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okie52
7/22/2011, 04:40 PM
With his strategic oil release:



After the IEA Experiment, What's Next for Oil Prices

byKent Moors Ph.D. | publishedJuly 22nd, 2011


The Paris-based International Energy Agency (IEA) announced yesterday that it would not continue releasing oil reserves into the global oil market.

The decision last month to release 60 million barrels from member strategic reserves, with 30 million coming from the U.S. Strategic Petroleum Reserves (SPR), did have an initial downward impact on oil prices.

But that turned out to be short-lived.

On June 22, when the surprise announcement was made, West Texas Intermediate (WTI) benchmark crude closed at $94.425 in New York, while Brent crude in London ended at $113.77.

At market open today, WTI stands at $99.175, and Brent is up to $117.80.

Thus ends a one-month experiment that has been largely a failure.

mgsooner
7/22/2011, 04:42 PM
http://img.izismile.com/img/img3/20101206/1000/new_funny_gif_34.gif

jk the sooner fan
7/22/2011, 04:46 PM
oh wow, i thought that said "after the IKEA experiment" and then my first thought was "Obama fell for that ****ty furniture too?"

The
7/22/2011, 04:48 PM
oh wow, i thought that said "after the IKEA experiment" and then my first thought was "Obama fell for that ****ty furniture too?"

Just, your other site is slow. Does it ever pick up, or is sorta graveyardy all the time?

mgsooner
7/22/2011, 04:49 PM
http://goofygifs.com/wp-content/uploads/2010/10/funny-gifs-nyes1.gif

sappstuf
7/22/2011, 05:46 PM
http://global.nationalreview.com/images/photoshop_062711_A.jpg

soonerprices
7/22/2011, 06:08 PM
http://global.nationalreview.com/images/photoshop_062711_A.jpg

Who is Biden?

MR2-Sooner86
7/22/2011, 07:37 PM
Who is Biden?

No, no it's a slogan. Obama, biden his time for 2012.

okie52
7/23/2011, 10:06 AM
No, no it's a slogan. Obama, biden his time for 2012.

He needs a new slogan....yes we can and change you can believe in are a little stale now....though certainly still very believable for some.

oumartin
7/23/2011, 12:09 PM
They store oil in vessels meant for liquids under pressure? That obama never ceases to amaze

pphilfran
7/23/2011, 12:15 PM
At first I thought it was a stupid thing to do...

After thinking it over the release won't really hurt anything...we pulled in a little revenue during a time of need so...it was released when prices were on the decline so they had their shot at actually dropping the price of world wide crude a small amount over the short term...getting others to release at the same time was also a plus...

Low risk/revenue positive...

Good try by the administration...but didn't work....