Obama open 3 Million barrels of oil, would that mean the oil price dropped again
By kingparker
@kingparker (9673)
United States
June 23, 2011 3:28pm CST
So, if you see the headline news, you might notice that President Obama open 3 million barrels of oil from the reservation to resist the high gasoline price for this summer. Would this act would further drop the gasoline price for this summer? Due to previous high oil price, people might cut back on other daily spending, like food, and shopping. It might also affect the stock market, since high oil price caused negative response from investors too. I just wonder how long will this 3 Million barrels of oil last, and I will do my best not to go out as often as I used to.
2 responses
@randylovesdar (4932)
• United States
23 Jun 11
I hope that gas prices will come down soon. I know it came down a few cents for Memorial Day weekend then of course it went back up again. I hope that gas prices will go down so people can save money on gas. I know my husband and I have to travel an hour each way to go shopping because we live in the country and there are not too many stores nearby. It is frustrating to see gas prices so high because we always have to cut something else out just to aford gas.
@bobmnu (8157)
• United States
25 Jun 11
One of the problems with releasing the oil by the President is that gas prices were already on the decline. As demand dropped the price would also drop. Realistically what is 30 millions barrels of oil going to do when we use more than 20 million barrels a day now?
@bobmnu (8157)
• United States
23 Jun 11
I received a update from a financial newsletter that suggested that people watch the price of oil stocks as they may drop and you could get some good deals. When this world wide influx of oil is over the countries will have to replenish the supply and force the price up. It is a case of pay now or pay later.
It should be noted that this is being done by many countries who are releasing 60 million barrels from strategic energy reserves. President Obama has released 30 million barrels of that total from the US reserves. Is this a political move to bolster his numbers at home or is he trying to be on of the enlighten leaders, or is he trying to manipulate the market?
