BO and UK agree to release oil reserves

[dogtowner]

I guess we know what he and Cameron were talking about at the game

won't matter of course but it will look as if they've done something.

A formal request from the United States to the UK to join forces in a release of oil from government-controlled reserves is expected "shortly" following a meeting on Wednesday in Washington between President Barack Obama and Prime Minister David Cameron, who discussed the issue, one source said.

 

[BigRob]

Obama is trying to have it both ways -- he wants to pursue a weak dollar policy (yes the Fed is "independent" -- but reality operates differently) and not take blame for rising gas prices.

A weak dollar policy will inherently drive up the cost of commodities -- like oil -- and since oil is traded against the dollar, when the value of the dollar falls, the commodity gets more expensive.

 

[steveox]

Its the EPA whos the problem.

 

[dogtowner]

Obama is trying to have it both ways -- he wants to pursue a weak dollar policy (yes the Fed is "independent" -- but reality operates differently) and not take blame for rising gas prices.

A weak dollar policy will inherently drive up the cost of commodities -- like oil -- and since oil is traded against the dollar, when the value of the dollar falls, the commodity gets more expensive.

yuppers. he's hell bent for exports is all well and good but you pay a price for imports. of course he is on record wanting higher gas prices so he's just doing what he wanted to do.

 

[dogtowner]

Its the EPA whos the problem.

its several things but EPA not the biggest part of it.

 

[Aus22]

yuppers. he's hell bent for exports is all well and good but you pay a price for imports. of course he is on record wanting higher gas prices so he's just doing what he wanted to do.

The price of Oil will go up throughout the world because it is in short supply. Those nations who believe in Global warming will allow it to go up so that people will move to alternative fuels. Natural gas in one short term alternative.

 

[Cruella]

The price of Oil will go up throughout the world because it is in short supply. Those nations who believe in Global warming will allow it to go up so that people will move to alternative fuels. Natural gas in one short term alternative.

There isn't a shortage. Even OPEC cut back producing. We don't have a shortage of gasoline in this country either. Our useage is down. People are driving less. But it's going to cost a lot more for things like food or goods being shipped. Transportation cost causes the prices of non food items going up too.
Ever order anything to be shipped to you? Shipping is expensive.

But that's not the only problem. Oil only accounts for 40% of our gasoline useage. Oil is used in just about everything we use. You can't pick up a tooth brush, hair brush, cosmetic, or even your computer, where oil isn't a part of it's manufacturing process. Not only are we going to pay more for the manufacturing of products, now it's going to cost more to get it delivered to our area or home.

 

[Aus22]

There isn't a shortage. Even OPEC cut back producing. We don't have a shortage of gasoline in this country either. Our useage is down. People are driving less. But it's going to cost a lot more for things like food or goods being shipped. Transportation cost causes the prices of non food items going up too.
Ever order anything to be shipped to you? Shipping is expensive.

But that's not the only problem. Oil only accounts for 40% of our gasoline useage. Oil is used in just about everything we use. You can't pick up a tooth brush, hair brush, cosmetic, or even your computer, where oil isn't a part of it's manufacturing process. Not only are we going to pay more for the manufacturing of products, now it's going to cost more to get it delivered to our area or home.

Most of the world thinks there is a shortage of cheap oil. Of course there are many reserves but much of this is too expensive to produce,

Gasoline consumption has not fallen in countries that avoided the recession like China and Australia. In fact consumption in Asia is growing.

 

[dogtowner]

Most of the world thinks there is a shortage of cheap oil. Of course there are many reserves but much of this is too expensive to produce,

Gasoline consumption has not fallen in countries that avoided the recession like China and Australia. In fact consumption in Asia is growing.

the reserves in question represent actual produced oil bought and stored for strategic purposes. such as the straits of hormuz being shut down for a time.

but ,uch of the world would be incorrect in theor assumption.