Were you guys aware that Obama had released 30 million barrels from the Strategic Petroleum Reserve?
Oh no he didn't!
Same, pointless gesture that Bush went through with.
Quote from: Admiral Yi on June 25, 2011, 05:36:45 PM
Were you guys aware that Obama had released 30 million barrels from the Strategic Petroleum Reserve?
Yep. Saved us a hundred bucks in gas over the next couple months, and knocked the value of our 401ks down by a five grand.
Also, a bunch of trades the previous day are under investigation.
Quote from: MadImmortalMan on June 25, 2011, 07:04:36 PM
Quote from: Admiral Yi on June 25, 2011, 05:36:45 PM
Were you guys aware that Obama had released 30 million barrels from the Strategic Petroleum Reserve?
Yep. Saved us a hundred bucks in gas over the next couple months, and knocked the value of our 401ks down by a five grand.
Also, a bunch of trades the previous day are under investigation.
Investing in oil should be illegal.
Quote from: Habbaku on June 25, 2011, 05:41:17 PM
Same, pointless gesture that Bush went through with.
While I disagree with releasing any oil onto the market from the US Strategic Reserve system on general principle, knocking down the price a few cents per gallon will allow Johnny Six Pack to go on vacation and spend money. It helps.
Quote from: Admiral Yi on June 25, 2011, 05:36:45 PM
Were you guys aware that Obama had released 30 million barrels from the Strategic Petroleum Reserve?
(https://languish.org/forums/proxy.php?request=http%3A%2F%2Fi403.photobucket.com%2Falbums%2Fpp117%2Fvb278607%2FWait-You-mad-bro.jpg&hash=232d81899baf539613a9df3e3953b50f546b68ba)
Quote from: CountDeMoney on June 25, 2011, 10:20:57 PM
Quote from: Habbaku on June 25, 2011, 05:41:17 PM
Same, pointless gesture that Bush went through with.
While I disagree with releasing any oil onto the market from the US Strategic Reserve system on general principle, knocking down the price a few cents per gallon will allow Johnny Six Pack to go on vacation and spend money. It helps.
The amount released is the equivalent of, what, a week's consumption? Probably less.
Quote from: Habbaku on June 26, 2011, 05:16:55 AM
Quote from: CountDeMoney on June 25, 2011, 10:20:57 PM
Quote from: Habbaku on June 25, 2011, 05:41:17 PM
Same, pointless gesture that Bush went through with.
While I disagree with releasing any oil onto the market from the US Strategic Reserve system on general principle, knocking down the price a few cents per gallon will allow Johnny Six Pack to go on vacation and spend money. It helps.
The amount released is the equivalent of, what, a week's consumption? Probably less.
Well, 30m bbl from us and 30m bbl from other countries over the course of 4-6 weeks is intended to replace the 1.5m bbl per day lost from lack of Libyan production on the market.
My 3.8L appreciates the effort.
Quote from: CountDeMoney on June 25, 2011, 10:20:57 PM
Quote from: Habbaku on June 25, 2011, 05:41:17 PM
Same, pointless gesture that Bush went through with.
While I disagree with releasing any oil onto the market from the US Strategic Reserve system on general principle, knocking down the price a few cents per gallon will allow Johnny Six Pack to go on vacation and spend money. It helps.
But not really, since the price of gas wasn't an impediment to anybody doing anything.
Quote from: Admiral Yi on June 25, 2011, 05:36:45 PM
Were you guys aware that Obama had released 30 million barrels from the Strategic Petroleum Reserve?
A number of countries and the US released 60 million I think. It's meant to be 2.5% of consumption over the next month or something similar.
Quote from: Neil on June 26, 2011, 07:38:00 AMBut not really, since the price of gas wasn't an impediment to anybody doing anything.
Link, please.
Quote from: Neil on June 26, 2011, 07:38:00 AM
Quote from: CountDeMoney on June 25, 2011, 10:20:57 PM
Quote from: Habbaku on June 25, 2011, 05:41:17 PM
Same, pointless gesture that Bush went through with.
While I disagree with releasing any oil onto the market from the US Strategic Reserve system on general principle, knocking down the price a few cents per gallon will allow Johnny Six Pack to go on vacation and spend money. It helps.
But not really, since the price of gas wasn't an impediment to anybody doing anything.
Gas price is an impediment to do doing anything. With 10¢ a gallon we would have colonies on Mars, ffs.
Quote from: CountDeMoney on June 26, 2011, 09:42:04 AM
Quote from: Neil on June 26, 2011, 07:38:00 AMBut not really, since the price of gas wasn't an impediment to anybody doing anything.
Link, please.
I don't need a link to tell you that a few cents makes no difference. Gas here is more expensive than it is in your country, but Canadians still spend money, go on vacation and generally live just as well or better than their American counterparts.
Quote from: Neil on June 26, 2011, 10:50:54 AM
but Canadians still spend money, go on vacation and generally live just as well or better than their American counterparts.
Which is why I'm such a big fan of your brand of socialism.
Quote from: CountDeMoney on June 26, 2011, 11:23:29 AM
Quote from: Neil on June 26, 2011, 10:50:54 AM
but Canadians still spend money, go on vacation and generally live just as well or better than their American counterparts.
Which is why I'm such a big fan of your brand of socialism.
There's a cultural element as well.
Quote from: Neil on June 26, 2011, 12:18:05 PM
Quote from: CountDeMoney on June 26, 2011, 11:23:29 AM
Quote from: Neil on June 26, 2011, 10:50:54 AM
but Canadians still spend money, go on vacation and generally live just as well or better than their American counterparts.
Which is why I'm such a big fan of your brand of socialism.
There's a cultural element as well.
(https://languish.org/forums/proxy.php?request=http%3A%2F%2F1.bp.blogspot.com%2F_MnVg0cz_o08%2FTCx57bZhCPI%2FAAAAAAAAA2Y%2F_Kd1bAEtBis%2Fs1600%2Fstrange_brew_mckenzie.jpg&hash=23ed3d9248111b79faecc3e352202a491951f984)
:hmm:
Quote from: Neil on June 26, 2011, 12:18:05 PM
Quote from: CountDeMoney on June 26, 2011, 11:23:29 AM
Quote from: Neil on June 26, 2011, 10:50:54 AM
but Canadians still spend money, go on vacation and generally live just as well or better than their American counterparts.
Which is why I'm such a big fan of your brand of socialism.
There's a cultural element as well.
I'm ideologically opposed to socialized medicine, but even if I were strongly for it, embracing curling would be too high a price to pay.
Ideologically opposed to socialized medicine? What is this, 1700?
Quote from: dps on June 26, 2011, 02:56:04 PM
I'm ideologically opposed to socialized medicine
That's just stupid.
Quotebut even if I were strongly for it, embracing curling would be too high a price to pay.
...but you may have a point there.
Quote from: Neil on June 26, 2011, 03:07:50 PM
Ideologically opposed to socialized medicine? What is this, 1700?
He is a Christian, you know. Jesus hated those sick poor fucks who couldn't afford their own doctor.
Quote from: Martinus on June 27, 2011, 01:56:56 AM
Quote from: Neil on June 26, 2011, 03:07:50 PM
Ideologically opposed to socialized medicine? What is this, 1700?
He is a Christian, you know. Jesus hated those sick poor fucks who couldn't afford their own doctor.
Even worse. Jesus destroyed the healthcare market by healing them, for free. :mad:
I am sure there were vital strategic considerations at stake.
Curling is awesome. Stalin should line you up against a Wall.
Quote from: dps on June 26, 2011, 02:56:04 PM
I'm ideologically opposed to socialized medicine...
An accurate description - logical yet entirely irrational.
I was about to say there are plenty of examples of socialized systems that not only deliver quality services but are also cost effective - but the irrationality displayed above can't be reasoned with. So keep paying more per capita than anyone else in the Western World for spotty services. *shrug*
G.
Quote from: Jacob on June 27, 2011, 01:53:01 AM
Quote from: dps on June 26, 2011, 02:56:04 PM
I'm ideologically opposed to socialized medicine
That's just stupid.
Quotebut even if I were strongly for it, embracing curling would be too high a price to pay.
...but you may have a point there.
Et tu, Jacob? :cry:
Quote from: Grey Fox on June 25, 2011, 08:59:35 PM
Quote from: MadImmortalMan on June 25, 2011, 07:04:36 PM
Quote from: Admiral Yi on June 25, 2011, 05:36:45 PM
Were you guys aware that Obama had released 30 million barrels from the Strategic Petroleum Reserve?
Yep. Saved us a hundred bucks in gas over the next couple months, and knocked the value of our 401ks down by a five grand.
Also, a bunch of trades the previous day are under investigation.
Investing in oil should be illegal.
It hammered the whole stock market, not just oil.
Quote from: MadImmortalMan on June 27, 2011, 11:26:03 AM
Quote from: Grey Fox on June 25, 2011, 08:59:35 PM
Quote from: MadImmortalMan on June 25, 2011, 07:04:36 PM
Quote from: Admiral Yi on June 25, 2011, 05:36:45 PM
Were you guys aware that Obama had released 30 million barrels from the Strategic Petroleum Reserve?
Yep. Saved us a hundred bucks in gas over the next couple months, and knocked the value of our 401ks down by a five grand.
Also, a bunch of trades the previous day are under investigation.
Investing in oil should be illegal.
It hammered the whole stock market, not just oil.
Securities should be illegal then.
Quote from: Grey Fox on June 27, 2011, 11:29:21 AM
Quote from: MadImmortalMan on June 27, 2011, 11:26:03 AM
Quote from: Grey Fox on June 25, 2011, 08:59:35 PM
Quote from: MadImmortalMan on June 25, 2011, 07:04:36 PM
Quote from: Admiral Yi on June 25, 2011, 05:36:45 PM
Were you guys aware that Obama had released 30 million barrels from the Strategic Petroleum Reserve?
Yep. Saved us a hundred bucks in gas over the next couple months, and knocked the value of our 401ks down by a five grand.
Also, a bunch of trades the previous day are under investigation.
Investing in oil should be illegal.
It hammered the whole stock market, not just oil.
Securities should be illegal then.
Private ownership should be illegal. :yes:
Quote from: Habbaku on June 27, 2011, 11:32:19 AM
Quote from: Grey Fox on June 27, 2011, 11:29:21 AM
Quote from: MadImmortalMan on June 27, 2011, 11:26:03 AM
Quote from: Grey Fox on June 25, 2011, 08:59:35 PM
Quote from: MadImmortalMan on June 25, 2011, 07:04:36 PM
Quote from: Admiral Yi on June 25, 2011, 05:36:45 PM
Were you guys aware that Obama had released 30 million barrels from the Strategic Petroleum Reserve?
Yep. Saved us a hundred bucks in gas over the next couple months, and knocked the value of our 401ks down by a five grand.
Also, a bunch of trades the previous day are under investigation.
Investing in oil should be illegal.
It hammered the whole stock market, not just oil.
Securities should be illegal then.
Private ownership should be illegal. :yes:
Wo! Wo! Let's not fucking go overboard here.
Crazy Anarchist.
While we are at it, it should be illegal to invest in Gold.
I don't think it's valid to shut down a single business. What has Gold Company Financial ever done to you?
Quote from: Grey Fox on June 25, 2011, 08:59:35 PM
Quote from: MadImmortalMan on June 25, 2011, 07:04:36 PM
Quote from: Admiral Yi on June 25, 2011, 05:36:45 PM
Were you guys aware that Obama had released 30 million barrels from the Strategic Petroleum Reserve?
Yep. Saved us a hundred bucks in gas over the next couple months, and knocked the value of our 401ks down by a five grand.
Also, a bunch of trades the previous day are under investigation.
Investing in oil should be illegal.
Don't have to make it illegal. Just tax capital gains on oil at 70% and take away the ability to carry forward/back or allocate losses to other gains.
Quote from: Habbaku on June 27, 2011, 11:46:21 AM
I don't think it's valid to shut down a single business. What has Gold Company Financial ever done to you?
Of course it is. You can't invest in cocaine can you? Investing in Gold is betting against America.
Quote from: Razgovory on June 27, 2011, 11:57:32 AM
Quote from: Habbaku on June 27, 2011, 11:46:21 AM
I don't think it's valid to shut down a single business. What has Gold Company Financial ever done to you?
Of course it is. You can't invest in cocaine can you? Investing in Gold is betting against America.
:hmm: Does Gold Company Financial hold some sort of nuclear arsenal that is pointed at the USA?
Possibly. I don't actually know.
Quote from: Grallon on June 27, 2011, 11:01:27 AM
Quote from: dps on June 26, 2011, 02:56:04 PM
I'm ideologically opposed to socialized medicine...
An accurate description - logical yet entirely irrational.
I was about to say there are plenty of examples of socialized systems that not only deliver quality services but are also cost effective - but the irrationality displayed above can't be reasoned with. So keep paying more per capita than anyone else in the Western World for spotty services. *shrug*
I love it at work, where everybody's bitching about our healthcare coverage and how they have to pay out more for a variety of services than our previous healthcare plan that was dumped to cut costs, yet they still continue to call Obama a Commie, think "socialized medicine" is a Commie plot, and continue watching Fox News.
The irony is beyond giggly.
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Cramer is now on record saying the oil release was the death blow to commodity inflation and we're about to enter a new golden age. Brilliant!
The release was a shot across the bow of the OPEC dissidents after last meeting's fiasco, and secondarily designed to create future ambiguity as to the potential use of strat reserves. Very likely the Saudis were informed in advance.
Quote from: MadImmortalMan on June 28, 2011, 02:59:57 AM
Cramer is now on record saying the oil release was the death blow to commodity inflation and we're about to enter a new golden age. Brilliant!
"Should I be worried about Bear Stearns in terms of liquidity and get my money out of there?"
"No! No! No! Bear Stearns is not in trouble. If anything, they're more likely to be taken over. Don't move your money from Bear."
The reprieve is coming to an end.
http://www.cnbc.com/id/43645073
Quote from: MadImmortalMan on July 07, 2011, 12:19:18 PM
The reprieve is coming to an end.
http://www.cnbc.com/id/43645073
I'd better fill up this afternoon then.
More talk about insider trading the SPR release.
Quote
Did Markets Know Obama Was Going to Tap Oil Reserve?
Published: Wednesday, 6 Jul 2011 | 3:07 PM ET
Tapping the Strategic Petroleum Reserve was supposed to lower oil prices but instead has only raised questions about market manipulation.
The price of US crude actually is higher now than when the Department of Energy and International Energy Agency made the controversial move on June 23 to hit up the SPR in an effort to ease the gasoline burden on consumers and goose the economy.
At the time, critics blasted the move because oil prices already had fallen considerably – more than 16 percent in just two weeks' time, in fact.
In retrospect, the price move is starting to look fishy to some traders.
Dennis Gartman, a hedge fund manager and author of the widely followed "Gartman Letter," constructs a timeline of how the oil release came to be and the trading action surrounding it.
He notes the most recent peak of oil on May 2, discussions with Gulf oil ministers on May 5 as the price started to decline, and the ultimate announcement seven weeks later, when oil was around its near-term bottom.
The price drop leading into the SPR release indicates that the market may have been anticipating the move and selling oil accordingly.
"When presented this information in this simple but elegant format, how can we not believe that someone in a position of some authority did indeed know what was in the works regarding the SPR?" Gartman wrote.
"May 2nd was an outside reversal to the downside, marking the very top...the very absolute top in the crude oil market," he said, referring to the trading pattern in which a high and low price on a particular day exceed those of the previous session. "It was followed by a massive, violent $9/barrel collapse on the very day that the Saudis were apparently being told of the decision to sell crude from the SPR!
"We are not conspiratorialists here at TGL, but certainly this is worthy of investigation."
For the record, officials at the Commodity Futures Trading Commission, Securities and Exchange Commission and the Financial Industry Regulatory Authority would neither confirm nor deny any such probes.
But Gartman apparently is not alone in his suspicions.
He cites Ross Clark, an advisor at CIBC Wood Gundy in Vancouver, who also questions the oil trading.
"Call me a cynic," Clark writes, "but there appears to have definitely been money made on inside information. As a rule of thumb, some of the best opportunities occur by trading opposite the headline news once prices stabilize."
Oil has traded in a fairly tight range over the past three weeks but is clear of the $94.40 opening level the day of the SPR announcement. Gasoline, meanwhile, has fallen about 20 cents a gallon over the past month about are down about 35 cents a gallon from the early-May oil price peak.