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Author	Topic: Report says U.S. and U.K. agree to release oil from Strategic Petroleum Reserve (SPR)	Post a Reply Back to Topics

PD Moderator	Message Posted: Mar 15, 2012 12:31:15 PM Ignore PD Report Abuse The timing is baffling but Reuters, Bloomberg News and Fox Business News are reporting today that the U.S. and U.K have reached an agreement to release oil from strategic reserves. Immediately, crude oil for April delivery dropped $1.03, or 1 percent, to $104.40 a barrel at 11:44 a.m. on the New York Mercantile Exchange and Brent crude for April fell $1.97, or 1.6 percent, to $123 per barrel. The White House is now saying that the report is inaccurate. CNBC is reporting that discussions have taken place but no agreement has been reached. President Obama is said to have raised the issue during a broad bilateral meeting at the White House on Wednesday, according to a UK official with knowledge of the... Visit GasBuddy Blog for full article

Moderator

Message Posted: Mar 15, 2012 12:31:15 PM

Ignore PD Report Abuse

The timing is baffling but Reuters, Bloomberg News and Fox Business News are reporting today that the U.S. and U.K have reached an agreement to release oil from strategic reserves.

Immediately, crude oil for April delivery dropped $1.03, or 1 percent, to $104.40 a barrel at 11:44 a.m. on the New York Mercantile Exchange and Brent crude for April fell $1.97, or 1.6 percent, to $123 per barrel.

The White House is now saying that the report is inaccurate.

CNBC is reporting that discussions have taken place but no agreement has been reached.

President Obama is said to have raised the issue during a broad bilateral meeting at the White House on Wednesday, according to a UK official with knowledge of the...

