Why Obama’s Desperate Move Could Send Oil Prices Soaring!
June 29, 2011 at 10:47 AM EDT
The sudden announcement last week that the International Energy Agency (IEA) would release strategic oil supplies onto the world markets caused a significant selloff. And crude oil prices dropped around $9 in about two days. Mission accomplished? Hardly! The 60 million barrel release from the Strategic Petroleum Reserve (SPR) is merely a drop in the bucket of global usage, and will likely have the opposite effect on prices longer term. The move is simply more psychological window dressing for the comic theater that is happening in Washington right now. It would be funny, if it wasn’t so sad. In fact, it’s really a sign of … Desperate Measures By releasing supplies from the SPR with crude at around . . . → Read More: Why Obama’s Desperate Move Could Send Oil Prices Soaring!
