May

16

Government Halts Oil Being Sent to Reserves

Category: Government Legislation, Oil Prices | Leave a Comment

Well, it’s official. The energy department will officially suspend shipments into the strategic oil reserves stockpile starting July 1. Is it a political move? You bet.
The 76,000 barrels of oil a day that was being sent to the reserves is a pitiful amount of oil compared to what we use as a country on a [...]

May

16

Saudi Arabia Refuses to Increase Oil Production

Category: Big Oil, Food Prices, Fuel Prices, Middle East Oil, Oil Prices | Leave a Comment

I guess this comes as no surprise. Why should they? They’re reaping incredible financial rewards and this only stands to go ever higher. Well, hey it is capitalism at its best - or worst - depending on how you look at it. We pay what the market will bear, right?
"Saudi Arabian leaders made clear Friday [...]