U.S. Will not Tap SPR
January 3rd, 2008This, almost certainly, isn’t temporary. They know it, since They engineered this crisis. So, there’s no point in easing the pain a bit for a couple of weeks by emptying the SPR.
There’s plenty of oil to go around at $100, or more, per barrel.
Via: Bloomberg:
President George W. Bush doesn’t plan to release oil from the Strategic Petroleum Reserve to counter crude oil prices that hit $100 a barrel today, his spokeswoman said.
The reserve “is used for emergencies,” White House press secretary Dana Perino said in response to a question at the regular White House briefing. The oil reserve is intended to cushion the U.S. in the event of a disruption of oil supplies and “this president would not use the SPR to manipulate” prices, she said.
Crude oil rose to $100 a barrel for the first time in New York today as record global fuel consumption threatens to outpace production. The price gained on concern that violence may further cut output in Nigeria, Africa’s biggest producer, and on speculation U.S. petroleum inventories fell for a seventh week.
“Doing a temporary release of the SPR is not going to change prices very much,” Perino said.
Thank you for this vantage, I’m really starting to think basing a portfolio on the premise of endemic conspiracies and insider manipulation is a good idea, and has better potential to feed than a worldview based on similar axioms.
May I ask why you closed comments?
May I ask why you closed comments?
My time is too valuable to be spent cleaning up the messes that idiots make on stories like this. There aren’t many idiots reading Cryptogon, but the ones that do are prolific and nothing brings them out like the energy posts.
See:
Do You Want Alternative Energy Related Articles?
https://cryptogon.com/?p=1447
That comments were enabled here was an oversight on my part.