Obama and his minions are a pathetic joke. The U.S. consumes 18.5 million barrels of oil per day. He really thinks he is going to destroy Russia and put Putin in his place by releasing six and a half hours worth of oil onto the market? Oil was trading at $99 per barrel prior to this brilliant move by the Savior. It is now trading at $98 per barrel. I’m sure Putin is quivering with fear as he has more than twice the oil reserves of the U.S. If Putin wants to show Obama how it’s done, he could announce mobilization of his armed forces and the price will hit $105 in an instant. Watching an empire in decline is fascinating. It’s like slowing down to watch a gory traffic accident.
Take That Putin: US To Release 5 Million Barrels From Strategic Petroleum Reserve In “Test”
Submitted by Tyler Durden on 03/12/2014 10:26 -0400
WTI crude prices are faling rapidly as Reuters reports that the US is set to ‘unleash’ its Strategic Petroelum Reserves in a “test-sale”…
- *U.S. TO RELEASE CRUDE FROM STRATEGIC PETROLEUM RESERVE: REUTERS
Of course, this is a direct aim at Putin’s pocket-book as his stumbling economy needs high prices to sustain itself. However, the 5 million barrell release is less than a third of the US daily consumption rate (though does sound some alarms we are sure).
Via Bloomberg,
U.S. to release up to 5 million bbls of crude from Strategic Petroleum Reserve (SPR), Reuters reports, citing govt “source.”
SPR to be test sale, check operational capabilities of system infrastructure; timing unclear
By way of reference, this 5 million barrel release compares to average US consumption of around 18 million barrels per day.
If I am to believe the laws of supply and demand, why did gas just jump 23 cents a gallon from $3.62 this morning to $3.85 at 1:00 pm?
My diesel is still hanging at $4.29
No, there is something more that is happening behind the scenes than a release of unwanted reserves into a nation that is in a five year recession.
Anything that can bring the price of oil down. I’m sure those shale oil dudes are happy.
I just saw diesel at $4.70…..for #2, and I’m not in Nancy’s state of bliss.
I — uh —– drive a Prius and a bicycle (not at the same time)…….
But I will pay the same fucking price as everyone else as groceries and dry goods go up because of manipulation of the oil markets and shipping continuing to rise.
But it won’t cost me much to get from home to wherever the veggies are available..
MA