Do you have adblock enabled?
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Powerline)   The results of Obama's release of oil from the strategic reserve are in: it was a collosal failure if the attempt was to lower gas prices, but a huge success at providing Big Oil subsidies   (powerlineblog.com ) divider line
    More: Fail, Strategic Petroleum Reserve, strategic reserve, oil reserves, gas prices, obama  
•       •       •

1320 clicks; posted to Politics » on 06 Jul 2011 at 4:54 AM (5 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



115 Comments     (+0 »)
 
 
2011-07-05 08:33:09 PM  
... because Obama is out to punish Big Oil for polluting the... Oh fark it, just print "we hate Obama!!!!1!" and save us the hot air.

/paid 40 cents/gal less for gas yesterday than I did 6 weeks ago, 20 cents less than I paid 3 weeks ago. But it's just the gas stations collaborating with the Liberal Media.
 
2011-07-05 08:43:49 PM  
The spin is in!
/your powerlineblog sucks
 
2011-07-05 08:45:19 PM  
Again...

It must be very strange to be President Bush. A man of extraordinary vision and brilliance approaching to genius, he can't get anyone to notice. He is like a great painter or musician who is ahead of his time, and who unveils one masterpiece after another to a reception that, when not bored, is hostile.


-John Hinderaker, Powerline Blog
 
2011-07-05 09:04:22 PM  
Government shouldn't be in the business of padding big corporations' pockets, nor fixing prices on luxuries. Gas too expensive for your fat ass to drive a 4 ton truck 5 miles to your office every day? Ride a farking bike instead.
 
2011-07-05 09:05:47 PM  
If your blog sucked any harder, it would implode

/gas down $0.60 a gallon here and still falling, albeit slowly
 
2011-07-05 09:24:56 PM  
So, any good that additional supplies to the market does has been offset by continued weakness in the dollar (as the market loses confidence that this government will do what it needs to do to bring our fiscal house in order).

So. Republicans are the ones f*cking us, then, right?
 
2011-07-05 09:37:54 PM  

MaudlinMutantMollusk: If your blog sucked any harder, it would implode

/gas down $0.60 a gallon here and still falling, albeit slowly


yeah we're at 3.14 here
 
2011-07-05 09:41:23 PM  
Well if Powerline says so
 
2011-07-05 09:51:52 PM  
Huh, so Powerline doesn't like something Obama did and/or didn't do. Who'da thunk? They've been such supporters till now.
 
2011-07-05 10:11:06 PM  
Oh good, a sucky blog getting greenlit. This should generate some quality discussion.
 
2011-07-05 10:15:14 PM  
So Republicans now oppose oil company handouts? So let's trash the oil company subsidies, right?
 
2011-07-05 10:17:07 PM  
Well, in May it was $3.91 here in Ft. Worth. It is now $3.39.

Now, if it starts going down again, that'd be awesome.

/it was $3.32 yesterday
 
2011-07-05 10:20:05 PM  
$3.77 now and I'm driving to Vermont on Friday, where I'm sure I'll cry at the price there.
 
2011-07-05 10:24:33 PM  
There's been a modest price reduction here, though I'm still not sure I'm in favor of ideas like that.

/Not a "collosal failure," though.
 
2011-07-05 10:26:28 PM  
collosal?

Not only does your blog suck, but you can't spell either.
 
2011-07-05 10:28:28 PM  
Always great to see complete and utter falsehoods get greenlit.
 
2011-07-05 10:32:52 PM  
t0.gstatic.com
 
2011-07-05 10:36:11 PM  
Whenever I read a Powerline link, I think of that Bill Hicks joke.

After they die, we're going to find out that they paid guys to piss on them while sitting naked in a bathtub.

There is enough bizarre, repressed homosexuality shooting though that blog to power a small city.
 
2011-07-05 10:42:39 PM  
Bour Slog Yucks
 
2011-07-05 10:46:30 PM  

MisterTweak: ... because Obama is out to punish Big Oil for polluting the... Oh fark it, just print "we hate Obama!!!!1!" and save us the hot air.

/paid 40 cents/gal less for gas yesterday than I did 6 weeks ago, 20 cents less than I paid 3 weeks ago. But it's just the gas stations collaborating with the Liberal Media.


But you paid100% more than you did in Jan 2008
 
2011-07-05 10:59:22 PM  

SouthernManDunWrong: MisterTweak: ... because Obama is out to punish Big Oil for polluting the... Oh fark it, just print "we hate Obama!!!!1!" and save us the hot air.

/paid 40 cents/gal less for gas yesterday than I did 6 weeks ago, 20 cents less than I paid 3 weeks ago. But it's just the gas stations collaborating with the Liberal Media.

But you paid100% more than you did in Jan 2008


Right now, I'm paying much less for gas than I did in July, 2008, when Bush the Younger was running this country into the ground.
 
2011-07-05 11:00:52 PM  
this blog sucks, but i really can't think of a metric you could point to which would show this move to be a success, unless you can some-how quantify political posturing.
 
