Hello? Is anybody awake out there?
There have been only muted reports recently regarding the French based International Energy Agency announced plans to release 60 million barrels of crude oil from strategic petroleum reserves into the global oil markets.
International Energy Agency (IEA) Executive Director Nobuo Tanaka announced on June 23rd. that the 28 IEA member countries have agreed to release 60 million barrels of oil in the coming month in response to the ongoing disruption of oil supplies from Libya.
President Obama authorized the release of 30 million barrels, what could be the largest ever release of oil from the nation’s Strategic Petroleum Reserve. This represents half of the total announced International Energy Agency release.
Proponents claim this is expected to save consumers up to 10-cents a gallon, or about $6 a month for average consumers.
I suppose we'll see what happens with gasoline prices in the coming weeks and months. Don't be surprised if you see only a temporary decrease in gas prices before prices rise to record levels before the end of the year.
What the mainstream media, nor anybody else for that matter, tells you is that only around seven percent of Libya's exports goes to the United States. According to official trade data, in 2008 the majority of Libyan oil exports were sold to European countries like Italy (523,000 barrels a day), Germany (210,000 barrels a day), Spain (104,000 barrels a day) and France (137,000 barrels a day).
So, who are the biggest beneficiaries of this sell off of U.S. strategic oil reserves? Responding to a caller yesterday, Rush said, "the oil does stay in the United States." Somehow, that doesn't quite make sense to me. The oil supply to the U.S. is not as severely impacted by Libyan oil disruptions as it is for Italy, Germany, Spain, and France. Who gets the oil? Who gets the credit for it? Who is paid for it? What kind of money changes hands? How is it regulated? Where does it go? Yes, Rush, those are good questions. I wonder if we will ever know the answers.
The strategic oil reserves are intended to save us in the event of a genuine oil crisis, not a temporary and typical summer price spike. Our reserves were not built up as a mechanism to manipulate prices, and this is really nothing more than another bailout of foreign nations at the expense of U.S. citizens. It is just another example of the Obama administration bowing to the globalist powers of the New World Order.
“Frankly, it’s pathetic that Democrats not only block domestic energy production at every turn,” House Majority Whip Kevin McCarthy (R-Calif.) said in a statement, “President Obama is now drawing down on our nation’s ‘strategic’ oil reserve which is intended for national emergencies, not as a political tool when a President is feeling heat over high gas prices.”
What really bothers me about all this is that I'm not seeing anybody reporting about this sell off of American assets to bailout foreign countries. Is it because what Obama is doing is paying off European nations to allow him to continue his unconstitutional war in Libya? I don't know what's happening here, but I know there is something that stinks about this.
I can understand why the mainstream media does not report on this since they are essentially controlled by the government, but where is the alternative media? Are they bought off too or threatened by the government for reporting the truth about the criminals in Washington?