Oil Slick Stuff

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RealMoneyIssues said:
When are they going to start releasing from the SPR? oh, and it's 60 M barrels total, so maybe that will help with the lower weekly inventories ?!?
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The way I understand it there is 30 M from the other contributing Countries and 30 M for the USA to SELL!
 
RealMoneyIssues said:
When are they going to start releasing from the SPR? oh, and it's 60 M barrels total, so maybe that will help with the lower weekly inventories ?!?
Click to expand...
Will The SPR Oil Release Save Consumers From High Gasoline Prices?
EconMatters|Jun. 28, 2011, 6:20 AM

Members of the International Energy Agency will release an additional 30 million barrels for 60 million barrels over the next 30 days, which is aimed at making up the loss of nearly two million barrels a day of sweet crude oil a day in exports interrupted by the unrest in the Middle East and North Africa. It will have more effect on the Brent crude oil price on the Intercontinental Exchange (ICE) of London, which for the moment has stabilized.
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Read more: http://www.businessinsider.com/will...soline-prices-guest-post-2011-6#ixzz1QgST6M6w
 
I still see no justification for doing this other than POLITICS!:nuts:
Oil rebound weakens effect of supply release
Oil rebounds after Greek vote, mutes impact of government plan to release emergency supplies
Chris Kahn, AP Energy Writer,
On Wednesday June 29, 2011, 1:23 pm

NEW YORK (AP) -- The sway that non-OPEC governments had over oil and gasoline prices petered out in less than a week.
http://finance.yahoo.com/news/Oil-r...13.html?x=0&sec=topStories&pos=7&asset=&ccode=
 
This is what is happening

60 Million Barrels To Be Released From Emergency Stocks To Offset Libya Disruptions, IEA [International Energy Agency] Says

http://www.huffingtonpost.com/2011/06/23/oil-supply-60-million-bar_n_882878.html
Not said here, but found elsewhere - the US is one of the 28 countries releasing emergency stocks.
Yes, I know you are going to say "Huffington Post, Bah!" but I got the same news on some non US websites like Financial Times (that make you pay for access)

OPEC of course can play with the price by squeezing supply - and does anyone trust the Euro or the dollar at the moment?
 
Gas JUMPED .16 overnight to $3.35.....So much for the "it takes about a month to see a change at the pumps therory"
 
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