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Oil Falls on Report Obama, Cameron Discussed SPR Release

Bloomberg -- Oil fell for the third time in four days on reports that President Barack Obama discussed a release from the U.S. Strategic Petroleum Reserve with U.K. Prime Minister David Cameron.

Futures declined 0.3 percent as Jay Carney, the White House press secretary, said the leaders reached no agreement. The price dropped as much as 1.6 percent in intraday trading after Reuters reported that two people it didn’t name said the U.K. has decided to cooperate with the U.S. on a supply release with gasoline pump prices over $3.80 a gallon.

“The market took a massive tumble on the rumors of a SPR release,” said Stephen Schork, president of the Schork Group in Villanova, Pennsylvania. “It makes sense that they would be planning a release now. We will have to see if the bears can continue to keep us...

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Submitted Mar 16, 2012 By: Mudsprings

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boldrph Champion Author Topeka Posts:18,523 Points:3,477,390 Joined:Oct 2002	Message Posted: Mar 16, 2012 10:21:53 PM Ignore boldrph Report Abuse speculate that
Blue48 Champion Author Illinois Posts:7,440 Points:1,664,670 Joined:Feb 2007	Message Posted: Mar 16, 2012 9:51:06 PM Ignore Blue48 Report Abuse THEN WHY DID GAS GO UP .30c,TO $4.09, HERE IN PEORIA IL!
PetroScopper Champion Author Houston Posts:6,755 Points:1,576,660 Joined:Aug 2008	Message Posted: Mar 16, 2012 9:17:34 PM Ignore PetroScopper Report Abuse If we change the rhetoric, we change the prices... as long as Romney is yacking about what he going to do to Iran, along with everything else that is happening in the Middle East, we will deal with higher than normal oil and gas prices.
SparkieMi Champion Author Kalamazoo Posts:3,395 Points:614,770 Joined:Sep 2011	Message Posted: Mar 16, 2012 9:11:56 PM Ignore SparkieMi Report Abuse Really!!!! The price of oil may have dropped but pump prices here went up!! More smoke blown up our ( you know what!!)
PoohMcGoo Champion Author Alabama Posts:3,122 Points:821,610 Joined:Dec 2010	Message Posted: Mar 16, 2012 9:01:26 PM Ignore PoohMcGoo Report Abuse What, he found a magic bullet?
ezone Champion Author Florida Posts:2,455 Points:964,815 Joined:Oct 2008	Message Posted: Mar 16, 2012 8:56:43 PM Ignore ezone Report Abuse Sounds like the previous article.
duffee01 All-Star Author Mississippi Posts:793 Points:446,180 Joined:Sep 2011	Message Posted: Mar 16, 2012 8:51:03 PM Ignore duffee01 Report Abuse Just you wait till it gets closer to November, he will be getting out the real grease so that it won't hurt none at all. In other words, you ain't seen nothing yet.
Gas4Gore Champion Author Detroit Posts:2,519 Points:443,250 Joined:Jan 2010	Message Posted: Mar 16, 2012 8:46:36 PM Ignore Gas4Gore Report Abuse If President Barack Hussein Obama wants to, he can bring down the price of gas. It all depends how much he needs to be re-elected.
jshock Champion Author Missouri Posts:1,275 Points:368,335 Joined:Feb 2007	Message Posted: Mar 16, 2012 8:44:18 PM Ignore jshock Report Abuse Is this an election year?
DustyHorse Champion Author Virginia Posts:6,214 Points:1,415,830 Joined:Oct 2008	Message Posted: Mar 16, 2012 8:42:37 PM Ignore DustyHorse Report Abuse 0.3% is not much of a drop!
gass12 Champion Author Omaha Posts:8,523 Points:2,330,420 Joined:Oct 2005	Message Posted: Mar 16, 2012 8:39:27 PM Ignore gass12 Report Abuse Oil has droped for 4 days this week - but the price of Gas has gone up.
sillywagon Champion Author New York Posts:15,105 Points:1,467,845 Joined:Oct 2008	Message Posted: Mar 16, 2012 8:37:20 PM Ignore sillywagon Report Abuse Where is the emergency? I don't like paying $3.93 a gallon, but there is no disruption in supply. This move is just political. Plus it will have short term effects.
boborobot All-Star Author Michigan Posts:503 Points:440,740 Joined:Dec 2011	Message Posted: Mar 16, 2012 8:31:49 PM Ignore boborobot Report Abuse Hate speculators
GAS1251 Champion Author Texas Posts:5,288 Points:1,652,935 Joined:Jun 2008	Message Posted: Mar 16, 2012 8:31:41 PM Ignore GAS1251 Report Abuse Gas at pump rose another dime.
