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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

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Soglaos Champion Author Virginia Beach Posts:2,771 Points:741,905 Joined:Feb 2011	Message Posted: Sep 3, 2012 12:20:00 PM Ignore Soglaos Report Abuse There is plenty of oil they are just holding back to drive up the prices
DrCashFlow Champion Author Massachusetts Posts:7,075 Points:1,629,095 Joined:Jun 2008	Message Posted: Sep 3, 2012 2:30:51 AM Ignore DrCashFlow Report Abuse Not exactly a surprise
jrschl Champion Author Louisville Posts:2,972 Points:682,040 Joined:Jun 2011	Message Posted: Sep 2, 2012 10:49:04 AM Ignore jrschl Report Abuse Everyone seems to be a bit on edge over the future outlook.
jethro5000 Champion Author Kentucky Posts:1,887 Points:393,185 Joined:Jun 2005	Message Posted: Sep 2, 2012 10:09:50 AM Ignore jethro5000 Report Abuse ??
alaskareed Champion Author Alaska Posts:1,595 Points:702,930 Joined:Feb 2011	Message Posted: Sep 1, 2012 11:03:40 PM Ignore alaskareed Report Abuse thats there problem
Ron77095 Champion Author Houston Posts:3,070 Points:604,625 Joined:Sep 2011	Message Posted: Sep 1, 2012 11:03:34 PM Ignore Ron77095 Report Abuse ok.
gumbyrex Champion Author Fresno Posts:3,306 Points:760,265 Joined:Mar 2011	Message Posted: Sep 1, 2012 11:03:31 PM Ignore gumbyrex Report Abuse This is the right decision for Germany and Italy.
Dailyrun Champion Author Kentucky Posts:1,992 Points:390,790 Joined:Apr 2012	Message Posted: Sep 1, 2012 11:02:35 PM Ignore Dailyrun Report Abuse Too bad.
skybiker Champion Author South Carolina Posts:7,303 Points:1,561,240 Joined:Jul 2008	Message Posted: Sep 1, 2012 11:01:42 PM Ignore skybiker Report Abuse Not ure about this...
BobD2009 Champion Author Long Island Posts:6,999 Points:1,241,735 Joined:Apr 2009	Message Posted: Sep 1, 2012 11:00:59 PM Ignore BobD2009 Report Abuse Emercy oil stccks are for emergenies, not because you overspent.
jkpsr Champion Author New Jersey Posts:4,089 Points:1,103,855 Joined:Jun 2005	Message Posted: Sep 1, 2012 11:00:44 PM Ignore jkpsr Report Abuse Once you lose it, it is very hard to regain.
TheeRedRam Champion Author Hartford Posts:3,173 Points:674,585 Joined:Jun 2011	Message Posted: Sep 1, 2012 11:00:15 PM Ignore TheeRedRam Report Abuse .
kgbellman Champion Author Ann Arbor Posts:2,723 Points:733,790 Joined:Mar 2011	Message Posted: Sep 1, 2012 10:58:16 PM Ignore kgbellman Report Abuse Will it really affect us in the states?
DrLyon Champion Author Michigan Posts:6,655 Points:1,212,805 Joined:May 2006	Message Posted: Sep 1, 2012 10:57:51 PM Ignore DrLyon Report Abuse Easy for them to say...
FNB1967 Champion Author Ontario Posts:1,842 Points:767,320 Joined:Jan 2011	Message Posted: Sep 1, 2012 10:51:38 PM Ignore FNB1967 Report Abuse Will it make any difference at the pumps in North America?
jtfftj Champion Author New Hampshire Posts:2,181 Points:1,250,030 Joined:Sep 2005	Message Posted: Sep 1, 2012 10:50:39 PM Ignore jtfftj Report Abuse Germany and Italy should worry about their own market problems and not the world market.
miiike572 All-Star Author Phoenix Posts:798 Points:526,665 Joined:Apr 2009	Message Posted: Sep 1, 2012 10:50:09 PM Ignore miiike572 Report Abuse not surprising.
Tigercat88 Champion Author North Carolina Posts:3,207 Points:618,815 Joined:Jul 2011	Message Posted: Sep 1, 2012 10:49:33 PM Ignore Tigercat88 Report Abuse Leave it alone.
Zonk Champion Author Michigan Posts:6,491 Points:2,103,965 Joined:Oct 2005	Message Posted: Sep 1, 2012 10:48:39 PM Ignore Zonk Report Abuse TALK...TALK...TALK...
efwosu Sophomore Author Columbus Posts:236 Points:91,250 Joined:Mar 2011	Message Posted: Sep 1, 2012 10:48:38 PM Ignore efwosu Report Abuse No relavance
ty58 Veteran Author Akron Posts:320 Points:486,030 Joined:Jun 2011	Message Posted: Sep 1, 2012 10:44:59 PM Ignore ty58 Report Abuse and now the movie folks
Blue48 Champion Author Illinois Posts:7,315 Points:1,639,895 Joined:Feb 2007	Message Posted: Sep 1, 2012 10:44:40 PM Ignore Blue48 Report Abuse A GLOBAL DECISION!
rawdog1313 Champion Author Lexington Posts:3,309 Points:1,644,755 Joined:May 2008	Message Posted: Sep 1, 2012 10:39:47 PM Ignore rawdog1313 Report Abuse OK.....
soakmonkey Champion Author Nevada Posts:1,448 Points:1,006,475 Joined:Feb 2007	Message Posted: Sep 1, 2012 10:39:32 PM Ignore soakmonkey Report Abuse EU yes, US no.
quasar502 Champion Author Lansing Posts:3,593 Points:803,300 Joined:Jan 2011	Message Posted: Sep 1, 2012 10:38:03 PM Ignore quasar502 Report Abuse It is NOT NEEDED.
joel27nc Champion Author Raleigh Posts:10,547 Points:1,860,320 Joined:Mar 2008	Message Posted: Sep 1, 2012 10:37:11 PM Ignore joel27nc Report Abuse The SPR is for emergencies.
