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Crude oil trades lower this morning, taking a tumble and not yet recovering on a published...

Crude oil trades lower this morning, taking a tumble and not yet recovering on a published French report that the U.S., U.K., and France are considering a release of strategic reserves. WTI crude -1% to $106.30, Brent crude -1% to $124.33. It's election season in France too, you know.
Comments (6)
  • oaksprings
    , contributor
    Comments (15) | Send Message
     
    The strategic oil reserve is to be reserved for disasters and war. For Obama to open it at this time, would be only for self serving political reasons with no regard for the long term safety and stability of this country. Do we need someone in the whitehouse like this?
    28 Mar 2012, 08:28 AM Reply Like
  • kmi
    , contributor
    Comments (3979) | Send Message
     
    You may not know this, but the truth is that

     

    "The United States started the petroleum reserve in 1975 after oil supplies were cut off during the 1973-74 oil embargo, to mitigate future temporary supply disruptions."
    28 Mar 2012, 12:43 PM Reply Like
  • Bear Bait
    , contributor
    Comments (664) | Send Message
     
    Georgie did it too.
    28 Mar 2012, 08:45 AM Reply Like
  • Lakeaffect
    , contributor
    Comments (969) | Send Message
     
    No you are wrong Bear Bait. Georgie didn't do it.

     

    And it doesn't make any difference to the markets if the SPR is released or not. Obama did a release last year, and look at where we are now. The impact was so minimal and short lived that most have already forgotten that this was done only a year ago. If anything, a release would provide a buying opportunity, nothing more.
    28 Mar 2012, 02:37 PM Reply Like
  • kmi
    , contributor
    Comments (3979) | Send Message
     
    Or you could check Wikipedia:

     

    1996-97 total non-emergency sales for deficit reduction - 28 million barrels (4,500,000 m3)

     

    July–August 2000 - 2.8 million barrels (450,000 m3) to supply the Northeast Home Heating Oil Reserve.

     

    September–October 2000 - 30 million barrels (4,800,000 m3) in response to a concern over low distillate levels in the North-eastern U.S.

     

    2005 - Hurricane Katrina sale - 11 million barrels (1,700,000 m3) Katrina shut down 95% of crude production and 88% of natural gas output in the Gulf of Mexico. This amounted to a quarter of total U.S. output. About 735 oil and natural gas rigs and platforms had been evacuated due to the hurricane.

     

    2011 - Arab Spring sale - 30 million barrels (4,800,000 m3) non-emergency sale to offset disruptions caused by political upheaval in Libya and elsewhere in the Middle East. The amount was matched by IEA countries, for a total of 60 million barrels (9,500,000 m3) released from stockpiles around the world.[17]
    28 Mar 2012, 02:44 PM Reply Like
  • Lakeaffect
    , contributor
    Comments (969) | Send Message
     
    The ones under Bush were actually only halts in additions, not releases.
    29 Mar 2012, 02:18 PM Reply Like
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