August 17, 2012: from Oil and Gas Journal -- oil prices rise despite talk of SPR release. See note below.
August 17, 2012: The IEA "bases our actions on data and reality. The market is sufficiently supplied," reporters were told in Houston -- in response to the president's suggestion to dust off "Plan B" -- tap the SPR.
Analysts suggest tapping the SPR will raise prices; we've been through this analysis before. Apparently the White House bases their actions on political data, fantasy, and ideology.
Original PostLink here.
The White House is "dusting off old plans" for a potential release of oil reserves to dampen rising gasoline prices and prevent high energy costs from undermining the success of Iran sanctions, a source with knowledge of the situation said on Thursday.
U.S. officials will monitor market conditions over the coming weeks, watching whether gasoline prices fall after the September 3 Labor Day holiday, as they historically do, the source said.It was too early to say how big a drawdown would be from the U.S. Strategic Petroleum Reserve and, potentially, other international reserves if a decision to proceed was taken, the source said.Oil prices have surged in recent weeks, with Brent crude prices closing in on $120 a barrel, up sharply from around $90 a barrel in July. The United States and other Group of Eight countries studied a potential oil release in the spring but shelved the plans when prices dropped.
Yeah, like that will help. The incumbent.
By the way, whatever happened to Keystone XL 2.0?