2011-07-05 11:17:19 PM  
Lower gas prices will increase sales of fuel-efficient cars, encourage conservation, and reduce dependence on foreign oil.

Or the exact opposite.
 
2011-07-05 11:58:28 PM  

SouthernManDunWrong: Jan 2008


flowingdata.com

Selective memory is selective.
 
2011-07-06 12:44:20 AM  
I don't understand why you all, or in the spirit of this thread "y'all" respond to SMDW as if he is serious, if you step back and recognize the wit of his comedic stylings he is truly quite funny
 
2011-07-06 12:50:51 AM  
Subsidies for Big Oil are now bad?
 
2011-07-06 12:54:14 AM  
However, that release stuck it to speculators, who might think twice about doubling down when oil prices are climbing.

That's just good policy.
 
2011-07-06 01:00:00 AM  

unyon: However, that release stuck it to speculators, who might think twice about doubling down when oil prices are climbing.

That's just good policy.


oil prices had been dropping, hadn't they? from what i can tell, the only speculators that got it stuck to them were those whose contracts expired within like a week after the announcement.
 
2011-07-06 04:57:39 AM  
LOLPOWERLINE!
 
2011-07-06 04:59:57 AM  
I pay 3 cents per gallon less at Safeway because I have a Safeway Club Card.

Suck it, haters!
 
2011-07-06 05:08:22 AM  
It's funny, people will complain about government. They will complain that the government does too much. That it intereferes too much in their lives. That government should get out of the way of businesses, and let them try and make a profit.

But gas prices go up $0.10, and who do they run screaming and crying to? The government. "Why won't you save us from these horrible gas price increases".
 
2011-07-06 05:13:45 AM  

Lorelle: SouthernManDunWrong: MisterTweak: ... because Obama is out to punish Big Oil for polluting the... Oh fark it, just print "we hate Obama!!!!1!" and save us the hot air.

/paid 40 cents/gal less for gas yesterday than I did 6 weeks ago, 20 cents less than I paid 3 weeks ago. But it's just the gas stations collaborating with the Liberal Media.

But you paid100% more than you did in Jan 2008

Right now, I'm paying much less for gas than I did in July, 2008, when Bush the Younger was running this country into the ground.


Yup, summer 2008 was around 5 bucks a gallon where I was.

I remember this because I had a 40 mile commute for my job for a few months.
 
2011-07-06 05:17:27 AM  

AverageAmericanGuy: I pay 3 cents per gallon less at Safeway because I have a Safeway Club Card.

Suck it, haters!


80 cents off a gallon at Kroger last week. To be fair, that was a shiatload of groceries, but everyone in my family just uses the same card so it isnt that bad. They also will generally let you fill up how ever many cars you want for the discount as long as its on the same transaction. So my parents and my brother take 3 cars at a time normally

/Hell yeah
 
2011-07-06 05:22:10 AM  
Well...they're right.
 
2011-07-06 05:24:55 AM  
Fark favors us all with a second helping of Powerline linkage?

And we did what precisely to deserve this?

Just wanna know in order to avoid making a similar offense in future.

So this is what this looks like...

Republicans a couple of weeks ago: zOMG! Fartbama will totes lose in 2012 cos he's not doing enuff about gas prices rising!1!

Obama: Releases some of the SOR. Prices ease somewhat.

Republicans this week: OMG. Fartbama is gonna lose in 2012 cos he's totes in BigOil's pocket.

Sane people everywhere: {impliedfacepalm.jpg}

/Has anyone mentioned yet that this powerlineblog sucks? Cos it really, really does.
 
2011-07-06 05:25:09 AM  

unlikely: Subsidies for Big Oil are now bad?


OMG why does Powerline hate America?!!
 
2011-07-06 05:36:43 AM  
http://gasbuddy.com/gb_retail_price_chart.aspx

US avg on 6/23 when it was announced: 3.63
US avg today: 3.58

Net drop: 5 cents.
 
2011-07-06 05:46:31 AM  

HansensDisease: SouthernManDunWrong: Jan 2008

[flowingdata.com image 530x578]

Selective memory is selective.


And that should be the last we see of him in this thread.
 
2011-07-06 05:58:29 AM  

AdolfOliverPanties: Again...

It must be very strange to be President Bush. A man of extraordinary vision and brilliance approaching to genius, he can't get anyone to notice. He is like a great painter or musician who is ahead of his time, and who unveils one masterpiece after another to a reception that, when not bored, is hostile.

-John Hinderaker, Powerline Blog


At least I'm not farkin' bored!
 
2011-07-06 05:58:55 AM  
All I know is that, around here, gas was $3.39/gal yesterday morning and by evening it had jumped to $3.69/gal.
 
2011-07-06 06:10:31 AM  
So... gas prices didn't spike like they usually do for the July 4th weekend?

Sounds like a success to me.
 
2011-07-06 06:11:22 AM  

cameroncrazy1984: $3.77 now and I'm driving to Vermont on Friday, where I'm sure I'll cry at the price there.


