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GasBuddy News Article

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Germany, Italy Still Opposed to IEA Oil Release

Reuters --
Germany and Italy remain opposed to a release of consumer country emergency oil stocks, arguing world markets are amply supplied despite lower Iranian crude output, senior government sources in Rome and Berlin said.

German and Italian opposition creates further uncertainty about the timing of a possible drawdown of stocks after G7 finance ministers issued a surprise statement on Tuesday saying they were ready to call on the International Energy Agency (IEA) to take action.

"There has been a round of telephone calls in the past few days. Since there's no unanimous agreement, there won't be any release," an Italian official said.


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Submitted Sep 01, 2012 By: RENEGADEGAS
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Germany, Italy Still Opposed to IEA Oil Release Back to Topics
REPLIES (newest first) Post a Reply
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Soglaos
Champion Author Virginia Beach

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Message Posted: Sep 3, 2012 2:20:00 PM

There is plenty of oil they are just holding back to drive up the prices
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DrCashFlow
Champion Author Massachusetts

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Message Posted: Sep 3, 2012 4:30:51 AM

Not exactly a surprise
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jrschl
Champion Author Louisville

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Message Posted: Sep 2, 2012 12:49:04 PM

Everyone seems to be a bit on edge over the future outlook.
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jethro5000
Champion Author Kentucky

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Message Posted: Sep 2, 2012 12:09:50 PM

??
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alaskareed
Champion Author Alaska

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Message Posted: Sep 2, 2012 1:03:40 AM

thats there problem
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Ron77095
Champion Author Houston

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Message Posted: Sep 2, 2012 1:03:34 AM

ok.
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gumbyrex
Champion Author Fresno

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Message Posted: Sep 2, 2012 1:03:31 AM

This is the right decision for Germany and Italy.
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Dailyrun
Champion Author Kentucky

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Message Posted: Sep 2, 2012 1:02:35 AM

Too bad.
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skybiker
Champion Author South Carolina

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Message Posted: Sep 2, 2012 1:01:42 AM

Not ure about this...
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BobD2009
Champion Author Long Island

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Message Posted: Sep 2, 2012 1:00:59 AM

Emercy oil stccks are for emergenies, not because you overspent.
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jkpsr
Champion Author New Jersey

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Message Posted: Sep 2, 2012 1:00:44 AM

Once you lose it, it is very hard to regain.
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TheeRedRam
Champion Author Hartford

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Message Posted: Sep 2, 2012 1:00:15 AM

.
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kgbellman
Champion Author Ann Arbor

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Message Posted: Sep 2, 2012 12:58:16 AM

Will it really affect us in the states?
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DrLyon
Champion Author Michigan

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Message Posted: Sep 2, 2012 12:57:51 AM

Easy for them to say...
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FNB1967
Champion Author Ontario

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Message Posted: Sep 2, 2012 12:51:38 AM

Will it make any difference at the pumps in North America?
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jtfftj
Champion Author New Hampshire

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Message Posted: Sep 2, 2012 12:50:39 AM

Germany and Italy should worry about their own market problems and not the world market.
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miiike572
All-Star Author Phoenix

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Message Posted: Sep 2, 2012 12:50:09 AM

not surprising.
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Tigercat88
Champion Author North Carolina

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Message Posted: Sep 2, 2012 12:49:33 AM

Leave it alone.
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Zonk
Champion Author Michigan

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Message Posted: Sep 2, 2012 12:48:39 AM

TALK...TALK...TALK...
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efwosu
Veteran Author Columbus

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Message Posted: Sep 2, 2012 12:48:38 AM

No relavance
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ty58
Veteran Author Akron

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Message Posted: Sep 2, 2012 12:44:59 AM

and now the movie folks
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Blue48
Champion Author Illinois

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Message Posted: Sep 2, 2012 12:44:40 AM

A GLOBAL DECISION!
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rawdog1313
Champion Author Lexington

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Message Posted: Sep 2, 2012 12:39:47 AM

OK.....
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soakmonkey
Champion Author Nevada

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Message Posted: Sep 2, 2012 12:39:32 AM

EU yes, US no.
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quasar502
Champion Author Lansing

