“Today, for the third time in the history of the International Energy Agency, our member countries have decided to release stocks.” Mr. Tanaka (Executive Director, IEA) said. “I expect this action will contribute to well-supplied markets and to ensuring a soft landing for the world economy.”
AirlinePilot wrote:The reasons are apparent, but dont make sense other than short term political expediency. Thats a bullsh1t reason for tapping the SPR, here or anywhere.
What happened to everybody being "well supplied"
Hughj wrote:The beauty of being an incumbent president. Release the SPR into a falling oil market
and the voters think you are really doing something.
peripato wrote:Of course the question remains, where is all that Saudi spare capacity, that the IEA has to step into the breach?
I guess desperate times call for desperate measures. The global elite must be quacking in their boots...
evilgenius wrote:Sounds like a bridge to an extra ten or fifteen cents a gallon off at the pump to me. You righties can call that a bribe if you want to. I call it putting stimulus into the economy in a much more direct fashion than the crippled banking system can at the present time.
seahorse3 wrote:This ill conceived attack on Libya caused the world to lose that 2mpd of much needed production, raised oil prices, and now forces the West to tap our oil reserves. The problem is, Libyan crude will be offline for at least a year, so this release of 60mbpd at 2mbpd is only 30 days of oil. What then Sherlock?
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