Eh, nope. Vermont is about 10 cents cheaper.
 
2011-07-06 06:12:28 AM  
The price has been dropping a few cents more each day around here since that announcement. On the other hand, I haven't bought gas since beforehand.
 
2011-07-06 06:17:19 AM  
2.bp.blogspot.com

/the only Powerline I trust
 
2011-07-06 06:23:45 AM  

ZoSo_the_Crowe: So... gas prices didn't spike like they usually do for the July 4th weekend? Sounds like a success to me.


Oil prices are on the rise.
 
2011-07-06 07:03:00 AM  
also from this douche, responding to an e-mail from someone asking about how the ex gay-porn star who found his way to the White House press pool to lob a softball at Bush got his way into the WH:

You dumb shiat, he didn't get access using a fake name, he used his real name. You lefties' concern for White House security is really touching, but you know what, you stupid asshole, I think the Secret Service has it covered. Go crawl back into your hole, you stupid left-wing shiathead. And don't bother us anymore. You have to have an IQ over 50 to correspond with us. You don't qualify, you stupid shiat.

what a fun guy!
 
2011-07-06 07:04:07 AM  

Thats No Moose: HansensDisease: SouthernManDunWrong: Jan 2008

[flowingdata.com image 530x578]

Selective memory is selective.

And that should be the last we see of him in this thread.


Unless he posts under his haterade69 account.

It's totally shocking that SMDW was an alt. Shocking.
 
2011-07-06 07:13:03 AM  

chard: what a fun guy!


For some reason that made me think of the old Lazlo Toth books which were collections of letters written by Don Novello of SNL fame. It's not a bad idea really. Get them to incriminate themselves, assassinate their own characters in their own hand, turn around, sell the book.
 
2011-07-06 07:33:18 AM  
Powerline? Jesus wept......
 
2011-07-06 07:34:04 AM  
Thread is full of Obamapologists. Its really disturbing how they will defend his actions tooth and nail.

The gas reserves being used is a form of price fixing. The wall st guys buying this stuff up at this price to sell to us 6 weeks later at $1 more to make them rich.
 
2011-07-06 07:35:22 AM  
The price of gas fell about 30 cents in the month before Obama decided to open the reserve and you dopes are giving credit to Obama for the drop in gas prices?

Since the release of the reserve the price of crude has jumped and gas prices are going along with it.

The release of the reserve was an idiotic political move that had zero effect on the market.
 
2011-07-06 07:43:27 AM  

DozeNutz: Thread is full of Obamapologists. Its really disturbing how they will defend his actions tooth and nail.

The gas reserves being used is a form of price fixing. The wall st guys buying this stuff up at this price to sell to us 6 weeks later at $1 more to make them rich.


So you should be happy that the Wall Street guys are getting rich, right?
 
2011-07-06 07:52:15 AM  
Not sure what Obama can do. This country was already broken when he got it to fix. Now like a bunch of dumb-asses, we can't see or reason why thing will take time to straighten out.

No easy fixes. No clear fixes.

Ask yourself which party d you think the oil companies would rather be in power? I tend to think republicans. Maybe we should give them that too...huh?
 
2011-07-06 07:56:34 AM  
For those of you who missed the first few episodes, the neocon script went something like this:

Upon initial announcement: "OMG Fartbama is dumb that will never work!"

Upon (short-lived) drop in Oil prices: "It worked, but Fartbama didn't do it, he's just taking the credit!"

Today: "OMG Fartbama's plan failed!"


I'm a conservative, and not a Fanboy of the One by any stretch, but the duplicitous ditto-headedness of many Fark neocons is often as bad or worse than those who think he's the second coming.
 
2011-07-06 07:57:10 AM  
Good job, Oilbama!
 
2011-07-06 07:57:55 AM  
There's no big surprise here. The administration is consistently failing at pretty much everything.
 
2011-07-06 08:01:09 AM  

thomps: unyon: However, that release stuck it to speculators, who might think twice about doubling down when oil prices are climbing.

That's just good policy.

oil prices had been dropping, hadn't they? from what i can tell, the only speculators that got it stuck to them were those whose contracts expired within like a week after the announcement.


i'm not sure the ins and outs of it, but apparently obama hit them at the worst possible time. in fact the release of petroleum was mainly designed to hammer speculators, as they were the prime cause of the bubble.
 
2011-07-06 08:03:02 AM  

Ball Sack Obama: There's no big surprise here. The administration is consistently failing at pretty much everything.


yeah, they failed to protect bin laden. they failed to allow a second great republican depression. they failed to destroy the environment. they failed to protect wall street from new financial regulation. they failed to allow 40 million americans to go uninsured. that's a lot of fail!
 
2011-07-06 08:05:01 AM  

Jake Havechek: DozeNutz: Thread is full of Obamapologists. Its really disturbing how they will defend his actions tooth and nail.

