Oil price falls following report that more supplies could be released from strategic reserves for Obama's reelection purposes?

Oil price falls following report that more supplies could be released from strategic reserves for Obama's reelection purposes?(Yahoo).By Joshua Freed, The Associated Press.

Already now Obama authorized the biggest releases ever : 30,640,000 Billionbls !More than Desert Storm and Hurricane Katrina releases combined.

The price of oil fell on Friday after a trade journal reported that Western countries might release more oil reserves. Benchmark crude traded in New York fell 12 cents to finish at $96.15. Brent crude traded in London fell, too, down 28 cents to $113.31. Brent crude is used to price international varieties of oil. The Obama administration has been considering a release of oil from the Strategic Petroleum Reserve to dampen the rise in oil prices, which are up more than $8 per barrel this month. Releasing reserves would boost the supply of oil, which would drive prices lower. On Friday, the trade publication Petroleum Economist reported, based on anonymous sources, that the International Energy Agency had agreed to endorse a plan to release oil from petroleum reserves. The agency, based in France, did not immediately respond to an email seeking comment, and no one answered its phone. Earlier Friday, oil prices rose slightly on worries about Tropical Storm Isaac, which has the potential to reach hurricane force in the Gulf of Mexico. That could disrupt oil production and refining. Already on Friday, BP and oil services company Apache Corp. said they were evacuating some offshore workers from the area. "I think there's a lot of angst with what's going on in the Gulf right now," said Patrick DeHaan, a senior petroleum analyst for GasBuddy.com.Hmmmm.....Anything for a vote?Already now Obama authorized the biggest releases ever!More than Desert Storm and Hurricane Katrina releases combined.BUYING VOTES!!!Question: "Have the previous released 'reserves' already been replaced and HOW much did it cost to replace them?"Read the full story here.

Related: Oil falls to $114 as Obama Admin considers releasing 'strategic reserves'.........AGAIN?

While Gas price go's up, America's Reliance on Oil From Saudi Arabia Is Growing Again.

While Gas price go's up, America's Reliance on Oil From Saudi Arabia Is Growing Again.(NYT).Imports of oil from the kingdom have grown by more than 20 percent this year, leaving the United States vulnerable to tensions in the Persian Gulf. Obama and the Democrats have been outsourcing energy jobs and energy security to the Middle East for decades while they follow a ridiculous policy of not allowing drilling on federal control sites in the US. They are willing to finance offshore drilling for Brazil while imposing a moratorium on offshore drilling on about 80 percent of the US coast line.

The restrictions on drilling in ANWR are beyond idiotic. Obama's all of the above policy is a fraud. 

He is taking credit for increased production that he does not deserve because it is all on private land. If he had his way that would not be happening either.
Democrats have this strange idea that if they can strangle domestic production of energy we will be more likely to want to pay more for inefficient alternative energy which provides a minuscule amount of what we need. Many oil experts say that the increasing dependency is probably going to last only a couple of years, or until more Canadian and Gulf of Mexico production comes on line. “Until we have the ability to access more Canadian heavy oil through improved infrastructure, the vulnerability will remain,” said David L. Goldwyn, former State Department coordinator for international energy affairs in the Obama administration. “The potential for an obstruction of the Strait of Hormuz therefore poses a physical threat to U.S. supply as well as a potential price shock on a global level.” Obama administration officials said they were not overly worried for several reasons. In the event of a crisis, the United States could always dip into strategic petroleum reserves; domestic production continues to climb; and Gulf of Mexico refineries could be adjusted to use higher-quality, sweeter crude oil imported from other countries.Hmmm....."In the event of a crisis, the United States could always dip into strategic petroleum reserves".....Great Energy Policy Mr President.Read the full story here.

Iranian Spokesman: Security of Hormuz Strait "Iran's Top Priority" but "we have a plan for closing it, which is a clever and wise one."

Iranian Spokesman: Security of Hormuz Strait "Iran's Top Priority" but "we have a plan for closing it, which is a clever and wise one."(Fars).Iranian Foreign Ministry Spokesman Ramin Mehman-Parast stressed the vital importance of maintaining security in the Persian Gulf region, cautioning that foreign meddling in the region will endanger security of global energy supply."The security of the Persian Gulf and the Strait of Hormuz is among the main priorities of the Islamic Republic of Iran and this security should be durable so that all counties of the region can protect and defend their interests and those of the region," Mehman-Parast said at a weekly press conference on Tuesday. "Any factor impairing this security will threaten the national interests of the regional states," he stated. He said Iran enjoys military and defensive deterrence capability making it possible for the country to establish security in the region, and ensured that the country's "deterrence capability is fully efficient when it comes to defending regional security". He further noted that those countries which are seeking to impair security of energy supply to disturb balance in the global energy market are "the real threat to the Persian Gulf and the Strait of Hormuz". The remarks by Mehman-Parast came days after Chief of Staff of Iran's Armed Forces Major General Hassan Firouzabadi announced that the country has drawn a plan for closing the world oil lifeline, the Strait of Hormuz, in the Persian Gulf, but meantime stressed that Iranian forces will not shut the waterway before they receive the needed permission from the Supreme Leader. "We have a plan for closing the Strait of Hormuz, but executing the plan needs the permission of the Supreme Leader," Firouzabadi told reporters on the sidelines of an annual gathering of the Islamic Revolution Guards Corps (IRGC) commanders in Tehran on Sunday. "The Armed Forces have their own plans for every subject, but the decision to close the Strait of Hormuz lie on the Commander-in-Chief (Ayatollah Khamenei), who also receives consultations from the Supreme National Security Council (SNSC)," he added. The general dismissed the western states' claims that Iran is not able to block the Strait of Hormuz, and said, "They allege that we are bluffing in a bid to appease themselves." "Of course, we don't want to block the Strait of Hormuz, but we have a plan for closing it, which is a clever and wise one," Firouzabadi said. Iran has threatened to close the strategic Strait of Hormuz at the entrance to the oil-rich Persian Gulf if its nuclear program is targeted by air strikes that Israel and the United States reserve as an option. Hmmmm.......Just sink a few tankers and the job is done.Read the full story here.