions in the Middle East and the growing fear of supply disruptions caused by Iran and ther major players, oil prices are at a 9 month high.
Quote:
Tensions with Iran are adding at least 30 cents to a gallon of gasoline in the United States, and experts say gas prices have only just begun to rise.
Gasoline prices have surged over 10% in the last two months, largely tracking the runup in oil prices, which have increased by a similar amount and are now at a 9-month high.
Several factors have caused oil prices to rise, including the sense that the economy is improving and supply disruptions in a handful of minor oil producing nations.
But the biggest factor by far, say analysts, is fear that tensions with Iran will lead to an all-out war that causes a disruption in oil supplies.
So the question begs: Was it a good idea to flood the market when there was no real oil-price crisis? Should Obama have waited until there was a "real" crisis in oil markets to tap our oil reserves?
In June 2011, the President authorized the release of 30 million barrels of oil from the Strategic Petroleum Reserves. He was castigated for the move back then as being not all that necessary. At the time, oil was averaging around $100 per barrel
Now with increased tensions in the Middle East and the growing fear of supply disruptions caused by Iran and ther major players, oil prices are at a 9 month high.
So the question begs: Was it a good idea to flood the market when there was no real oil-price crisis? Should Obama have waited until there was a "real" crisis in oil markets to tap the our oil reserves?
I was suprised when he did it last year. Don't most presidents use it in election year? thought it was odd at the time
I was suprised when he did it last year. Don't most presidents use it in election year? thought it was odd at the time
You're not alone in your thinking. Domestically and internationally people were scratching their heads over the release. With the benefit of hindsight 20/20, it appears an ill-timed move in my opinion.
But, the difference here is that we don't pay our government to operate in Hindsight 20/20. I expect our leaders and our paid analysts to do a better job of judging geopolitical affairs from a non-partisan perspective.
If BO did this for political reasons, he should have to answer for it. Especially if we find ourselves in need of yet another release (which drives up demand and possibly oil prices in order to replace what we released).
In June 2011, the President authorized the release of 30 million barrels of oil from the Strategic Petroleum Reserves. He was castigated for the move back then as being not all that necessary. At the time, oil was averaging around $100 per barrel
Now with increased tensions in the Middle East and the growing fear of supply disruptions caused by Iran and ther major players, oil prices are at a 9 month high.
So the question begs: Was it a good idea to flood the market when there was no real oil-price crisis? Should Obama have waited until there was a "real" crisis in oil markets to tap our oil reserves?
"flood the market"? Wow! Kind of a confusing issue, huh?
Obama does something in first year... he is in campaign mode.
Obama does something in second year... he is in campaign mode.
Obama does something in third year... he is in campaign mode.
Obama does something in fourth year... he is a slimy politician looking at election year.
Well, that pretty much describes the state of the "conservative mind".
Obama does something in first year... he is in campaign mode.
Obama does something in second year... he is in campaign mode.
Obama does something in third year... he is in campaign mode.
Obama does something in fourth year... he is a slimy politician looking at election year.
Well, that pretty much describes the state of the "conservative mind".
Care to comment on the release of oil from the SPR when in fact it might not have been necessary? Care to comment on the possibility that a real oil crisis might erupt in the coming weeks whereas a logical need for a release might actually be needed? Care to opine whether you think the President engaged in an ill-timed release or not?
The american people were in pain from the gas prices and Obama was taking quite a bit of flak from it as all presidents do when the prices go up. Obama promised the american people and told big oil if they do not lower the cost of gas, he will release the reserves. Big oil thought he was full of it and just bluffing, but Obama kept his word and released the reserves causing the cost of crude to plunge. Big oil went into a frenzy shutting off their spigots to counter so they could keep the prices just where they like them, sky high.
This really allows Obama to wipe his hands clean of the issue and prove to the american people that the federal government, not even the president can control the cost of gas. Big oil and the high gas prices are a perfect example of those GOP "free markets!" "less regulation!" in action.
The american people were in pain from the gas prices and Obama was taking quite a bit of flak from it as all presidents do when the prices go up. Obama promised the american people and told big oil if they do not lower the cost of gas, he will release the reserves. Big oil thought he was full of it and just bluffing, but Obama kept his word and released the reserves causing the cost of crude to plunge. Big oil went into a frenzy shutting off their spigots to counter so they could keep the prices just where they like them, sky high.
This really allows Obama to wipe his hands clean of the issue and prove to the american people that the federal government, not even the president can control the cost of gas. Big oil and the high gas prices are a perfect example of those GOP "free markets!" "less regulation!" in action.
Can you substantiate any of this?
The articles I provided in the OP....specifically the second article discussing Iran and current oil/gas prices....doesn't seem to be singing the same tune that you are.
Care to comment on the release of oil from the SPR when in fact it might not have been necessary? Care to comment on the possibility that a real oil crisis might erupt in the coming weeks whereas a logical need for a release might actually be needed? Care to opine whether you think the President engaged in an ill-timed release or not?
Which one? When he is in campaign mode, or one during election year? You got to make that clear in every post of yours, where you expect a response.
And what do you tell the collective who whines and complains about lack of oil supply due to Obama's policies and causing this hike in price? That they are idiots?
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