The gas reserves being used is a form of price fixing. The wall st guys buying this stuff up at this price to sell to us 6 weeks later at $1 more to make them rich.

So you should be happy that the Wall Street guys are getting rich, right?


no, you flaming douche
 
2011-07-06 08:12:23 AM  
Suckblog.com
 
2011-07-06 08:17:20 AM  

DozeNutz: Thread is full of Obamapologists. Its really disturbing how they will defend his actions tooth and nail.


Uh, the gas prices went down. That's not debatable. That's observable fact. The headline is a lie. No, I'm not clicking on Powerline.
 
2011-07-06 08:19:09 AM  
Right, releasing 30mil barrels when the world consumes almost 3 times that EVERY DAY, this was going to move the market/price.

It was nothing more than a cheap ploy by Obama. I thought as a Nobel prize winner and one of the brightest presidents ever he would be above this kind of gimmick. How disappointing, everybody says he has such potential
 
2011-07-06 08:20:24 AM  
Sooo muuuuuch butthurt. Sooo muuuuuch.
 
2011-07-06 08:21:38 AM  

DozeNutz: Jake Havechek: DozeNutz: Thread is full of Obamapologists. Its really disturbing how they will defend his actions tooth and nail.

The gas reserves being used is a form of price fixing. The wall st guys buying this stuff up at this price to sell to us 6 weeks later at $1 more to make them rich.

So you should be happy that the Wall Street guys are getting rich, right?

no, you flaming douche


Huh. I don't get it. Corporate fatcats are like gods to you guys.
 
2011-07-06 08:22:56 AM  

FlashHarry: Ball Sack Obama: There's no big surprise here. The administration is consistently failing at pretty much everything.

yeah, they failed to protect bin laden. they failed to allow a second great republican depression. they failed to destroy the environment. they failed to protect wall street from new financial regulation. they failed to allow 40 million americans to go uninsured. that's a lot of fail!


Yeah, yeah, yeah... remind me why his approval ratings are in the toilet again without invoking George Bush or racism.
 
2011-07-06 08:27:48 AM  

Ball Sack Obama: FlashHarry: Ball Sack Obama: There's no big surprise here. The administration is consistently failing at pretty much everything.

yeah, they failed to protect bin laden. they failed to allow a second great republican depression. they failed to destroy the environment. they failed to protect wall street from new financial regulation. they failed to allow 40 million americans to go uninsured. that's a lot of fail!

Yeah, yeah, yeah... remind me why his approval ratings are in the toilet again without invoking George Bush or racism.


1.) They've scarcely moved at all since he took office save a few percentages up and down that amount to nothing
2.) The president is always blamed when the nation is in the shiatter

Done.
 
2011-07-06 08:49:25 AM  

mcoctopus: http://gasbuddy.com/gb_retail_price_chart.aspx

US avg on 6/23 when it was announced: 3.63
US avg today: 3.58

Net drop: 5 cents.


White House considers tapping oil reserves (new window) - March 06, 2011

i121.photobucket.com

Link (new window)
 
2011-07-06 08:51:49 AM  
Your sponsor sucks, Drew.
 
2011-07-06 09:03:46 AM  

Thats No Moose: And that should be the last we see of him in this thread.


That's exactly what I was thinking. :)
 
2011-07-06 09:05:28 AM  

Minus1Kelvin: Thats No Moose: And that should be the last we see of him in this thread.

That's exactly what I was thinking. :)


Just enough time for two more nitwits to show up and shiat on the thread.
 
2011-07-06 09:06:12 AM  
why the fark are commodity markets unregulated ?

The price of oil is not due to supply and demand it is due to speculation pure and simple artificial manipulation of the market to generate profit for a few on the pain of the all.
 
2011-07-06 09:11:36 AM  
Blog blog blogs.
 
2011-07-06 09:12:58 AM  
SouthernManDunWrong:

But what does haterade think
 
2011-07-06 09:13:30 AM  
So an increase in supply doesn't have a measurable effect on prices? That doesn't help your "drill, baby, drill" argument.
 
2011-07-06 09:13:59 AM  
They call it powerline because you'd have to live under them to agree with the editorials.
 
2011-07-06 09:19:08 AM  
We were around 3.56 but just yesterday jump to 3.79 for no particular reason, looks like most the state of MI jump up as well. Probably using that oil spill in Yellowstone as an excuse.
 
2011-07-06 09:19:34 AM  

mitEj: why the fark are commodity markets unregulated ?

The price of oil is not due to supply and demand it is due to speculation pure and simple artificial manipulation of the market to generate profit for a few on the pain of the all.


That's a bullshiat claim. Every time prices go up, speculators get investigated - including by this administration - and you know what they ALWAYS find? Nothing.

This "speculators are causing it" is the same whiny, whimpering nothingness excuse it always is.

As far as the Obama move being stupid, you can go back and look at what I said here on Fark when he did it: it will lower prices slightly in the short run, but it won't do a thing in the long run. Prices will go right back up to where they were, and instead of dealing with consistently high prices that people can get used to, the prices will be rising.

