Strategic Petroleum Reserve!

[jarhead1976]

When the reserves were released it was as if President Barack Obama, a man I deeply admire, was in direct attack mode on speculators. It makses no sense to release such oil when prices were coming down. He is pissed at wall street because they punched his ticket on election day and now they have bailed out on his re-election. The games WE pay for.

[The Virginian]

I don't like the guy myself, but he isn't a whacked out nutcase. Just another part of the real life spectrum.

Yeah, I guess if I had copied something from one of you guys UFO or D&G sites it would have been more acceptable to you?

Give me a break!

[jarhead1976]

FRANK, Is your karma number a reflection of your faith?

[usaone]

Jun 24, 2011 15:14:21 GMT -5 @franktheimpaler said:

Why do you guys even bother to answer their questions?..you already know its going to be brain damage

Boredom. ;D

[Deleted]

Reserves released, oil futures drop, OPEC nations stop bickering like they have been for the last year or so. Production cut in the works? That 60 million bbl isn't even a days supply for the worlds oil habit. Who's kidding who?

[rovo]

That 60 million bbl isn't even a days supply for the worlds oil habit.

I don't know if the above statement is a fact or not but I'll assume it is. Any imbalance in the oil markets can cause wide price excursions, well in excess of the percent of supply dumped on the market. When Libya shut down oil production the price rose well in excess of the 1.5% they supplied.

This may have been a political move by the administration but it seems OK to me to do so. The consumer is being drained by high petroleum prices and anything we can do to lower the price will help the economy improve.

A preferred solution would be a sensible energy policy but I don't see this administration doing any such thing. Next best thing, try to force oil prices down by drawing some out of the SPR.

Just my opinion.

[bubblyandblue]

Lets draw down the SPR but let the speculators remain behind the curtain. ENRON anyone

[frankq]

I agree rovo. Maybe the draw downs will give the speculators something to think about.

[Deleted]

Although the US plans to release 30 million bbl of sweet crude from Gulf Coast government storage, commercial Gulf Coast storage is already near record-high levels with only about 17 million bbl of crude oil storage space left, Once the release begins and if successful, commercial Gulf Coast storage quickly will be filled. And there is not much storage space to which to pipe crude in the Petroleum Administration for Defense District (PADD) 2, which includes the key exchange point of Cushing, Okla.

The administration said it would review the situation in 30 days and is ready to do more, If it succeeds in filling the US Gulf Coast stocks to full capacity, then it can follow later with a smaller program to keep those stocks at record levels. While waiting for SPR sales to begin in August, it will “be difficult” for traders to buy oil based on any weekly report of draws of crude from commercial storage as we now know that any stock draw will be followed by SPR supplies.

[texasredneck]

maui1 Your comments about selling oil to raise cash, may be 100% on target.

[Deleted]

Energy prices dropped after the Obama administration and a coalition of 27 other members under the International Energy Agency agreed to release 60 million bbl of crude from their strategic reserves within a 30-day period.


In New York, West Texas Intermediate crude dropped more than $4/bbl, while North Sea Brent crude fell almost $7/bbl in London on June 23. IEA will coordinate the release at a rate of 2 million b/d, with 30 million bbl to come from the US Strategic Petroleum Reserve.


The crude will be offered to refiners in “a straight sale” rather than in exchange for later barrels. This would provide a cash injection to those governments participating in the release of emergency oil supplies

[usaone]

The amount of money the government will make on the sale of the oil is the equivalent of us finding a couple pennies in the seat cushions of our couch.

They did it to crush the speculators. Good job.

Silver specs. Crushed

Oil specs. Crushed

Who's next?

[Aman A.K.A. Ahamburger]

I agree that right now selling a few reserves won't make a difference, however, like I have been saying usawon, keystone XL, triples the oil that needs to be refined, that oil has to go somewhere. Biofuel, natgas, new HE wind turbines, and other renewable energy that work for US. $100+ barrel oil for the developing nations of the world.

[tyfighter3]

The Government has to maintain their reserves. Sometime in the future they will be a BUYER.

[tyfighter3]

You talk about a Hedge Fund. LOL

[Aman A.K.A. Ahamburger]

Lets not forget gentlemen that three years ago, there were no real natural resources in the US. Thanks to new tech, all of a sudden, the US is now a natural resource rich nation.

Bruce's mom apparently said 30 yrs ago that we should let foreign lands drain their resources before we tap ours. I have seen studies from 30 years ago that show we knew these resources weer under us the whole time. I find that very interesting.

[maui1]

SPR drawdowns[edit] Petroleum sales1985 - Test sale - 1.1 million barrels (175,000 m³)
1990/91 - Desert Storm sale - 21 million barrels (3.3 million m³)
4 million in August 1990 test sale
17 million in January 1991 Presidentially-ordered drawdown
1996-97 total non-emergency sales for deficit reduction - 28 million barrels (4.5 million m³) 2005 - Hurricane Katrina sale - 11 million barrels (1.7 million m³) Katrina shut down 95% of crude production and 88% of natural gas output in the Gulf of Mexico. This amounted to a quarter of total U.S. output. About 735 oil and natural gas rigs and platforms had been evacuated due to the hurricane.
2011 - Arab Spring sale - 30 million barrels (4.63 million m³) to offset disruptions caused by political upheaval in Libya and elsewhere in the Middle East. The amount was matched by IEA countries, for a total of 60 million barrels released from stockpiles around the world.[15

[decoy409]

maui1,nice work,

[maui1]

there is also concern over the integrity of the salt caverns, with the amount of draw-down usage over time.

worldwidescience.org/topicpages/c/cavernous+fibrosis+model.html

[maui1]

talk this morning is that the gov't is talking of doing this again, if oil does not stay around 90.

what does this mean?

