I think my title is much more accurate than Oil release not a political move: Geithner.
U.S. Treasury Secretary Timothy Geithner defended the decision by industrialized nations to release emergency oil reserves into global energy markets, saying on Friday that it was not a political move.
"It's really as simple as this: there's a war in Libya, costs between one and two million barrels a day in lost output, I think 140 million barrels off the market so far," he said in response to a question at Dartmouth College, where he spoke on a panel.
"Reserves exist to help mitigate those kinds of disruptions and we helped to organize a coordinated global international response to help ease some of that pressure," he added.
"War ?"
They said it was an (unlawful Germanic and Jewish anti-Roman coup directed ) "Kinetic Military Action" against Creta et Cyrenaica.
Tim didn't care much about oil prices before. And the price has fallen recently.
It's strange timing.
After this stunt in a time of lower gas prices than we've seen in months (but still far higher overall), the member countries will all have to replace their reserves at far higher prices than it was in years past as they sat on it.
This will drive the cost even higher after a small drop in the pump price following the release of reserves.
When will they fill it ? When sources claim that NATO will invade Libya.
If land invasion occurs, the price to replace the reserves will be even higher. That will drive the prices higher still.
Stop lying Tim.
SPQR
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