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E-Squirrel Champion Author Orange County Posts:3,012 Points:819,060 Joined:Feb 2005	Message Posted: Mar 19, 2012 7:03:39 PM Ignore E-Squirrel Report Abuse Any news of a release is premature. If the administration did decide to actually release the oil, it would be just a week or two before the election. It wouldn't really make any difference in prices. Releases have been tried before, but have no real effect.
KhelbenArunson Champion Author Michigan Posts:4,441 Points:716,890 Joined:Apr 2008	Message Posted: Mar 16, 2012 11:38:50 PM Ignore KhelbenArunson Report Abuse ok?
investmentdr Champion Author Cleveland Posts:4,024 Points:1,454,075 Joined:Sep 2008	Message Posted: Mar 16, 2012 9:26:06 AM Ignore investmentdr Report Abuse bad politics
binhack466 Rookie Author Indianapolis Posts:3 Points:535 Joined:Mar 2012	Message Posted: Mar 16, 2012 8:00:40 AM Ignore binhack466 Report Abuse chalking it up in the book "believe it when i see it"
wild3bill Champion Author New York Posts:2,546 Points:1,686,615 Joined:Nov 2005	Message Posted: Mar 16, 2012 5:11:47 AM Ignore wild3bill Report Abuse I heard they are supposed to wait until just before the November election! Use the Strategic Reserve as an electioneering stunt. Obama will claim he helped fix a problem he CAUSED, with gvernment resources. ... Peachie. Can you say IMMPEACH! [Edited by: wild3bill at 3/16/2012 5:18:31 AM EST]
tomok Champion Author Portland Posts:32,987 Points:2,344,535 Joined:Aug 2006	Message Posted: Mar 16, 2012 3:14:14 AM Ignore tomok Report Abuse If this is true (The White House is now saying that the report is inaccurate), it did not help the last time and it will not help now. The last time, the SPR oil was bought and sold on the world market, there was No relief at the pump. Barry is letting them pump oil from North Dakota to help his reelection and his 'spending gone wild' attitude. Big oil selling fuel and natural gas on the world market for higher prices, there will be NO price reduction for the cost of fuel or natural gas IN the US. Barry will support natural gas and oil production for sale on the world market to pay for his ‘spending gone wild’ addiction. The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! Speculators, manipulators and the banks continue to unfairly and unjustly make the driving public pay higher prices at the pump for their benefit. Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost, if possible. The price of fuel at the pump is too high! 12/22/2012!
UseLessGasFolks Champion Author Iowa Posts:5,441 Points:1,294,875 Joined:Jul 2007	Message Posted: Mar 16, 2012 2:32:45 AM Ignore UseLessGasFolks Report Abuse Hope the speculators are sweating.
VetteBlue Champion Author San Jose Posts:8,023 Points:1,612,720 Joined:Jan 2007	Message Posted: Mar 16, 2012 1:17:49 AM Ignore VetteBlue Report Abuse No effect. [Edited by: VetteBlue at 3/16/2012 1:18:25 AM EST]
indrix All-Star Author Toronto Posts:582 Points:161,790 Joined:Sep 2011	Message Posted: Mar 16, 2012 1:08:15 AM Ignore indrix Report Abuse Why now? This might be a good thing in itself, though one could argue it's too little too late. I wonder what really prompted the joint intervention this time, if the price of gasoline has ever been rising. E.g. in Toronto regular gasoline has increased by almost one third to presently $1.30/L in three years.
EVBuddy Champion Author Nevada Posts:16,685 Points:3,030,620 Joined:Sep 2004	Message Posted: Mar 16, 2012 1:07:40 AM Ignore EVBuddy Report Abuse oil ended down 32 cents for the day to 105.11
jkpsr Champion Author New Jersey Posts:4,074 Points:1,100,930 Joined:Jun 2005	Message Posted: Mar 16, 2012 1:01:07 AM Ignore jkpsr Report Abuse See what effect it has on the market. It should greatly depress world oil prices.
Buddy2264 Champion Author Tampa Posts:11,649 Points:2,358,995 Joined:Oct 2005	Message Posted: Mar 16, 2012 12:58:37 AM Ignore Buddy2264 Report Abuse Ok - might make a temporary difference but not in the long run and the oil will have to be replaced at a higher cost for the next time or disaster.
billey32 Champion Author Oklahoma Posts:1,359 Points:351,210 Joined:May 2011	Message Posted: Mar 16, 2012 12:52:26 AM Ignore billey32 Report Abuse ok
Gas Thirsty Champion Author Los Angeles Posts:4,876 Points:3,227,675 Joined:Mar 2003	Message Posted: Mar 16, 2012 12:52:24 AM Ignore Gas Thirsty Report Abuse Good. Hope this will lower gas prices.
