$3.99 Gallon

[fj1200]

Your price of oil chart isn't the figure I was talking, I was talking about the futures market, which did tumble on the threat of billions of gallons of crude flooding the market. And it does, every time that is even mentioned.

Link?

[Anton Chigurh]

Link?

Study and learn:

2011 IEA Coordinated Release

On this page:

http://www.fossil.energy.gov/program...spr/index.html

On June 23, 2011, Secretary Chu announced that the U.S. and its partners in the International Energy Agency (IEA) would release a total of 60 million barrels of oil onto the world market. The Secretary stated, "We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery." Under the IEA's response measures guidelines, the United States' obligation was for 30 million barrels.

The SPR issued a Notice of Sale on June 24, 2011, to solicit competitive offers for the purchase of 30 million barrels of sweet crude oil to be delivered by the end of August 2011. DOE received over 90 offers that resulted in 28 contracts with 15 companies for deliveries of 30,640,000 barrels.

This was actually announced by Obama in late 2010, during the congressional election campaign, and well before Chu's announcement. The oil futures market tanked, as the speculators temporarily fled, and the price at the pump dropped.

[fj1200]

Study and learn:

...

This was actually announced by Obama in late 2010, during the congressional election campaign, and well before Chu's announcement. The oil futures market tanked, as the speculators temporarily fled, and the price at the pump dropped.

Provide something educational please. You'll have to point out the futures market "tanking" in late 2010 and correlate it to Obama pronouncements:


http://www.dailyfinance.com/quote/ny...il-futures/~cl

The problem is a temporary 30bb barrel release isn't going to have a long-term, if even much short-term, effect on the overall price. Here at least is the news regarding the June 2011 release announcement:

Oil prices, which were already sliding Thursday, fell even further after the announcement."Oil prices are getting assaulted on two fronts today," said Kloza.In fact, oil and gas prices have been falling for the past several months. The price of a gallon of gas nearly broke $4 in May. Gas prices were selling at $3.61 a gallon Wednesday, according to motorist group AAA.

Most experts attribute the price declines to expectations of weaker demand as the economic recovery continues to slow.

http://money.cnn.com/2011/06/23/mark...ices/index.htm