Look at that. Just scant weeks later, and that's exactly what's happening. It wasn't exactly rocket science to figure it out. It was just common sense. Of course, that very simple and sane common sense is severly lacking in all the Obama fanboys who managed to convince themselves that this was some kind of genius move. It wasn't.

But, of course, the fanboys will never go back and apologize for their breathless attacks on everyone who already knew it wouldn't work as anything other than a very temporary dip in prices that were already going down anyway. They'll never admit that they were wrong, wrong, wrong or that Obama did this as a desperation move to try to boost his sagging popularity numbers.

But then, logic and common sense have always been missing from the fanboys, so finding that they lack either isn't any different from coming to the realization that the sun rises in the east.
 
2011-07-06 09:20:29 AM  
hahah, Obama is so stupid!

along with the leaders of the other countries that released oil reserves:

Australia
Republic of Korea
Austria
Luxembourg
Belgium
The Netherlands
Canada
New Zealand
Czech Republic
Norway
Denmark
Poland
Finland
Portugal
France
Slovak Republic
Spain
Greece
Sweden
Hungary
Switzerland
Ireland
Turkey
Italy
The United Kingdom
Japan
 
2011-07-06 09:23:34 AM  

krelborne: So an increase in supply doesn't have a measurable effect on prices? That doesn't help your "drill, baby, drill" argument.


You're an idiot. There is a world of difference between a one-time increase that won't and can't be repeated over the long-run, and increasing the long-term supply in the marketplace.

If you had ever taken an economics course in your life, this wouldn't have to be explained to you. You might want to look into finally finished that GED.
 
2011-07-06 09:25:59 AM  

LarryDan43: hahah, Obama is so stupid!

along with the leaders of the other countries that released oil reserves:

Australia
Republic of Korea
Austria
Luxembourg
Belgium
The Netherlands
Canada
New Zealand
Czech Republic
Norway
Denmark
Poland
Finland
Portugal
France
Slovak Republic
Spain
Greece
Sweden
Hungary
Switzerland
Ireland
Turkey
Italy
The United Kingdom
Japan


If you ever find yourself in the company of doing the same thing economically as Greece, Portugal and Spain (just to name the countries who are currently in the process of nationwide bankruptcies), then you would probably best consider the opposite course of action as the wiser one.
 
2011-07-06 09:28:24 AM  
I'm pretty liberal. I voted for Obama before, and I'll do it again.

That said, tapping the SPR was dumb, and a blatant, empty political gesture. The SPR is supposed to be reserved for actual crises and shortages, not for whenever Americans start whining about the cost of filling up their SUVs. Americans already pay less for gasoline than the rest of the developed world. It was ridiculous and unnecessary.

I don't want to see the SPR touched again until we start seeing scenes like this again.

upload.wikimedia.org
www.silverbearcafe.com
 
2011-07-06 09:28:46 AM  

jim_paul: krelborne: So an increase in supply doesn't have a measurable effect on prices? That doesn't help your "drill, baby, drill" argument.

You're an idiot. There is a world of difference between a one-time increase that won't and can't be repeated over the long-run, and increasing the long-term supply in the marketplace.

If you had ever taken an economics course in your life, this wouldn't have to be explained to you. You might want to look into finally finished that GED.


I was being sarcastic, idiot. Take your "sagging popularity numbers" talking point and GTFO.
 
2011-07-06 09:29:58 AM  

jim_paul: mitEj: why the fark are commodity markets unregulated ?

The price of oil is not due to supply and demand it is due to speculation pure and simple artificial manipulation of the market to generate profit for a few on the pain of the all.

That's a bullshiat claim. Every time prices go up, speculators get investigated - including by this administration - and you know what they ALWAYS find? Nothing.

This "speculators are causing it" is the same whiny, whimpering nothingness excuse it always is.

As far as the Obama move being stupid, you can go back and look at what I said here on Fark when he did it: it will lower prices slightly in the short run, but it won't do a thing in the long run. Prices will go right back up to where they were, and instead of dealing with consistently high prices that people can get used to, the prices will be rising.

Look at that. Just scant weeks later, and that's exactly what's happening. It wasn't exactly rocket science to figure it out. It was just common sense. Of course, that very simple and sane common sense is severly lacking in all the Obama fanboys who managed to convince themselves that this was some kind of genius move. It wasn't.

But, of course, the fanboys will never go back and apologize for their breathless attacks on everyone who already knew it wouldn't work as anything other than a very temporary dip in prices that were already going down anyway. They'll never admit that they were wrong, wrong, wrong or that Obama did this as a desperation move to try to boost his sagging popularity numbers.

But then, logic and common sense have always been missing from the fanboys, so finding that they lack either isn't any different from coming to the realization that the sun rises in the east.


you know how I can tell your not actully paying attention ?

http://www.reuters.com/article/2011/06/29/us-cftc-optiver-oil-manipula​tion-idUS T RE75S3LR20110629
and the attached fark link
http://www.fark.com/comments/6340062/Oil-traders-to-CFTC-Yes-we-manipu​late-oil- p rices-Can-we-just-cut-you-a-check

From less than a week ago.

