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Idea#302

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Issues: Domestic »

Strategic Oil Reserve / Short Term Price Solution

Speaker Pelosi..Given the serious economic downturn, fuel consumption has decreased dramatically, yet the price for a barrel of oil continues to skyrocket..Speculators who have no plans of taking delivery on futures contracts are driving the price through the roof for profit..Opening the SOR would flood the US market, lower oil prices and force speculators out of the market with astronomical margin calls..I'm sure you remember the Hunt brothers and the silver market fiasco...Your comments please..

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Submitted by jstruppler 3 years ago

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  1. fortek said:

    Bill Clinton already tried that back in the 90's and the price only dropped a few pennies.

    Plus you'd still have to buy oil at today's prices to refill the reserve.

    The reserve is not intended for reducing the price of oil, it is there in case our suppliers decide not to sell to us anymore.

    In which case you would see how popular drilling our own oil would become.

    3 years ago
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  2. jstruppler said:

    Your wrong about the few pennies Fortek...It was approx. $20.00 / barrel and stabilized the market...BTW, oil is now at $130.00 / barrel with actual supply / demand price range of $70.00 - $80.00 / barrel...The objective of dumping the SOR on the US market is to drive the speculators out of the market who DON'T belong there...Again, they have NO intention of taking delivery on future contracts; whereby, the futures price has been artifically inflated by fund managers and NOT those directly involved in the movement of a particular commodity...Do your homework!!

    3 years ago
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