The Strategic Petroleum Reserve Release Has Now Been Fully Priced In As Crude, Gasoline Surge To Pre-Announcement Levels…
A 60-million-barrel dump (30 million from the SPR, 30 million from the IEA) and in only four days we’re back to the same levels.
(Zero Hedge) — Remember how 4 very long days ago, the 60 million barrel SPR release was vaunted as being the reason for the second consumer renaissance after it was largely expected it would lead to sub $90 crude, and low $3/gallon gas, and result in every Joe Sixpack going out and buying 3 houses at least? Well, so much for that: the IEA’s action has now been fully priced in and WTI is back to precisely where it was before the IEA announcement on Thursday. Which means that what some said was a shadow QE (and don’t get us started on all the mainstream media “journalists”, among which Bloomberg and CNN, who continue to confuse QE Lite with something they call QE 2.5) had a half life of just over 3 days. Expect future intervention half lives to continue declining, as the criminal banking cartel’s ammunition is now down to just one thing, the only thing, printing.
Posted by ZIP on Tuesday, June 28, 2011, at 8:57 pm | 
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Another epic FAIL.
What an amateur. What a jackass!
Do these guys have to touch everything ?
This guy almost makes Jimmy Carter a Frederich Hayek fan. Obama: Moron, Imbecile, Idiot. He can’t be ignorant, so he must by totally stupid. Totally. Please Lord, have 11/2012 get here faster….please. We need to save our nation…..
Sunburned Jesus sure has the magic touch.
What’s your next trick, asshole? An FDR Bank Holiday à la 1933?
And on the campaign trail…..
Back In Iowa, Obama Says USA Must Up Its Game
Really?
Leave me out of this, camel-breath. I want nothing to do with this boy.
@GM Car of the Future
He’ll just keep running the printing presses at full speed.
“Obama Says USA Must Up Its Game”
UP YOURS!
The system worked.
Fools still walking around with their heads stuck in the place the sun never shines…can’t wait to pull them out come Nov. ’12, Force-Ups will have to be implied.
Obama and his minions have no clue of how a market runs. Given a fairly constant demand a supply increase has to be sustainable over time before there are sustainable price reductions.
They want to get rid of the ‘big oil subsidies’, go for it.
Just add an amendment where we get rid of ethanol, solar and wind subsidies too!
What a supprise.
Barack H. Obama – Super Genius
WeaselZipper,
another good economic website you might want to frequent…
http://www.jsmineset.com/
it covers stories the Obot media won’t
I wouldn’t be surprised if this Administration wants to drain our SPReserve down to 0.00, spark a crisis to cut off oil imports, and then force everyone onto bicycles and into Chevy VOLTS.
Only 10-million gallons were tapped for Katrina…why in Hell did these clowns drain 30-million gallons for Sunburn’s political gain? A mere 3-day gain.
http://www.jsmineset.com/wp-content/uploads/2011/06/clip_image00215.jpg
Obamacare pacemakers
Powered by beenie caps with choice of pinwheels or solar panel
and these idiots voted for the marxist turd
http://www.bbc.co.uk/news/world-us-canada-13936930
“The professor who helped Google’s founders get the company off the ground has warned that President Obama is leading the United States on a “crash course” towards economic disaster.”
It won’t help Kaptain Kenya’s re-election and what if something comes up and we really need those reserves.
Inept amateur, afraid it will only get worse as we close in on 2012 and desperation takes over.
“…and what if something comes up and we really need those reserves?”
Don’t worry, citizen. My administration is prepared for all contingencies. You’ll get a voucher good for 1000 gallons of gas–right after all my cabinet members and their families have filled up.
Oh, and after Dem congresscritters and their families have filled up. And Dem congressional staffers.
And Democrat civil service employees down to GS-4, and their families.
This voucher will be free to every citizen who contributes at least $2,000 to my reelection campaign. You did do that, didn’t you? Otherwise it will cost you ten dollars per gallon. But don’t worry, there’ll be plenty left. Because I have ordered it to be so.
Amazing, even chocolate Jesus can’t stop the world free market prices. Wow no kidding.
suckers
And take half the money in your savings and spend it on muffins. Trusted tsczars say that it will turn the economy right around.
Maybe we should all go outside and burn half of our food, in case some twisted egghead says it will help global warming.
Yeah, and now we must replace it at these inflated prices.
Strategic reserve? I think not. Political reserve- more like it.
Anyway, another epic fail by the “make it up as you go along” administration…
I do not know if it was on this or another blog but the news came out my first comment was: moron. The US consumes 25 million barrels of oil per DAY.
Per DAY. Per DAY you moron.
Obama…like the proverbial mosquito, with a hard-on, proudly floating down
the river on a leaf hollering “Raise the drawbridge!!!” Methinks he
over-estimates his manhood ….. AND his intellect.
There is a core principle driving every bone-headed stunt these progressive morons try. They arrogantly believe they can manipulate and even “fool” the free market. They can’t.
we are so fucked
That oil was released to lower the price of oil unexpectedly so Obama’s buddies could clean up by short selling. The amount released wasn’t enough to make any difference at all over time.
They are manipulating OUR money to cover THEIR errors.
Are public entities even capable of creating wealth? Are public institutions only consumers of the wealth that is created by the private sector?
Why do we need them again?
.
Remember when Clinton tried this back in the 90′s?
Turned out that he “loaned” to cronies at under market prices then had them restock the SPR later when prices had dropped.
Kinda like covering a buddy’s stock short sale.
Wonder who got the oil loan this time?