Oil to be released from Reserves

[Cincinnatus]

You must be logged in to read this quote.

CNN Article


Does anyone expect this to do anything besides an initial (temporary) drop?  Saudi's are counter-balancing lost supply, so what will this achieve other than a short-term price drop? 

[opebo]

Does anyone expect this to do anything besides an initial (temporary) drop?  Saudi's are counter-balancing lost supply, so what will this achieve other than a short-term price drop?  

That's what it is supposed to do.

[Ban my account ffs!]

I'm just happy that they finally get it.  It's the oil prices, stupid!

Lower oil prices and the economy will grow.  Now if we can somehow translate that growth into middle class prosperity instead of just for the top 1%...

[they don't love you like i love you]

Yep. Good move.

[True Federalist (진정한 연방 주의자)]

Yep. Good move.

Bad move.  It isn't going to do much economically, and it will look like a desperate effort to be seen as doing something, largely because that is exactly what it is.  I haven't seen anything this boneheaded politically in Presidential politics since McCain suspended his campaign briefly to do absolutely nothing about the CDO crisis.

[exopolitician]

There isn't much anyone can do in the short term besides this, so I don't see whats so hard to understand.

[opebo]

Yep. Good move.

Bad move.  It isn't going to do much economically, and it will look like a desperate effort to be seen as doing something, largely because that is exactly what it is.  I haven't seen anything this boneheaded politically in Presidential politics since McCain suspended his campaign briefly to do absolutely nothing about the CDO crisis.

One wonderful side affect of doing this occasionally and unpredictably is to punish the oil traders.  I'd like to see this done in all 'financial' markets - punish the traders.  Also high capital gains rates of 70% or so would put them in their place.

[Lulz]

You must be logged in to read this quote.

Does anyone expect this to do anything besides an initial (temporary) drop?  Saudi's are counter-balancing lost supply, so what will this achieve other than a short-term price drop? 

It'll screw speculators.

Anyway it will have a million times more of an impact than that absurd "Drill baby drill" nonsense we were subjected to last election cycle.  I'm so happy be aren't being barraged by that garbage again this year.

Well I guess we are getting the "we have a spending problem not a revenue problem" bologna this time around.  At least that statement is half right.  We have a spending problem AND a revenue problem.

[True Federalist (진정한 연방 주의자)]

Spot oil prices are already back to where they were before this release, proving that this was a 60 million barrel PR stunt for desperate politicians around the world.  A release shortly after the Libyan Civil War started might have made some sense. But this was political pandering of the worst type since it won't even have any effects politically.

[🐒Gods of Prosperity🔱🐲💸]

That's odd. Around here gas prices peaked more than a month ago.

[t_host1]

 Any bets that the WH position will be that crude oil prices would of been 30 - 40% higher if they had not used their economic foresight in advance?... pointing out they saved us by only having to endure a slight increase since the release. Selling in the $91.00 range and now having to buy at $96.00 range... this continuing brillants should make it tuff on the US House during their debt ceiling conclusion this weekend.