Friday, June 24, 2011
Is Obama Getting Desperate?
Ross Kaminsky, The American SpectatorIn a move that has everyone from oil analysts to traders to petroleum producers scratching their heads, the Obama Administration announced on Thursday morning that the U.S. along with over two dozen other nations will release 60 million barrels of oil from emergency oil stock piles. Half of the total release, or 30 million barrels, will come from the U.S. Strategic Petroleum Reserve.News of the release, which will be 2 million barrels per day for 30 days beginning about a week from now, hit oil prices in futures trading. West Texas Intermediate crude oil trading in the U.S., which was already...
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