Obama brings down oil prices.

[safeinOhio]

His poor critics may have shot themselves in the foot again.


http://www.marketwatch.com/story/oil-futures-edge-up-after-prior-days-slump-2012-03-15
SAN FRANCISCO (MarketWatch) — Crude-oil futures dropped below $105 a barrel Thursday, pressure by reports that the U.K. and U.S. have been discussing a possible release of emergency oil reserves.
“A report that Britain has decided to work with the United States in a bilateral agreement to release strategic oil reserves caused oil prices to tank,” said Phil Flynn, an energy analyst PFGBest in Chicago.
Crude oil for April delivery CLJ2 -0.40%  shed $1.24, or 1.2%, to $104.19 a barrel on the New York Mercantile Exchange after trading as low as $103.78. Prices had closed at $105.43 on Wednesday, the lowest settlement for a front-month contract in a week.
A report from Reuters Thursday said President Barack Obama and British Prime Minister David Cameron discussed the possibility of releasing emergency oil reserves during a meeting held on Wednesday.

[louis-t]

1. Without speculators it would probably be under $80 a barrel.

He should talk about doing this every day until the election.

[russspeakeasy]

3. speculators should be barred from hedging commodities.

[The Velveteen Ocelot]

4. They should be, but their lobbyists won't let that happen.

[safeinOhio]

5. If you can not take delivery,

you shouldn't be able to hedge.

[Snake Alchemist]

15. And stocks. nt

[bluestateguy]

2. He's got the secret weapon

The Strategic Petroleum Reserve.

Though it's not ideal, if he has to, he can drain it like a swamp before the election to bring gas prices down. And this can be done by executive order.

[Zalatix]

6. Absolutely not. I say heck no.

Temporarily lowering the price of gasoline doesn't address the long term issue that "cheap" gasoline is at an end worldwide, or worse, that cheap gasoline never existed and never can exist.

Obama should be talking straight to us about moving away from fossil fuels. It's time we grew up as a nation and admitted Jimmy Carter was right about this.

[bluestateguy]

7. And I agree with you---after the election

Right now we need to prevent Obama from meeting Jimmy Carter's same fate. $5 a gallon gas makes that very hard.

Get a second term, and not having to worry about elections again, then he can follow the prescriptions that you lay out.

[tridim]

9. He is talking seriously about moving away from fossil fuels.

His speech this morning focused on it.

I find it odd that he never gets credit for his effort.

[ProSense]

8. Obama Spokesman Says No Agreement on Releasing Oil Reserves

Obama Spokesman Says No Agreement on Releasing Oil Reserves

By Hans Nichols

The U.S. and U.K. haven’t reached any agreement on releasing strategic oil reserves nor set a timeline for any action, White House press secretary Jay Carney said.

President Barack Obama and U.K. Prime Minister David Cameron discussed energy supplies during talks at the White House yesterday, Carney said at a briefing.

“It is inaccurate, as was reported, that any kind of agreement was reached on a course of action” or that any timetable for action was set, he said.

http://www.bloomberg.com/news/2012-03-15/obama-spokesman-says-no-agreement-on-releasing-oil-reserves.html

So a rumor is driving down oil prices. Feeds the notion that the prices are high due to speculation.

[tosh]

11. Yes! Cause speculation among the speculators!

[nobodyspecial]

10. I think the fact that he put Holder on the case

and threatened to take action against gouging and other price-hiking activities also cooled off the markets.

[Ganja Ninja]

12. That was all he had to do.

Just threaten to release oil and if that doesn't do it then release 1/2 million barrels and threaten to release 100,000 barrels or more every week until prices come down.

[safeinOhio]

13. and then buy it back when the price drops.

Out speculate the speculators. Make a ton of $ to lower the debt.

Some times I wonder about a move the President makes and then he will remind me how much smarter he is than I am.

[BadgerKid]

14. Good, maybe?

First, it's interesting...the idea to combat rumor with rumor.
Second, it appears there is a week left to trade crude oil futures for April. I wonder if we'll see gas prices coming down for the next 4-6 weeks.

[ohheckyeah]

16. From the article:

While leaving oil little changed on the day, the report and its immediate impact on oil prices caused a buzz among oil analysts and investors.

[global1]

17. Keep The Speculators Guessing......

If they think that they will lose money by driving up the price and chance that Obama/Cameron will release oil reserves - then they will think twice. Bottom line if they think they are going to lose money they are chickens and will retreat.

In my opinion Obama/Cameron should keep the oil reserve release "talk" up.