Blue_Cruzer Champion Author Lexington Posts:7,515 Points:1,668,610 Joined:Mar 2007	Message Posted: Mar 16, 2012 12:12:20 AM Ignore Blue_Cruzer Report Abuse I guess anything is possible.
Ahking Champion Author Orange County Posts:3,502 Points:602,520 Joined:May 2011	Message Posted: Mar 16, 2012 12:05:56 AM Ignore Ahking Report Abuse everything is on the table I guess.
kgbellman Champion Author Ann Arbor Posts:2,704 Points:730,735 Joined:Mar 2011	Message Posted: Mar 16, 2012 12:05:36 AM Ignore kgbellman Report Abuse Like that's going to help
GreenLegend Champion Author Raleigh Posts:1,640 Points:398,385 Joined:Jan 2009	Message Posted: Mar 16, 2012 12:03:33 AM Ignore GreenLegend Report Abuse Release the oil to our magnificent military to blow these dictators off the face of the earth. The world deserves peace, not terrorism.
tippybuddy Champion Author Ontario Posts:1,523 Points:207,740 Joined:Feb 2011	Message Posted: Mar 16, 2012 12:01:27 AM Ignore tippybuddy Report Abuse I wish someone would get it right?
Beaveronparade Champion Author Hartford Posts:2,105 Points:634,300 Joined:Mar 2011	Message Posted: Mar 15, 2012 11:59:18 PM Ignore Beaveronparade Report Abuse I disagree! This is for emergency use only! But who am I?
SparkieMi Champion Author Kalamazoo Posts:3,258 Points:587,450 Joined:Sep 2011	Message Posted: Mar 15, 2012 11:59:02 PM Ignore SparkieMi Report Abuse Surprise, surprise...
onegiraffeAL Champion Author Alabama Posts:1,015 Points:428,425 Joined:Jan 2010	Message Posted: Mar 15, 2012 11:58:25 PM Ignore onegiraffeAL Report Abuse There is not a shortage of oil. Just greedy oil companies.
Pumpz Sophomore Author Boston Posts:197 Points:887,125 Joined:Apr 2004	Message Posted: Mar 15, 2012 11:57:03 PM Ignore Pumpz Report Abuse And what will happen to the prices when they buy the replacement oil to refill the reserve? Sounds like a perfect time to start a war against US when the reserves are depleted. Good going.
judgemobile Champion Author Ohio Posts:7,565 Points:2,444,160 Joined:Nov 2005	Message Posted: Mar 15, 2012 11:55:56 PM Ignore judgemobile Report Abuse artificial distortion of prices
lyons_coop Veteran Author Kansas Posts:411 Points:154,560 Joined:Jan 2012	Message Posted: Mar 15, 2012 11:54:31 PM Ignore lyons_coop Report Abuse Leave the reserve alone.
miiike572 All-Star Author Phoenix Posts:798 Points:524,465 Joined:Apr 2009	Message Posted: Mar 15, 2012 11:53:47 PM Ignore miiike572 Report Abuse Saturn93 has a point...I think Barry thinks it is a way for his poll numbers to raise. In June of 2011 Barry had 30 million barrels released; it only caused the prices to drop a penny or two at the pump; this lasted less than a month. The cost to replace that product was far more expensive than any benefit was gained. So how much are they going to release this time to replace at a higher cost to the American tax payer with little or no releif at the pump.
jessek Champion Author Detroit Posts:2,657 Points:1,280,490 Joined:Sep 2008	Message Posted: Mar 15, 2012 11:51:39 PM Ignore jessek Report Abuse Doesn't make sense.
bif65 Champion Author Virginia Posts:1,023 Points:195,355 Joined:Jan 2011	Message Posted: Mar 15, 2012 11:49:56 PM Ignore bif65 Report Abuse ok
IUVidiot Champion Author Indiana Posts:3,585 Points:708,360 Joined:Jun 2011	Message Posted: Mar 15, 2012 11:48:15 PM Ignore IUVidiot Report Abuse ok
TIGERPAW46 Champion Author Florida Posts:7,120 Points:1,353,810 Joined:Mar 2004	Message Posted: Mar 15, 2012 11:46:09 PM Ignore TIGERPAW46 Report Abuse Yep, Reality doesn't matter much these days. It's all about the Hype. Speculators jump at any sound of Bad news to push prices up; Then they run for the Hills when there's a hint something may be to our benefit. Last time half the world actually released oil & it did little good. Now just because they talk about they will release oil that dropped the price. What a world. Get rid of Speculators on Commodities. That's our Existence they are playing with. Let them buy Gold, Silver & stocks etc. to their Hearts content. Not Commodities. [Edited by: TIGERPAW46 at 3/15/2012 11:50:42 PM EST]
bcok Champion Author Los Angeles Posts:2,116 Points:1,542,545 Joined:Oct 2005	Message Posted: Mar 15, 2012 11:45:05 PM Ignore bcok Report Abuse Companies want high profits and we want lower prices. Who do we trust -oil companies? I don't think so.