dollarwatcher Champion Author Wisconsin Posts:8,075 Points:1,560,970 Joined:Mar 2007	Message Posted: Mar 16, 2012 8:30:54 PM Ignore dollarwatcher Report Abuse That was yesterday, today it went up 2 something AND let our emergency supply alone.
monarch57 Champion Author British Columbia Posts:1,655 Points:138,650 Joined:Nov 2008	Message Posted: Mar 16, 2012 8:30:38 PM Ignore monarch57 Report Abuse Woopie do, oil should drop $40 a barrel./
spedygonzales All-Star Author Toronto Posts:925 Points:483,235 Joined:May 2011	Message Posted: Mar 16, 2012 8:23:00 PM Ignore spedygonzales Report Abuse ok i guess
pgerassi Champion Author Milwaukee Posts:11,031 Points:2,158,270 Joined:Apr 2007	Message Posted: Mar 16, 2012 8:21:42 PM Ignore pgerassi Report Abuse ok.
ratones1 Champion Author Los Angeles Posts:2,987 Points:755,255 Joined:Mar 2011	Message Posted: Mar 16, 2012 8:21:28 PM Ignore ratones1 Report Abuse lies...
Fedorov91 Champion Author Tampa Posts:1,475 Points:902,560 Joined:Oct 2008	Message Posted: Mar 16, 2012 8:16:37 PM Ignore Fedorov91 Report Abuse Load of crap
Beaveronparade Champion Author Hartford Posts:2,164 Points:659,505 Joined:Mar 2011	Message Posted: Mar 16, 2012 8:16:11 PM Ignore Beaveronparade Report Abuse Gas is still going up here in CT. It needs to go down.
hcivic Champion Author Virginia Posts:3,984 Points:2,291,465 Joined:Aug 2005	Message Posted: Mar 16, 2012 8:10:29 PM Ignore hcivic Report Abuse we'll see. I dought it
DrLyon Champion Author Michigan Posts:6,759 Points:1,237,415 Joined:May 2006	Message Posted: Mar 16, 2012 8:09:42 PM Ignore DrLyon Report Abuse So gas rises here... Go figure...
TXGasPriceSpy Champion Author Fort Worth Posts:7,947 Points:1,498,025 Joined:Sep 2008	Message Posted: Mar 16, 2012 8:07:12 PM Ignore TXGasPriceSpy Report Abuse I wish I could believe everything I read!!!
ghmortensen Champion Author Minnesota Posts:2,036 Points:1,691,270 Joined:Jan 2007	Message Posted: Mar 16, 2012 8:03:38 PM Ignore ghmortensen Report Abuse Bogus
kishoreCA Champion Author Ventura Posts:3,292 Points:418,645 Joined:Mar 2012	Message Posted: Mar 16, 2012 8:01:12 PM Ignore kishoreCA Report Abuse just betting on a news scoop.
Panama Red Champion Author San Diego Posts:11,208 Points:2,525,015 Joined:Jun 2004	Message Posted: Mar 16, 2012 7:56:12 PM Ignore Panama Red Report Abuse Release of oil from the USA SPR is not a good idea. It's been tried before, with no lasting effect on gasoline prices. It is just a political ploy in an election year.
Asbury09 Champion Author Iowa Posts:7,343 Points:1,556,055 Joined:Jan 2009	Message Posted: Mar 16, 2012 7:55:55 PM Ignore Asbury09 Report Abuse leave the SPR alone, we may need it for an emergency some day
knot2swift Champion Author Calgary Posts:4,501 Points:716,760 Joined:Nov 2009	Message Posted: Mar 16, 2012 7:51:47 PM Ignore knot2swift Report Abuse Nothing like borrowing from bank! We all thought Greece was in trouble owing hundreds of billions. The US is at 15.5 trillion these days! The SPR is a bank. So stupid the US is wasting money on worthless wars, homeland security and dipping into savings like the SPR. A dying empire.
DriverofRed Champion Author Calgary Posts:2,303 Points:435,685 Joined:Dec 2011	Message Posted: Mar 16, 2012 7:51:28 PM Ignore DriverofRed Report Abuse ok
min_fuel Champion Author Philadelphia Posts:1,956 Points:725,545 Joined:Jan 2008	Message Posted: Mar 16, 2012 7:49:14 PM Ignore min_fuel Report Abuse Dumb, Drill for the 1 trillion barrels of oil in North Dakota, build the Keystone XL pipeline to move it to the Gulf refineries along with the Canadian Tar Sand Oil. Do something good for yourself and America, and dump Obama.
amearly Champion Author Michigan Posts:12,250 Points:2,493,360 Joined:Jan 2006	Message Posted: Mar 16, 2012 7:47:34 PM Ignore amearly Report Abuse One says one thing while the other say is not happening , Obama will what until it's closer to election time.
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: Mar 16, 2012 7:45:40 PM Ignore Agarre Report Abuse Obama is done with office
nightworker998 Champion Author Maryland Posts:1,902 Points:687,940 Joined:Mar 2009	Message Posted: Mar 16, 2012 7:44:32 PM Ignore nightworker998 Report Abuse won't help the last release was bought by 2 large banks, a hedge fund, and aretirement plan.
