The IEA plans to release 60 million barrels from their Strategic Petroleum Reserves!!! What are they going to do? Release 30 million barrels every month until Libya is back to exporting?
ROFL!!!!!
This is the kind of silly sh*! that helps market's find bottoms.
On a more sinister note... there were absolutely no shortages in the market... this is political gambit of some sort designed to help somebody, somewhere, for whatever reason... there are NO COINCIDENCES in this world.
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Last month I went out for dinner with some of the other parents in my son's high school graduating class. The scotch, beer, and wine flowed... and we were telling war stories about speaking in public. My buddy topped my story of having to make presentations to the Board at BlueStone Capital when I worked for them in the late 1990's in New York... A couple of times a year the board would assemble... consisting of, among others, 2 Noble Laureates and 1 former soft core porn star... Patricia Kluge, billionaire divorce of Paul Kluge, media titan. Speaking intelligently enough for Laureates while still communicating well enough to the MONEY (Ms. Kluge... BlueStone was just another of her terrible investments) behind the firm would have been a terribly intimidating occasion had I been mature enough to realize that I was completely FOS. Since I was young and arrogant enough, I managed to muddle through... then my buddy tells me HIS story. He was invited to speak to the graduating class at one of Harvard's professional schools... when he gets there, he finds there are 3 speakers: a name brand billionaire, the previous year's Noble Prize Winner in one of the real sciences (not like the economic and peace prizes ... something that can actually be measured) and him. Talk about stage fright. Any time you think you've got a f***ed up situation on your hands... there is always somebody wading through deeper doodoo...
I forgot about our drunken conversation until today's report that the former Mrs. Kluge is now bankrupt. Money is a slippery M.F. It is hard to come by and really easy to be rid of... particularly for people that think that they are somehow special, or who have no business in the shark tank. I remember watching my former senior partners milking this poor, retarded billionaire. It was just disgusting. A couple of times a year she would come to our offices and we would wine and dine her (on her dime)... We had 5th Avenue offices and marble floors and mahogany & teak conference tables... and every department - besides mine; my area printed money, but when I demanded to be compensated I was told the firm was losing money - bled money from every orifice... I wonder if they are willing to help her out now. Just kidding. I feel the need to rinse my mouth out after mentioning the name of that enterprise.
Modesty AND honesty are the best policy.