There has been collusion with investigators in the past. It is the same nonsense as having banking insiders investigate the banking crisis and stating that there is no blame to be had on the banks side. or that no punishment is necessary.
 
2011-07-06 09:32:20 AM  

LarryDan43: along with the leaders of the other countries that released oil reserves:


If I were motivated, I'd do a marathon paint.net session, and put a cigarette in the mouths of the leaders of every one of those countries, then ask WHAT THE HELL IS THEIR PROBLEM? So imagine I did that
 
2011-07-06 09:41:07 AM  

mitEj: you know how I can tell your not actully paying attention ?


You know how I know you know absolutely NOTHING about trading or the oil markets?

What this firm did, "banging the close" and making a WHOLE million dollars off of it, is just about the biggest nothing in the world of nothingness ever in terms of manipulating the price of oil futures:

1) Literally trillions of dollars are traded on a daily basis. $1 million doesn't even qualify as a drop in the bucket.
2) "Banging the close" is a series of transactions that can literally take place in as little as a minute. The reason you have to do it at close is because the market will self-correct for that sort of thing within the next minute or two if you tried to do it during the trading day. Any increase is immediately deflated at opening the next day. So this would have had ZERO effect on long-term (or anything other than mini-micro) price trends.
3) That was in 2007...4 years ago. You got anything else other than that?

There has been collusion with investigators in the past. It is the same nonsense as having banking insiders investigate the banking crisis and stating that there is no blame to be had on the banks side. or that no punishment is necessary.

Of course, it's collusion. That explains why your hypothesis is so spectacularly wrong. It's just everyone conspiring together to keep you from knowing the truth. But you've got your trusty tinfoil hat intercepting their super-secret microwave transmissions so you KNOW what's going on even if they can fool everyone else.

Thanks for your vigilance, crime fighter.
 
2011-07-06 09:46:33 AM  

Jake Havechek: DozeNutz: Jake Havechek: DozeNutz: Thread is full of Obamapologists. Its really disturbing how they will defend his actions tooth and nail.

The gas reserves being used is a form of price fixing. The wall st guys buying this stuff up at this price to sell to us 6 weeks later at $1 more to make them rich.

So you should be happy that the Wall Street guys are getting rich, right?

no, you flaming douche

Huh. I don't get it. Corporate fatcats are like gods to you guys.


did I blow your mind? Did your whole notion of a republican (constitutional republican to be specific) just shatter? Are you now questioning your messiah? THAT IS BLASPHEMY I CAUGHT YOU! I AM FROM OBAMAPATROL COMING TO ARREST YOU FOR THOUGHTCRIME!!!

/ok im done
 
2011-07-06 09:49:17 AM  

jim_paul: mitEj: you know how I can tell your not actully paying attention ?

You know how I know you know absolutely NOTHING about trading or the oil markets?

What this firm did, "banging the close" and making a WHOLE million dollars off of it, is just about the biggest nothing in the world of nothingness ever in terms of manipulating the price of oil futures:

1) Literally trillions of dollars are traded on a daily basis. $1 million doesn't even qualify as a drop in the bucket.
2) "Banging the close" is a series of transactions that can literally take place in as little as a minute. The reason you have to do it at close is because the market will self-correct for that sort of thing within the next minute or two if you tried to do it during the trading day. Any increase is immediately deflated at opening the next day. So this would have had ZERO effect on long-term (or anything other than mini-micro) price trends.
3) That was in 2007...4 years ago. You got anything else other than that?

There has been collusion with investigators in the past. It is the same nonsense as having banking insiders investigate the banking crisis and stating that there is no blame to be had on the banks side. or that no punishment is necessary.

Of course, it's collusion. That explains why your hypothesis is so spectacularly wrong. It's just everyone conspiring together to keep you from knowing the truth. But you've got your trusty tinfoil hat intercepting their super-secret microwave transmissions so you KNOW what's going on even if they can fool everyone else.

Thanks for your vigilance, crime fighter.


I used it as an example simply because it took me less than 30 seconds to find, and to refute your disingenuous point that there is no evidence of speculation or profit taking in the market.

My final point before I stop arguing with an obvious troll is that there can be many things that are immoral in the manipulations of the committees market that are not illegal, especially since they are mostly deregulated. trying to claim that nothing is happening just because no laws have been obviously broken misses my point entirely.

The commodities markets as they exist now are under regulated and under scrutinized. To claim otherwise is ignorance, or willful obfuscation.

If ignorance please do some research. If willful obfuscation then clearly you realize it and are deriving some sort of personal gain from it.
 
