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Plan to sell 60M barrels drops price for crude

Published: Thursday, June 23 2011 11:57 p.m. MDT

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raybies
Layton, UT

You can bet with the election coming, that Obama's hoping against hope that it will make a huge difference.

Sore loser
tampa, fl

Oil futures gamers own 2.5x the amount of the SPR in paper barrels. Oil has three headwinds, CFTC and global position limit and margin requirement regs, a downward economy, and the threat of the Saudis dumping oil on the market.

mkSdd3
Ogden, UT

I didn't understand why Obama was doing this but I think this article makes a few points. He wanted to send a message to OPEC to produce more oil. He wanted to get oil prices down. And he wanted to let the public know that he was engaged in the problem of high price of oil.

The limited amount of oil that he can dump will not have a significant affect on oil price, so he missed on that one. It will not be able to send a message to OPEC for the same reason above, we do not have enough oil to send a message. The only message that is received is that America is powerless to do anything about it.

He was a little more successful in letting his constituents know that he was trying to do something. But once again it is so little that it doesn't really matter.

If he wanted to be a little more successful on all accounts, he would open up new lands for drilling, creating more supply. However that would make his environmentalist friends mad so that wont happen.

J-TX
Allen, TX

Everything the O administration does from 3 months ago to the election will be about building his image for re-election. Why did we finally take out Saddam, when we likely knew where he was for months? Why send wife and daughter to Africa on a goodwill tour, where she has much better popularity numbers than he does? Why announce accelerated troop withdrawals? Why allow a puny part of the strategic reserve to be released in a non-emergency situation? It's all about getting re-elected. If you filter all the actions coming out of the White House in the next year through those glasses, it is easy to see.

But how is this different than any other sitting President in history? It isn't. Sad that we lose so much governing time in this country just trying to stay in power. President, Congress, State Legislature, Governor, doesn't matter. Term limits, anyone?

J-TX
Allen, TX

Correction. I wrote Saddam, meant O.B.L. But y'all knew that.

phillyfanatic
LONG BEACH, CA

The last time this happened, gas went down, 1 cent. Yikes. And this gives the US two days of use. Yikes again. This socialist regime has to be defeated. We need a drilling energy policy as soon as Pubs can win Congress and the WH. There is no other way to be away from the Chavez-Chicom,-OPEC blackmailers.

jenrmc
Fort Worth, TX

I have a question I have yet seen addressed in any news article on this topic. How does the Administration expect to replace this oil. These are reserves therefore they are meant to be replaced once they are no longer needed. The fact that America consumes more oil than they produce leads me to believe that we will be replacing these reserves with foreign oil in one way or another. If this is the case then what have we really accomplished? I wish I could find a decent answer to this question.

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