Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

2 Bumps

What's really going on here?

How about you just keep your freaking hands off!

Link text

The United States and its industrial allies in the International Energy Agency announced Wednesday that they would release 60 million barrels of crude oil from reserves over the next 30 days. The news immediately sent oil prices down about five percent.

The release would be the biggest ever coordinated from strategic reserves, and over the next month it would exceed the amount of oil lost on world markets since the fighting in Libya. Half of the release would come from U.S. reserves.

Answer Question
 
itsmesteph11

Asked by itsmesteph11 at 10:41 AM on Jun. 23, 2011 in Politics & Current Events

Level 39 (113,405 Credits)
Answers (10)
  • sounds interesting and political
    Y.B.normal

    Answer by Y.B.normal at 10:48 AM on Jun. 23, 2011

  • Oh lookie another Bandaid. Does this one have a cute cartoon character on it or is it plain? Seriously, this will make the cost of gas go down for a couple of weeks..maybe a month and then it will get higher than before. How about a real PLAN instead?
    yourspecialkid

    Answer by yourspecialkid at 10:49 AM on Jun. 23, 2011

  • What's really going on here?
    ----
    It's called hedging and betting on shorts. This is also illegal with the SEC if anyone on the inside knew they were going to do this. As far as the government is considered though, strictly political.
    Anonymous

    Answer by Anonymous at 10:53 AM on Jun. 23, 2011

  • High oil prices and the resulting increase in the cost of gasoline have contributed to an economic slowdown and have put increased political pressure on President Barack Obama


    OK so gas has not plummeted but it has been coming down. We can get it here for $3.39 now (Houston TX). There is no risk of long lines and the return to "gas days". It's another line of bull to please who? It's all a slight of hand to make people feel like something is being done. This will be released over a month but in all reality, this would last us a day or 2.
    itsmesteph11

    Comment by itsmesteph11 (original poster) at 11:01 AM on Jun. 23, 2011

  • I don't understand it now. Back when it was 4 bucks a gallon here in the midwest sure. Gas has steadily gone down we pay 80 cents less a gallon than we did 6 weeks ago. Politics is at play big time. The 2012 elections have this administration scrambling now.
    Anonymous

    Answer by Anonymous at 11:14 AM on Jun. 23, 2011

  • . Politics is at play big time. The 2012 elections have this administration scrambling now.
    --
    Yup. combine that with his speech last night about troops, and killing a terrorist every now and again, the idiots will vote Obama again in 2012.
    Anonymous

    Answer by Anonymous at 12:04 PM on Jun. 23, 2011

  • What happened to drill baby drill? Now all of the sudden it's conserve baby conserve?
    UpSheRises

    Answer by UpSheRises at 12:10 PM on Jun. 23, 2011

  • Did anyone here say we should conserve oil or that we should not drill? No, I didn't think so.
    Wow, Up, that answer was really out in left field.
    itsmesteph11

    Comment by itsmesteph11 (original poster) at 4:44 PM on Jun. 23, 2011

  • The reserves are susposed to be for emergency.  Well Obama is tanking in the polls, I suspect they consider that an emergency.

    Carpy

    Answer by Carpy at 8:15 PM on Jun. 23, 2011

  • It is hedging in a way as it is designed also to stop the speculation on futures edging upwards again as prices fall There is no shortage of oil in inventories , there never was , much of the price increases were fueled by middle east jitters and speculation . It is an international decision , not soley an American one .
    janet116

    Answer by janet116 at 11:51 PM on Jun. 23, 2011

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN