White House releases 30 million barrels of oil from reserves

[myp]

In an effort to bring down prices, the White House issued an order to sell 30 million barrels of oil from the US reserves. So far, prices have certainly taken a hit with crude at ~$92 and Brent at ~$108.

Strategic move or political? I'll put my money on the latter.

 

[Gunny]

Strategic move or political? I'll put my money on the latter.

Political.

Why on earth would you dip in to your reserves instead of producing it yourself? And now he wants to give Brazil tons of money for them to produce oil.

*scratches head*

 

[Hair]

Its an interesting idea... Instead of simply investing into Oil to produce it or even to simply bring down the tax why would you send our your reserves of oil?

I like to think there is something we do not know.

 

[qslick]

I agree with you Hair. Very interesting.

 

[DodgeFB]

Its an interesting idea... Instead of simply investing into Oil to produce it or even to simply bring down the tax why would you send our your reserves of oil?

I like to think there is something we do not know.

Me too. But then again, maybe we don't really want to know. It might be sickening.