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Exclusive: U.S., Britain set to agree on emergency oil stocks release

danarhea

danarhea

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(Reuters) - Britain is poised to cooperate with the United States on a release of strategic oil stocks that is expected within months, two British sources said, in a bid to prevent fuel prices choking economic growth in a U.S. election year.
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The last time Obama ordered oil to be released from our strategic oil reserves, it had a notable effect on gas prices. They were lowered by an average of THREE CENTS A GALLON.

IMHO, this is not a smart move by Obama. Yes, he is under pressure, perhaps unfairly, over the price of gasoline, but I believe that he is screwing the pooch here, because not only will this have a minimal effect on gas prices, but will deplete the strategic oil reserve which, in a time of crisis, will have an adverse effect on our national security.

Discussion?

Article is here.
 
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Stuff like this is stupid, gas prices go up and down, go to starbucks and get your $30/gallon latte and stfu.
 
Knee-jerk "I've got to look like I'm doing something" reaction.
 
Dumb move. Everyone should know by now that we do not have a supply/demand problem when it comes to oil.
 
muciti said:
Oh really? Please explain. Although I just had this discussion on the green thread yesterday. You could save us both some time and go read that. Or we can repeat it all again over here. Your choice.

Here is the link to it

http://www.debatepolitics.com/break...arack-obama-pushes-1bn-green-tax-credits.html
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The price per barrel is up, which directly translates into higher gas prices, because they are assuming that there will be less oil in the future. Its not based on current need. There is also a, albiet smaller, portion of the cost due to east coast refinery shutdowns that occurred due to demand decreases. They've increased the cost of refined fuel a little since it costs more to spin these facilities back up.
 
danarhea said:
The last time Obama ordered oil to be released from our strategic oil reserves, it had a notable effect on gas prices. They were lowered by an average of THREE CENTS A GALLON.

IMHO, this is not a smart move by Obama. Yes, he is under pressure, perhaps unfairly, over the price of gasoline, but I believe that he is screwing the pooch here, because not only will this have a minimal effect on gas prices, but will deplete the strategic oil reserve which, in a time of crisis, will have an adverse effect on our national security.

Discussion?

Article is here.
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I agree with you. It's a dick move to help his presidential campaign, nothing more. It sure won't help at the pumps, but even if gas drops a penny a gallon, he'll be able to say, "My administration took steps to lower the price of gasoline, and were successful!"

Bah. I hate politicians.
 
muciti said:
Probably gonna catch hell for saying one, but I think Obama/congress needs to tax oil/gas a bit more.
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You're absolutely correct... You're going to catch hell for saying that.
 
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