2011-07-06 10:06:54 AM  
Oil Prices on 6/23 (the day after the "genius move")

Nymex Crude Future
Current Price: $91.93
$ Daily Change: +0.91
% Daily Change: +1.00%
As of this time: 19:59


Dated Brent Spot
Current Price: $108.92
$ Daily Change: -0.17
% Daily Change: -0.16%
As of this time: 20:09


WTI Cushing Spot (this is the only oil benchmark that was affected by the announcement)
Current Price: $90.65
$ Daily Change: -4.36
% Daily Change: -4.59%
As of this date: 06/23


Oil Prices as of Today (two weeks after the "genius move")

Nymex Crude Future
Current Price: $97.10
$ Change since "genius move": +5.17
% Change since "genius move": +5.62
As of this time: 9:45 AM EDT


Dated Brent Spot
Current Price: $112.95
$ Change since "genius move": +4.03
% Change since "genius move": +3.70
As of this time: 9:58 AM EDT


WTI Cushing Spot
Current Price: $96.59
$ Change since "genius move": +5.94
% Change since "genius move": +6.55
As of this time: 9:04 AM EDT


/source
//total "genius" move, though
 
2011-07-06 10:07:32 AM  
The "he's worried about his poll numbers" talking point is incredibly stupid. This is not an election year. The change in gas prices was going to be small and temporary and wouldn't help him at all. It wasn't going to significantly affect how he polls. Heck, the "bin Laden bounce" lasted... what, a matter of weeks? A little more of a day's worth of oil consumption wasn't going to do squat.

The people who are worried about his poll numbers are the haters who brought it up. Why? Because they want them to FALL and will scream and shout until they do.
 
2011-07-06 10:12:40 AM  

Jackson Herring: Blog blog blogs.


On the blagoblag?
 
2011-07-06 10:24:40 AM  

Hydra: Oil Prices on 6/23 (the day after the "genius move")


/Know how I know you don't know how futures work?
 
2011-07-06 10:37:32 AM  
img155.imageshack.us
 
2011-07-06 10:38:59 AM  

bigdavediode: /Know how I know you don't know how futures work?


Apparently you don't considering you didn't even make a point about it.

/know how I know you don't know what a spot price is?
 
2011-07-06 10:48:40 AM  
www.powerlineblog.com.php5-23.dfw1-2.websitetestlink.com
yep, middle aged white guy...you know who else was a middle aged white guy?!?!
 
2011-07-06 10:48:45 AM  
Goldman Sachs said the international stockpile release could reduce its forecast of crude oil prices by $10 to $12 a barrel over the next three months, and by $5 to $7 a barrel in 2012.

http://www.washingtonpost.com/business/economy/us-allies-to-release-6​0​m-barrel s- from-oil-reserves/2011/06/23/AGhcVKhH_story_1.html (new window)
 
2011-07-06 10:54:58 AM  
There are a lot of folks with their heads in the sand about this, but then again why should today be any different than any other day?
 
2011-07-06 10:59:03 AM  

PanicMan: Goldman Sachs said the international stockpile release could reduce its forecast of crude oil prices by $10 to $12 a barrel over the next three months, and by $5 to $7 a barrel in 2012.

http://www.washingtonpost.com/business/economy/us-allies-to-release-60​m-barrel s- from-oil-reserves/2011/06/23/AGhcVKhH_story_1.html (new window)


Yeah, and Barrons says it will be $150 by next Spring. What's your point?

Get Ready for $150 Oil

/speculate
 
2011-07-06 11:16:56 AM  

Hydra: bigdavediode: /Know how I know you don't know how futures work?

Apparently you don't considering you didn't even make a point about it.

/know how I know you don't know what a spot price is?


Hm, y'know, that was a childish response.

The message I meant to convey is that people shouldn't make sweeping statements about other people they know nothing about across the internet - just like I intentionally did with you. Since this is a Fark debate, anyone and everyone is a former US Mint worker getting a kick out of the replies who has to be at the gym in 26 minutes, and with things like Google and Investopedia out there, it's easy to look up any esoteric information that used to be known only by a select few.

I should have responded in a better way, though, so sorry about that.
 
2011-07-06 11:20:09 AM  

Hydra: bigdavediode: /Know how I know you don't know how futures work?

Apparently you don't considering you didn't even make a point about it.

/know how I know you don't know what a spot price is?


Well good luck with that, given that spot prices are down over a week. "On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at $94.74 a barrel at 0637 GMT, down $0.20 in the Globex electronic session. August Brent crude on London's ICE Futures exchange fell $0.44 to $110.95 a barrel. " In addition, SPI releases aren't exactly done the same day, opens generally have higher vega, and rollover isn't until the 20th.

I LOVE what the WSJ wrote which was that oil was weaker due to the "Greek crisis" -- that made me laugh. They're just clawing their way up Murdoch's ass at this point.
 
2011-07-06 11:24:50 AM  
Really? Because prior to releasing from the reserve, gas was over $4.00 a gallon. Now it's at $3.75.
 
2011-07-06 11:43:42 AM  
i121.photobucket.com


Speculative markets are a funny thing. The price at the pump today has more to do with the death of bin Laden and the general hope of more stable oil as a result than the release of oil from the SOR.

