I guess the SPR Threat was politically motivated
When Oil and Gas prices were last at these levels President Obama utilized the threat of releasing the SPRs to put a lid on the rampant speculation in the oil markets. And yes with oil inventories at record levels here in the US, there is rampant speculation in the oil markets once again. The oil market is being pegged right alongside the S&P 500 almost tick for tick, regardless of overflowing supplies at Cushing, or large weekly builds in total US stocks.
No more elections to campaign for
President Obama and his advisors know this correlation by now, and they have fought this nasty correlation for consumers at the pump, with releasing or the threat to release the SPRs which sends the market in the other direction as oil can drop $20 on any release.
At the time of the last threat critics said that the president was politically motivated in utilizing the SPR release to manage oil and gas prices lower before the election so that high gas prices wouldn`t become a central voting issue, and hurt his chances of being re-elected.
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11 comments:
I am so fed up with these gas prices do you honestly think that a politician that makes $175.000.00 a yr cares what the little guy pays for gas?
If they want the economy to get better LOWER THE DAMN GAS PRICES and people will come out and spend money.
AMEN 1:10pm. I don't think anyone could state it any better!!
Let's rush the White House with GAS SIGNS!!!
wa wa waa. So if Obama releases reserves, its only for political reasons and if he doesn't, it means he doesn't care. You guys are laughable.
Ken Salazar, former Interiour Secretary under obama once said he didn't care if gas got to $10 per gallon.
On another note I heard Dr Ben Carson, world renowned Director of Pediatic Neurosurgery at Hopkins blasted obama right to his face at the National Prayer Breakfast today. Dr Carson was being billed as a "keynote" speaker for this event.
RTFA, 3:12
The threat was for political reasons. Now that he's not running, he's not even using that to lower prices.
If he cared, he'd release.
3:12 = owner of a Prius....idiot.
3:12 obviously a politician?
2:52 You are close. Let's just rush the White House with gas.
The left does not want us driving emmissions spewing vehicles that eat away the ozone. High prices are great for the cause.
The right will not place price controls on a commercial enterprise (especially when they have stock in the companies). High prices are great for them also.
Bottom line - neither party gives a rats ass about us.
I so agree with 1:10!!!!
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