...Presidnet Barack Obama
Today is was reported that The International Energy Agency announced it would release 60 million barrels of oil into the global market. Of the 60 million barrels 30 million will come from the U.S. If our Strategic Petroleum Reserve is full, which I doubt it is, it can hold a reported maximum of 727 million barrels. This is a joint effort between the oil producing nations to further drive down oil prices and somewhat make up for Libya's oil shortage which has taken place since the "disturbance" began. They will be releasing 2 million barrels a day over the next 30 days and some expect gas prices to fall in about a month and prices for Brent crude could go down by $10 to $12 a barrel. Though gas is 91 cents higher now than it was a year ago, oil has been slowly falling for the last 6 weeks, though with Summer in full swing it usually goes up. The 2 million a day is going to be ore than the 1.25 million a day Libya produces, but many questions are being raised about this. A few weeks ago the President said this about releasing oil, "I won't make any news on that today. I will say that my general view is that the SPR is to be used where you don't have just short-term fluctuations in the market, but a significant disruption event. Libya has taken 1.25 m barrels per day off the market. We're examining broadly what that means in terms of the oil market." It seems as if the administration knows that dealing with Libya is not going to be a simple thing. Well if that is the case, why did you start something with them in the 1st place? Also can we say politics? The economy is horrible, and no matter how you try to sugarcoat it or play with words, it is horrible. By releasing oil the President believes this will slightly help the economy? Wrong. This is a desperation attempt in my eyes. Just the night before the President announced an initial draw down of 10,000 troops in two phases, with 5,000 troops coming home this summer and 5,000 more by the end of the year. An additional 20,000-plus are to follow by September 2012. That is very close to November, re-election time... If you cannot get the economy back in track and lower the unemployment rate, why not lead with the fact that you brought back troops...yay? This is politics as usual, the thing Obama claimed he was against, obviously he is just as much apart of it as any other politician, which I already knew. I am giving President Obama 2 Digits Down for 2 days of less than stellar news.
Today is was reported that The International Energy Agency announced it would release 60 million barrels of oil into the global market. Of the 60 million barrels 30 million will come from the U.S. If our Strategic Petroleum Reserve is full, which I doubt it is, it can hold a reported maximum of 727 million barrels. This is a joint effort between the oil producing nations to further drive down oil prices and somewhat make up for Libya's oil shortage which has taken place since the "disturbance" began. They will be releasing 2 million barrels a day over the next 30 days and some expect gas prices to fall in about a month and prices for Brent crude could go down by $10 to $12 a barrel. Though gas is 91 cents higher now than it was a year ago, oil has been slowly falling for the last 6 weeks, though with Summer in full swing it usually goes up. The 2 million a day is going to be ore than the 1.25 million a day Libya produces, but many questions are being raised about this. A few weeks ago the President said this about releasing oil, "I won't make any news on that today. I will say that my general view is that the SPR is to be used where you don't have just short-term fluctuations in the market, but a significant disruption event. Libya has taken 1.25 m barrels per day off the market. We're examining broadly what that means in terms of the oil market." It seems as if the administration knows that dealing with Libya is not going to be a simple thing. Well if that is the case, why did you start something with them in the 1st place? Also can we say politics? The economy is horrible, and no matter how you try to sugarcoat it or play with words, it is horrible. By releasing oil the President believes this will slightly help the economy? Wrong. This is a desperation attempt in my eyes. Just the night before the President announced an initial draw down of 10,000 troops in two phases, with 5,000 troops coming home this summer and 5,000 more by the end of the year. An additional 20,000-plus are to follow by September 2012. That is very close to November, re-election time... If you cannot get the economy back in track and lower the unemployment rate, why not lead with the fact that you brought back troops...yay? This is politics as usual, the thing Obama claimed he was against, obviously he is just as much apart of it as any other politician, which I already knew. I am giving President Obama 2 Digits Down for 2 days of less than stellar news.
No comments:
Post a Comment