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Message Posted: Sep 2, 2012 12:38:03 AM

It is NOT NEEDED.
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joel27nc
Champion Author Raleigh

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Message Posted: Sep 2, 2012 12:37:11 AM

The SPR is for emergencies.
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Point__man
Champion Author Raleigh

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Message Posted: Sep 2, 2012 12:36:52 AM

agree with them
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MINIWINI598
Champion Author Washington

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Message Posted: Sep 2, 2012 12:36:47 AM

ok
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WBBNC
Veteran Author North Carolina

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Message Posted: Sep 2, 2012 12:35:53 AM

Smart!
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Deeme3090
Rookie Author Washington

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Message Posted: Sep 2, 2012 12:35:47 AM

OK
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RAE344
Champion Author Virginia Beach

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Message Posted: Sep 2, 2012 12:34:44 AM

There is not stoppage in supply of oil. No reason to bring in the emergy supply.
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WIPACKERFAN
Champion Author Chicago

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Message Posted: Sep 2, 2012 12:33:42 AM

Whatever.
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rollercoaster
All-Star Author Hartford

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Message Posted: Sep 2, 2012 12:32:49 AM

ok
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cheapertvs
Champion Author Richmond

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Message Posted: Sep 2, 2012 12:31:27 AM

There will be no release from the consumer country emergency oil stocks.
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boatfloyd
Champion Author Jacksonville

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Message Posted: Sep 2, 2012 12:28:49 AM

Pump more oil.
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streetcars
Champion Author Toledo

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Message Posted: Sep 2, 2012 12:28:32 AM

It wont work.
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ricoblanco
Champion Author Chicago

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Message Posted: Sep 2, 2012 12:28:18 AM

ok
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BBHybrid
Champion Author Pittsburgh

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Message Posted: Sep 2, 2012 12:27:34 AM

a new post for today, hooray. Italy has bad ocean liner captains too. "Carnevil" cruise line hates them now.
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BurtB
Champion Author Los Angeles

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Message Posted: Sep 2, 2012 12:26:58 AM

release of emergency stocks is a waste of time, if the purpose is to reduce market prices. Every time it is tried, the price drops for a week and then goes back up. Emergency oil is for times of war, or when oil stocks have been disrupted by 20-30%.

The best way to reduce market prices is flood the market with more oil.

and speculators lose money too, you just don't hear about it. There were speculators who bought oil and stored it in tankers (betting the price would go up as it had for 2 years) at the beginning of 2008, and lost money when the price of oil dropped (cause of the recession).
Similar speculator losses occurred when they tried to take advantage of the first Iraq war, and it only lasted 3 weeks. They lost a boat load then too.
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sprocketsplines
Champion Author Washington

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Message Posted: Sep 2, 2012 12:26:48 AM

Probably not good examples to follow given their Euro economic problems.
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Wierbe
Champion Author Cincinnati

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Message Posted: Sep 2, 2012 12:23:42 AM

Why do we even think of listening to another country tell us how to handle our finances (although I hope we do not dip into our reserves just to save a penny or two).
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mrbee
Champion Author Little Rock

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Message Posted: Sep 2, 2012 12:20:41 AM

Don't do it.
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ds531
Champion Author Texas

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Message Posted: Sep 2, 2012 12:19:37 AM

ok
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silverfoxv65
Champion Author Michigan

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Message Posted: Sep 2, 2012 12:19:25 AM

Stomp out the speculators instead.
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crreed1
Champion Author West Virginia

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Message Posted: Sep 2, 2012 12:17:51 AM

BS
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tedjm1
Champion Author New York

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Message Posted: Sep 2, 2012 12:17:41 AM

Leave alone.
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pa79th
Champion Author Pennsylvania

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Message Posted: Sep 2, 2012 12:17:06 AM

People need a break. Release the oil.
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malfrog1
Champion Author South Bend

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Message Posted: Sep 2, 2012 12:16:44 AM

They are correct do ot release
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PrinceLH
Champion Author Ontario

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Message Posted: Sep 2, 2012 12:16:41 AM

Just shifts the burden until later.
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Hi1
Champion Author Ontario

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Message Posted: Sep 2, 2012 12:15:29 AM

Should not do this.
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