BushCo Rides to Rescue of Falling Oil Prices ...

[primative1]

I have heard it speculated the past several years that BushCo was using the strategic petroleum reserve as a mechanism to keep oil prices artificially high (ie ... they time buys in the "open" market every time there is any price weakness in such a way that speculators are able to predict the timing and ride the wave ever higher).
So alas the reserve has been filled ... and since the New Years celebrations, the price of crude oil has dropped precipitously, 15-20% .... Even the Saudis have expressed concern, but not enough so as to curb their greed and curtail production ... after all, there is a "shortage" you know ... all you want if you are willing to pay the price.
So what happens today ...
Look who's out talking up the price of oil. Its Exxon's chief shill in BushCos cabinet ...

Energy prices spiked after the Energy Secretary Samuel Bodman said the U.S. will double the size of the nation's Strategic Petroleum Reserve

http://biz.yahoo.com/ap/070123/wall_street.html?.v=40

Did ya all see Cheney wink at his GOPer pals when Chimpy outlined his "energy plan" during the state of delusion speach tonight ...

[primative1]

1. More Details ...

Ever wonder why you have to dig deep to find real news?
One might think the powers that be would like us to be informed, so that when we have to pay 50 bucks to fill our gas tanks at least we know why ... Here is who to thank ...

<snip>

The contract had climbed $2.48, or 4.7 percent, to settle at $55.04 a day earlier -- its biggest jump since September 2005, when the Gulf Coast was reeling from Hurricane Katrina and watching the next storm, Rita, approach its refineries.

The jump was sparked by the Department of Energy announcing plans to increase the capacity of the Strategic Petroleum Reserve to 1.5 billion barrels from 691 million barrels.

The market's demand worries appeared overblown, however, when the U.S. Energy Information Administration reported Wednesday that the nation's crude inventories rose 700,000 barrels to 322.2 million barrels last week -- building on the previous week's increase, which was the biggest in more than four years.

[donkeyotay]

2. They were talking about this on the CNBC bidness channel

One guest thought it might have to do with attacking Iran, and the other was pointing out that even at $55/barrel oil, this was a $41 billion windfall to the oil gangsters ruining our country and destroying the planet. Oh, I might of made the last part up.

[primative1]

3. Hmm ...

Glad to hear someone is talking about it because this is huge news. .. virtualy guarantees you me and all us peons will be ponying up inflated prices for the duration (until BushCo leave) while running up more debt just to pour oil back in the ground where it came from .... Someone should be hung and I dont mean more people in Bahgdad ..