murph777 Veteran Author New Jersey Posts:328 Points:65,180 Joined:Jan 2012	Message Posted: Mar 16, 2012 7:42:26 PM Ignore murph777 Report Abuse Prices still going up in our area.
SUPERQUACK Champion Author Sacramento Posts:6,247 Points:1,937,380 Joined:Jun 2007	Message Posted: Mar 16, 2012 7:42:08 PM Ignore SUPERQUACK Report Abuse BACK UP TOMORROW
Zeke33 Champion Author New Hampshire Posts:5,654 Points:1,634,145 Joined:Sep 2005	Message Posted: Mar 16, 2012 7:36:05 PM Ignore Zeke33 Report Abuse Obummer is lying--just getting ready to ramp up campaigning. He wants to see what effect the lie will have on the price of oil so that he can use it again to pull himself out of the fire just before the election.
INSugar Rookie Author Indiana Posts:78 Points:286,620 Joined:Mar 2005	Message Posted: Mar 16, 2012 7:35:43 PM Ignore INSugar Report Abuse Wow! What an out-and-out ploy to gain votes! Shameful.
stephen2155 Champion Author North Carolina Posts:3,145 Points:683,330 Joined:Jun 2011	Message Posted: Mar 16, 2012 7:35:03 PM Ignore stephen2155 Report Abuse Ok
trojanot Champion Author Michigan Posts:1,989 Points:713,445 Joined:Jan 2009	Message Posted: Mar 16, 2012 7:34:01 PM Ignore trojanot Report Abuse The U. S. and U. K. combined can't release enough crude oil to have more than a week or two affect in the market. Far better to increase global production and refining capacity, plus look long-term at increasing alternative energy sources.
ericbcire Champion Author Nevada Posts:4,655 Points:1,293,460 Joined:Aug 2009	Message Posted: Mar 16, 2012 7:33:55 PM Ignore ericbcire Report Abuse Prices must drop or the economy will worsen.
wdbtchr Rookie Author St. Louis Posts:22 Points:86,165 Joined:Mar 2009	Message Posted: Mar 16, 2012 7:30:31 PM Ignore wdbtchr Report Abuse Want to see the price of gas go down, start talking about restricting gas shipments overseas. Then watch the price at the pump drop.
us4usa Champion Author Missouri Posts:6,118 Points:1,136,670 Joined:May 2008	Message Posted: Mar 16, 2012 7:30:21 PM Ignore us4usa Report Abuse , David Greely, Goldman’s head of energy research in New York, said in a report distributed today. “We expect prices to average $130 in 2013, so we expect them to rise higher between now and then,” Greely said. “On a 12-month horizon we see Brent prices at $127.50.” Good thing we taxpayers bailed Goldman out so they can run us in the ditch again...
no8c Champion Author Ohio Posts:2,929 Points:730,375 Joined:Jul 2008	Message Posted: Mar 16, 2012 7:27:25 PM Ignore no8c Report Abuse Thanks for posting this article!
eblair54 Sophomore Author Missouri Posts:143 Points:450,800 Joined:Sep 2011	Message Posted: Mar 16, 2012 7:23:26 PM Ignore eblair54 Report Abuse By all means, discuss away! But neither Obama nor Romney has the power to lower gas prices. The price of gas is market driven, and the President of the United States (whoever he or she is) has very little influence over the economy in general, and especially over gasoline prices. You'll see, if and when a Republican gets elected, that prices will not only stay the same, but increase.
GasFreeLeaf Champion Author Orange County Posts:1,262 Points:484,575 Joined:Oct 2010	Message Posted: Mar 16, 2012 7:22:46 PM Ignore GasFreeLeaf Report Abuse Ditto toadNY
g747 Champion Author Mobile Posts:4,677 Points:960,395 Joined:Jul 2009	Message Posted: Mar 16, 2012 7:22:02 PM Ignore g747 Report Abuse Shock the Monkey; & release the oil!!!!!!!!.
jb107 Champion Author New Jersey Posts:9,685 Points:2,647,750 Joined:Sep 2005	Message Posted: Mar 16, 2012 7:21:39 PM Ignore jb107 Report Abuse The prices here are up and there plan will only work for a week or so.
notnxs383 Champion Author Missouri Posts:2,625 Points:609,970 Joined:Oct 2008	Message Posted: Mar 16, 2012 7:20:32 PM Ignore notnxs383 Report Abuse Don't need to read this propaganda. Price at the pump keeps rising
HailstormCA Champion Author San Diego Posts:7,955 Points:1,491,945 Joined:Nov 2008	Message Posted: Mar 16, 2012 7:12:45 PM Ignore HailstormCA Report Abuse Want to see it really drop? Discuss actually approving drilling in all areas.