Hold on adding to Strategic Petroleum Reserves

[drsteph]

Bush halts additions to Strategic Petroleum Reserve, at least until the fall.

http://www.cnn.com/2006/POLITICS/04/25/bush.energy/index.html

Should keep oil firm, but remove some buying pressure in the near months.

 

[Free Thinker]

Quote from drsteph:

Bush halts additions to Strategic Petroleum Reserve, at least until the fall.

http://www.cnn.com/2006/POLITICS/04/25/bush.energy/index.html

Should keep oil firm, but remove some buying pressure in the near months.

it wont do much. crude is not the problem. refined product is the problem. we are already at 8 year highs in crude reserves.

 

[ssternlight]

If he had announced that the SEC was hiring 20 new staffers with Wall Street experience to investigate trading in oil we would have seen a collapse in the price as opposed to a drop.

 

[Burtakus]

Quote from vhehn:

it wont do much. crude is not the problem. refined product is the problem. we are already at 8 year highs in crude reserves.

Refining is the biggest problem. To begin with the US has not built any new refinerys since the 70's. Also, the BP plant in Texas cicty (which provides 1/6 of out refininf capacity) is still shut down from last years explosion.

But, it does not help that crude is going for over $70/barrel