Clear Sign that Crude Oil is Bottoming!

[Raz]

Only the government can be this stupid. Obama, Boehner and McConnell - our Three Stooges.
(Maybe they got Gordon Brown to help them time the sale.)

U.S. Plans to Sell Down Strategic Oil Reserve to Raise Cash

By Javier Blas - October 27, 2015


The U.S. plans to sell millions of barrels of crude oil from its Strategic Petroleum Reserve from 2018 until 2025 under a budget deal reached on Monday night by the White House and top lawmakers from both parties.


The proposed sale, included in a bill posted on the White House website, equates to more than 8 percent of the 695 million barrels of reserves, held in four sites along the Gulf of Mexico coast. Sales are due to start in 2018 at an annual rate of 5 million barrels, rising to 10 million by 2023 and totaling 58 million barrels by the end of the period. The proceeds will be “deposited into the general fund of the Treasury,” according to the bill. ...


http://finance.yahoo.com/news/u-plan...100009222.html

[gwynedd1]

Re: Clear Sign that Crude Oil is Bottoming!

Only the government can be this stupid. Obama, Boehner and McConnell - our Three Stooges.
(Maybe they got Gordon Brown to help them time the sale.)

U.S. Plans to Sell Down Strategic Oil Reserve to Raise Cash

By Javier Blas - October 27, 2015


The U.S. plans to sell millions of barrels of crude oil from its Strategic Petroleum Reserve from 2018 until 2025 under a budget deal reached on Monday night by the White House and top lawmakers from both parties.


The proposed sale, included in a bill posted on the White House website, equates to more than 8 percent of the 695 million barrels of reserves, held in four sites along the Gulf of Mexico coast. Sales are due to start in 2018 at an annual rate of 5 million barrels, rising to 10 million by 2023 and totaling 58 million barrels by the end of the period. The proceeds will be “deposited into the general fund of the Treasury,” according to the bill. ...


http://finance.yahoo.com/news/u-plan...100009222.html

Buy high and sell low , only to be vulnerable to another oil shock at the end.....

Do they know the meaning of the word strategic?

[thriftyandboringinohio]

Re: Clear Sign that Crude Oil is Bottoming!

...Do they know the meaning of the word strategic?

They clearly do. From Websters:

: of or relating to a general plan that is created to achieve a goal in war, politics, etc., usually over a long period of time

The long term political goal of liquidating very valuable public assets for modest private gain is served nicely here. In the unlikely event of war, the rich constituents can just fly away in their private jets with no harm done (to them).

[shiny!]

Re: Clear Sign that Crude Oil is Bottoming!

Buy high and sell low , only to be vulnerable to another oil shock at the end.....

Do they know the meaning of the word strategic?

Now they're taking lessons from Gordon Brown's playbook. It's all over but the screaming...

[wayiwalk]

Re: Clear Sign that Crude Oil is Bottoming!

"....Do they know the meaning of the word strategic? "

Made me think of the old SNL sketch parodying the Bush - Gore debates, where, at the end of the debate, each is asked to boil their platform down to one word.

Gore: "Lockbox"

Bush: "Stratergedy"

I'm sure someone can find this on youtube.

Lots of fun back in those much more innocent days of 2000.

[jk]

Re: Clear Sign that Crude Oil is Bottoming!

Now they're taking lessons from Gordon Brown's playbook.

i had the same thought.

[cbr]

Re: Clear Sign that Crude Oil is Bottoming!

It makes sense if you are actively trying to destroy the country

[seobook]

Re: Clear Sign that Crude Oil is Bottoming!

It makes sense if you are actively trying to destroy the country

Or perhaps they were aware the fed was going to keep short term interest rates pinned to the floor for an extended period of time into the future & want to minimize the liftoff in commodity prices for as long as possible. Maybe they don't actually sell any of the oil reserves, but the threat of doing so at least temporarily helps put a lid on oil prices. Burn anyone playing aggressively with leverage who isn't connected to the home team, sort of like a parallel to this.

[BK]

Re: Clear Sign that Crude Oil is Bottoming!

We don't need oil.....we are in the midst of the Green revolution. By 2018 we will have EV Semi tractor trailors and be close to replacing all gas drive cars with EVs.

Perhaps Elon plans to enter the trucking and airplane space.

Small minds don't appreciate that we are in a post oil era. ;-)

[Mega]

Re: Clear Sign that Crude Oil is Bottoming!

Now they're taking lessons from Gordon Brown's playbook. It's all over but the screaming...

Very well said my dear!
Mike

[gwynedd1]

Re: Clear Sign that Crude Oil is Bottoming!

They clearly do. From Websters:



The long term political goal of liquidating very valuable public assets for modest private gain is served nicely here. In the unlikely event of war, the rich constituents can just fly away in their private jets with no harm done (to them).

An excellent use of my uncommitted, rhetorical comment. The strategic oil reserve is just another stage coach to be robbed.

They would air drop melted butter over 100 square miles just to hit a single bucket of special interest popcorn before they would ever think about giving people a stick of it.

[thriftyandboringinohio]

Re: Clear Sign that Crude Oil is Bottoming!

...They would air drop melted butter over 100 square miles just to hit a single bucket of special interest popcorn before they would ever think about giving people a stick of it.

+1