Global Oil Reserves Tapped in Effort to Cut Cost at Pump

"utter nonsense ! The price of oil is not driven by speculators" / Ragu

 

Truest thing you've ever written....

 

$4 gas is good for the environment. Even if price of oil comes down, I think that the Fed should tax difference to keep price above $4.

 

Capitalism isn't guilty. A broad swath of douchnozzles are. Wish they'd done it in the spring.

 

Some of Obama's people think so, too. They're all full of it. One of the long-term foundations of a healthy North American economy is relatively cheap petrol; witness the Interstate Highway System. I'd love to live in midtown New York or downtown Chicago and not need a car, but not many upper-middles and above can swing it.

 

Many of the liberal elite loved the idea of $4 gas until they actually had to pay it.

Funny how the outcry's for fuel eco

 

From my 2 minutes of research, if the total from reserves to be released is 60 million barrels and the U.S. is providing half, and the U.S. uses about 19 million barrels a day, this sounds like the proverbial drop in the bucket.

 

I love how this Bloomberg story calls the move a "head-scratcher" because we have an "amply supplied market."

http://www.bloomberg.com/news/2011-06-23/-head-scratcher-petroleum-release-to-inflate-u-s-crude-glut.html

Yes, if speculators weren't using Adam Smith's invisible hand to jerk themselves off, prices would have come down a lot more. Supply isn't the point. I'm sure there is an explanation of how QE2 and pressure on the dollar contributed to the prices staying higher than it should. But whatever the reason, there's no doubt that high oil prices are choking any recovery. Things were going in the right direction until gas prices started shooting up in the spring, for no apparent reason.

 

It is a short-term solution. But again, it's not about supply. It's about surprising speculators running up the price.

 

In June some oil speculators were arrested for manipulation. Perhaps it was the flash point to Obama waking up on this.

http://www.cdtoa.org/news/1043-june-2011/1550-speculators-charged-with-manipulating-oil-market

 

Don't forget Omar Vizquels...if you throw hand grenades anywhere near them they will scoop it up and throw it back. Great hands.

 

Giggle.