Saturn93 Champion Author Salt Lake City Posts:7,292 Points:1,640,885 Joined:Oct 2006	Message Posted: Mar 15, 2012 11:44:07 PM Ignore Saturn93 Report Abuse Our "Commander in Chief" seems to have no idea of what the SPR is really used for.
kgbellman Champion Author Ann Arbor Posts:2,704 Points:730,735 Joined:Mar 2011	Message Posted: Mar 15, 2012 11:42:25 PM Ignore kgbellman Report Abuse Like that's going to help
abcdMA Champion Author Worcester Posts:7,922 Points:1,574,980 Joined:Nov 2008	Message Posted: Mar 15, 2012 11:37:38 PM Ignore abcdMA Report Abuse instead of hope and change, it is now hope for change
carnifolks Veteran Author New Jersey Posts:354 Points:357,560 Joined:Sep 2006	Message Posted: Mar 15, 2012 11:36:10 PM Ignore carnifolks Report Abuse i hope this is just rhetoric. if not...stupid, stupid, stupid
tree_shakker Veteran Author Ontario Posts:427 Points:187,480 Joined:May 2011	Message Posted: Mar 15, 2012 11:30:45 PM Ignore tree_shakker Report Abuse Liar liar pants on fire!
scotgiant Rookie Author Michigan Posts:88 Points:10,790 Joined:Feb 2012	Message Posted: Mar 15, 2012 11:29:46 PM Ignore scotgiant Report Abuse Ok
SparkieMi Champion Author Kalamazoo Posts:3,258 Points:587,450 Joined:Sep 2011	Message Posted: Mar 15, 2012 11:27:44 PM Ignore SparkieMi Report Abuse Obama said there would be change.. He has made change, even if it is not for the good of our country... He keeps saying Wall Street does not get it!! That statement needs corrected!! Replace Wall Street with Obama....
TCon313 All-Star Author New York Posts:611 Points:586,340 Joined:Mar 2011	Message Posted: Mar 15, 2012 11:24:43 PM Ignore TCon313 Report Abuse The SPR wasn't intended for this purpose.
sillywagon Champion Author New York Posts:14,883 Points:1,440,370 Joined:Oct 2008	Message Posted: Mar 15, 2012 11:20:38 PM Ignore sillywagon Report Abuse where is the disruption in crude oil supply.
dave1745 Champion Author Gary Posts:1,262 Points:737,250 Joined:Dec 2010	Message Posted: Mar 15, 2012 11:18:24 PM Ignore dave1745 Report Abuse won't do much
Blue48 Champion Author Illinois Posts:7,305 Points:1,637,945 Joined:Feb 2007	Message Posted: Mar 15, 2012 11:18:12 PM Ignore Blue48 Report Abuse WE SHALL SEE! [Edited by: Blue48 at 3/15/2012 11:18:54 PM EST]
dancygreen Champion Author Twin Cities Posts:2,063 Points:484,885 Joined:Sep 2011	Message Posted: Mar 15, 2012 11:17:12 PM Ignore dancygreen Report Abuse whatever
camaro_man Champion Author Kitchener-Waterloo Posts:2,227 Points:610,070 Joined:Jun 2010	Message Posted: Mar 15, 2012 11:13:30 PM Ignore camaro_man Report Abuse wow
Thomtec Champion Author Nashville Posts:2,459 Points:607,170 Joined:May 2011	Message Posted: Mar 15, 2012 11:09:58 PM Ignore Thomtec Report Abuse NOTHING but a stunt> This will have not impact at all on prices. What it will impact is that the oil that will replace the depleted SOR supply will go back in at a higher price than it cost. Therefore, we will be at a worse off position than before. Remember, Barry Obama is a lawyer not a businessman. It is all done for show, to show that HIS intentions are good but his economic knowledge is that of an idiot.
30mpg80 Champion Author Lexington Posts:10,019 Points:1,486,880 Joined:Nov 2008	Message Posted: Mar 15, 2012 11:09:39 PM Ignore 30mpg80 Report Abuse Glad the report is FALSE because oil release would have little effect on prices
EmperorsFinest Champion Author Chicago Posts:1,564 Points:340,870 Joined:Jul 2011	Message Posted: Mar 15, 2012 11:09:18 PM Ignore EmperorsFinest Report Abuse I don't think it is a good idea to use the reserve fuel for a quick,temporary fix.
OGW Champion Author London Posts:5,324 Points:1,531,150 Joined:Sep 2005	Message Posted: Mar 15, 2012 11:08:50 PM Ignore OGW Report Abuse It will help the situation somewhat. The real problem is that nothing happened yet but the speculators on Wall Street react again to something that has not happened and may not. The enemy of US and world consumers is the terrorist group based in New York on Wall Street. They all belong in prison.
serrog Champion Author Nova Scotia Posts:5,564 Points:1,512,130 Joined:Oct 2008	Message Posted: Mar 15, 2012 11:07:54 PM Ignore serrog Report Abuse Nice
nztyraider Champion Author Nevada Posts:2,273 Points:692,575 Joined:Apr 2009	Message Posted: Mar 15, 2012 11:06:44 PM Ignore nztyraider Report Abuse It's about time.