U.S. to seek support from Japan, other G8 members for oil reserve release

Politics May. 17, 2012 - 06:21AM JST ( 7 )

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7 Comments

-1

some14someMay. 17, 2012 - 07:47AM JST

looking for support to worsen the global economy further?
-3

Hôjô SôunMay. 17, 2012 - 10:19AM JST

some14some,

Maybe, but I think Obama is looking for lower gas prices before the election. Luckily the Saudi's know what to do, they always cut production when there is a Democrat in office.
-2

WilliBMay. 17, 2012 - 11:46AM JST

I predicted long ago that he would tap the strategic oil reserve in time for his election campaign.

Next thing you know he will be running round and taking credit for lower gas prices.

And the Obama-addled media will be busy keeping their eyes closed.
1

ScroteMay. 17, 2012 - 12:15PM JST

A poor strategic decision by the US, obviously related to the November elections.

Suppose the release of reserves pushes prices down in the short term. If I were running a country like China I would take full advantage of the lower prices to increase my own stockpile. Then, once the US has exhausted its reserves and prices go through the roof I would be laughing (and still buying cheap oil from Iran).
1

techallMay. 17, 2012 - 01:37PM JST

I agree with Scrote. As the article states, prices are edging downward and with North Dakota now the #2 producer in the U.S. and Alaska and Texas not at full production, coupled with the vast new field discovered off the north coast of Norway, thee is really no reason to tap reserves. Increased production can offset the Iran embargo and ease prices more. This really looks like an election year ploy.
1

Herve Nmn L'EisaMay. 17, 2012 - 04:14PM JST

The reserves are for National Emergencies ONLY, and nothing in the present manufactured situation constitutes an emergency.
0

Saul SchimekMay. 18, 2012 - 05:19AM JST

We could just start drilling here in the U.S. Granted it would take a bit of time and the world would be better off for it.

sadly, Our Relgious Greens have taken over the EPA and they are proving to be a major problem