Too bad you can only kill bin Laden once.
 
2011-07-06 11:46:53 AM  
Driving around the San Fernando Valley here and noticed gas prices dipping into the $3 zone again. First time in months.
 
2011-07-06 11:49:46 AM  
$3.37 a gallon near me. (just looked up current prices)
 
2011-07-06 11:50:22 AM  

turbidum: [2.bp.blogspot.com image 320x240]

/the only Powerline I trust


Came here for that reference, left feeling satisfied
 
2011-07-06 11:50:48 AM  

Alphax: $3.37 a gallon near me. (just looked up current prices)


I bet you did that on the Internet, which was created by socialism. So now, you are wrong. Because Socialism.
 
2011-07-06 11:51:46 AM  
Cloudchaser Sakonige the Red Wolf (ignored) Quote 2011-07-06 11:50:22 AM

A republican furry appears! I use ignore. IT'S SUPER EFFECTIVE!
 
2011-07-06 12:03:06 PM  

AdolfOliverPanties: It must be very strange to be President Bush. A man of extraordinary vision and brilliance approaching to genius, he can't get anyone to notice. He is like a great painter or musician who is ahead of his time, and who unveils one masterpiece after another to a reception that, when not bored, is hostile.

-John Hinderaker, Powerline Blog



Wow. that is awesome.

It appears the comments section is closed on the blog, but I really wanted to post this.
 
2011-07-06 12:06:31 PM  

SpectroBoy: AdolfOliverPanties: It must be very strange to be President Bush. A man of extraordinary vision and brilliance approaching to genius, he can't get anyone to notice. He is like a great painter or musician who is ahead of his time, and who unveils one masterpiece after another to a reception that, when not bored, is hostile.

-John Hinderaker, Powerline Blog


Wow. that is awesome.

It appears the comments section is closed on the blog, but I really wanted to post this.


At first glance I thought that read "Pres. Obama", not Bush. LOL. Wow, what a statement!!
 
2011-07-06 12:27:50 PM  

Doc Daneeka: I'm pretty liberal. I voted for Obama before, and I'll do it again.

That said, tapping the SPR was dumb, and a blatant, empty political gesture. The SPR is supposed to be reserved for actual crises and shortages, not for whenever Americans start whining about the cost of filling up their SUVs. Americans already pay less for gasoline than the rest of the developed world. It was ridiculous and unnecessary.

I don't want to see the SPR touched again until we start seeing scenes like this again.

[upload.wikimedia.org image 407x600]
[www.silverbearcafe.com image 340x253]


I'm fairly liberal, I voted for Obama, and I won't do it again. We are in 4 (or is it 5?) wars, not 0. Troops are coming home over time over a number of years, not soon enough. Not strong enough on Gay Marriage, not strong enough on ending the War on Drugs.

Yeah, I may be "wasting" my vote, but I'm voting for Gary Johnson.

/He kicked ass as Governor
//http://www.garyjohnson2012.com/issues
 
2011-07-06 02:09:42 PM  

DozeNutz: Thread is full of Obamapologists. Its really disturbing how they will defend his actions tooth and nail.

The gas reserves being used is a form of price fixing. The wall st guys buying this stuff up at this price to sell to us 6 weeks later at $1 more to make them rich.


I figured the oil reserve was just a convenient way to subsidize friendly Middle Eastern governments when the market price wouldn't allow them to dump extra oil on the world market without consequences.

/Didn't get up to the chapter about its actual creation though. I just noticed that the Shah of Iran put forward that precise plan for a strategic oil reserve in the 60s.
 
2011-07-06 03:16:36 PM  
I wonder if the cost of gas has ever come down in the summer, since we started paying attention.
I can't find any evidence that it has ever done so.
 
2011-07-06 07:06:23 PM  
I didn't think so when I received my oil royalty check.
 
2011-07-06 07:11:49 PM  
We have some of the highest prices in the country, and it's down 40 cents from where it was a few weeks ago, and still dropping.

Suck it, repugnitards.
 
2011-07-06 09:41:23 PM  
As someone in the seafood industry, we don't give a shiat why our costs (and therefor price off the boat) is/are dropping. The drop in fuel prices is the only break we've had in years, and it is very welcome.
 
2011-07-08 03:50:48 PM  

LarryDan43: hahah, Obama is so stupid!

along with the leaders of the other countries that released oil reserves:

Australia
Republic of Korea
Austria
Luxembourg
Belgium
The Netherlands
Canada
New Zealand
Czech Republic
Norway
Denmark
Poland
Finland
Portugal
France
Slovak Republic
Spain
Greece
Sweden
Hungary
Switzerland
Ireland
Turkey
Italy
The United Kingdom
Japan


This.

It was a strategic move to offset the interruption of Libyan supplies. Hence the name "strategic reserves"
 
Displayed 115 of 115 comments


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »
On Twitter






In Other Media


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report