2 things........

our gov't needs........1)- the economy to be stimulated and 2)- they need cash.

-keeping oil prices lower, keeps gas prices at the pump lower, and the gov't HOPES the public will spend that extra (?) money.

-it also gives the gov't cash flow, which is needed since we are spending money that is already above the spending cap.

[decoy409]

Nothing like adjusting the pump price while the grocery store tab,water,and utilities rise.
A savings at the pump? Not really. Just a distractor to some thinking so.

[maui1]

pump prices are the key for the gov't

it is published in big letters at every gas station across the country..........if you were desperate to get the word out that 'you were doing something to help', what better way than to lower gas prices and have it broadcast across the country daily.........even the tv and the newspapers publish gas prices daily.

[maui1]

the U.S. has more than $1 billion in coins stashed away in a vault because elected officials badly misread consumers’ willingness to use $1 coins instead of dollar bills.

There was little interest in making the switch, so the government now has an enormous stockpile of coins it has to guard. And the mountain is growing because a congressional mandate requires the mint to keep making more.

From the story …

Unused dollar coins have been quietly piling up in Federal Reserve vaults in breathtaking numbers, thanks to a government program that has required their production since 2007.

And even though the neglected mountain of money recently grew past the $1 billion mark, the U.S. Mint will keep making more and more of the coins under a congressional mandate.

The pile of idle coins, which so far cost $300 million to manufacture, could double by the time the program ends in 2016, the Federal Reserve told Congress last year.


here is another bright idea brought to you buy the usa gov't, a proud sponsor of democratic nation building.

[bimetalaupt]

Jun 28, 2011 13:26:51 GMT -5 @maui1 said:

pump prices are the key for the gov't

it is published in big letters at every gas station across the country..........if you were desperate to get the word out that 'you were doing something to help', what better way than to lower gas prices and have it broadcast across the country daily.........even the tv and the newspapers publish gas prices daily.

[usaone]

Jun 28, 2011 14:24:56 GMT -5 @maui1 said:

the U.S. has more than $1 billion in coins stashed away in a vault because elected officials badly misread consumers’ willingness to use $1 coins instead of dollar bills.

There was little interest in making the switch, so the government now has an enormous stockpile of coins it has to guard. And the mountain is growing because a congressional mandate requires the mint to keep making more.

From the story …

Unused dollar coins have been quietly piling up in Federal Reserve vaults in breathtaking numbers, thanks to a government program that has required their production since 2007.

And even though the neglected mountain of money recently grew past the $1 billion mark, the U.S. Mint will keep making more and more of the coins under a congressional mandate.

The pile of idle coins, which so far cost $300 million to manufacture, could double by the time the program ends in 2016, the Federal Reserve told Congress last year.


here is another bright idea brought to you buy the usa gov't, a proud sponsor of democratic nation building.

The government is no different than any company or individual in the US.

Follow any company or individual around for a few years and see how many mistakes they make.

The government doing more things right than wrong is one of the reasons we are the worlds only superpower.

[usaone]

Jun 28, 2011 11:21:15 GMT -5 decoy409 said:

Nothing like adjusting the pump price while the grocery store tab,water,and utilities rise.
A savings at the pump? Not really. Just a distractor to some thinking so.

Food and clothing prices will also be falling.

Have you seen cotton prices lately.

The Fed was correct on inflation.

[decoy409]

'Nothing like adjusting the pump price while the grocery store tab,water,and utilities rise.'

Hello?

'Food and clothing prices will also be falling.

Have you seen cotton prices lately.

The Fed was correct on inflation. '

I am sorry that you are missing the BIG picture.

Ron Paul on The Fed and inflation CNBC 6/22/2011

[decoy409]

And once again old fti with nothing but nonsense to add. Good job sport!

''Nothing like adjusting the pump price while the grocery store tab,water,and utilities rise.'

Hello?

'Food and clothing prices will also be falling.

Have you seen cotton prices lately.

The Fed was correct on inflation. '

I am sorry that you are missing the BIG picture.

Ron Paul on The Fed and inflation CNBC 6/22/2011

'

[maui1]

oil prices are back to the same price that they were last week, before the spr release. at this rate we will need 60 mil a week to keep us at 94 bucks...........

lets talk 'speculators'.........isn't everyone that buys stock a 'specutlaor'. i don't know of anyone, other than those betting on put options, that have their money or put their money, in the stock market thinking that the market is going to go down,

[maui1]

and buy the way............do 'speculators' have the largest balls in the world?

knowing the major world gov'ts are working against them, they still are making the price of oil go up?

has anyone tried swimming against the tide.........it is almost imposable, but it seems 'speculators' do it daily....................or is this 'speculator' bull, just that, BULL!