BHO Releases A Day And A Half's Worth Of Strategic Oil Reserves

[crusader rabbit]

It seems like he never misses an opportunity to show that he just does not get it.

But, but, but...  He's the smartest man in the world AND a consummate professional, too.  He would NEVER do anything to harm 'merica.

What a tool.

I weep for my country.

[tombogan03884]

As boneheaded as this move is, I will defend it to this limited degree. There is no way to sell oil domestically. Its a global market as its a fungible product like all commodities, and its price is largely set by futures trading. There is no practical way to say "this is for America only" without the market correcting. This makes it an even more boneheaded move.
FQ13

It seems like he never misses an opportunity to show that he just does not get it.

BO is the first president to  release oil from the Strategic Reserve onto the INTERNATIONAL as opposed to domestic , market.
In case you didn't figure it out the last time you fueled your truck, we WANT a correction.

[fightingquaker13]

Tom, what I'm saying is that there is no difference. Look, lets say the US buys 100 barrels a day and the world buys a thousand. If you release an extra ten barrels onto either the domestic or global market the result on price is the same. There is no domestic market its all global. The price on given day is projected  supply vs projected demand (its a lot more complicated than than that I know, but simple works for this situation). Bottom line, you throw an additional barrel of oil on the market anywhere and it will effect, or fail to effect, prices everywhere.
FQ13

[Timothy]

Obonehead released 30 million and the international reserve released the same.  That amount will last approximately 16 hours on the global market.  This doesn't mean anything other than a sound bite, just like withdrawing the surge troops from Afghanistan. 

It's all political at this point.

[fightingquaker13]

Obonehead released 30 million and the international reserve released the same.  That amount will last approximately 16 hours on the global market.  This doesn't mean anything other than a sound bite, just like withdrawing the surge troops from Afghanistan. 

It's all political at this point.

Indeed, it might save $.10 a gallon for two days, simply due to speculation on the future's market. In reality, its pure BS.
FQ13

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