Point__man Champion Author Raleigh Posts:4,342 Points:878,835 Joined:Oct 2010	Message Posted: Sep 1, 2012 10:36:52 PM Ignore Point__man Report Abuse agree with them
MINIWINI598 Champion Author Washington Posts:3,023 Points:519,675 Joined:Dec 2011	Message Posted: Sep 1, 2012 10:36:47 PM Ignore MINIWINI598 Report Abuse ok
WBBNC Veteran Author North Carolina Posts:499 Points:488,640 Joined:Jan 2011	Message Posted: Sep 1, 2012 10:35:53 PM Ignore WBBNC Report Abuse Smart!
Deeme3090 Rookie Author Washington Posts:7 Points:565 Joined:Aug 2012	Message Posted: Sep 1, 2012 10:35:47 PM Ignore Deeme3090 Report Abuse OK
RAE344 Champion Author Virginia Beach Posts:3,069 Points:662,495 Joined:Jun 2011	Message Posted: Sep 1, 2012 10:34:44 PM Ignore RAE344 Report Abuse There is not stoppage in supply of oil. No reason to bring in the emergy supply.
WIPACKERFAN Champion Author Chicago Posts:8,814 Points:1,845,400 Joined:Aug 2005	Message Posted: Sep 1, 2012 10:33:42 PM Ignore WIPACKERFAN Report Abuse Whatever.
rollercoaster All-Star Author Hartford Posts:502 Points:567,660 Joined:Jul 2008	Message Posted: Sep 1, 2012 10:32:49 PM Ignore rollercoaster Report Abuse ok
cheapertvs Champion Author Richmond Posts:10,295 Points:2,743,670 Joined:Jan 2004	Message Posted: Sep 1, 2012 10:31:27 PM Ignore cheapertvs Report Abuse There will be no release from the consumer country emergency oil stocks.
boatfloyd Champion Author Jacksonville Posts:1,728 Points:389,925 Joined:Mar 2012	Message Posted: Sep 1, 2012 10:28:49 PM Ignore boatfloyd Report Abuse Pump more oil.
streetcars Champion Author Toledo Posts:12,274 Points:2,608,590 Joined:Apr 2005	Message Posted: Sep 1, 2012 10:28:32 PM Ignore streetcars Report Abuse It wont work.
ricoblanco Champion Author Chicago Posts:1,598 Points:361,830 Joined:May 2012	Message Posted: Sep 1, 2012 10:28:18 PM Ignore ricoblanco Report Abuse ok
BBHybrid Champion Author Pittsburgh Posts:6,474 Points:1,296,000 Joined:Aug 2008	Message Posted: Sep 1, 2012 10:27:34 PM Ignore BBHybrid Report Abuse a new post for today, hooray. Italy has bad ocean liner captains too. "Carnevil" cruise line hates them now.
BurtB Champion Author Los Angeles Posts:5,182 Points:1,368,040 Joined:Jun 2006	Message Posted: Sep 1, 2012 10:26:58 PM Ignore BurtB Report Abuse 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.
sprocketsplines Champion Author Washington Posts:1,692 Points:862,590 Joined:Oct 2010	Message Posted: Sep 1, 2012 10:26:48 PM Ignore sprocketsplines Report Abuse Probably not good examples to follow given their Euro economic problems.
Wierbe Champion Author Cincinnati Posts:3,757 Points:1,120,090 Joined:Apr 2006	Message Posted: Sep 1, 2012 10:23:42 PM Ignore Wierbe Report Abuse 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).
mrbee Champion Author Little Rock Posts:3,764 Points:2,468,380 Joined:Oct 2005	Message Posted: Sep 1, 2012 10:20:41 PM Ignore mrbee Report Abuse Don't do it.
ds531 Champion Author Texas Posts:2,889 Points:594,680 Joined:Sep 2011	Message Posted: Sep 1, 2012 10:19:37 PM Ignore ds531 Report Abuse ok
silverfoxv65 Champion Author Michigan Posts:4,490 Points:1,231,850 Joined:Sep 2009	Message Posted: Sep 1, 2012 10:19:25 PM Ignore silverfoxv65 Report Abuse Stomp out the speculators instead.
crreed1 Champion Author West Virginia Posts:1,995 Points:2,528,285 Joined:May 2005	Message Posted: Sep 1, 2012 10:17:51 PM Ignore crreed1 Report Abuse BS
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Sep 1, 2012 10:17:41 PM Ignore tedjm1 Report Abuse Leave alone.
pa79th Champion Author Pennsylvania Posts:1,792 Points:1,218,800 Joined:Jun 2007	Message Posted: Sep 1, 2012 10:17:06 PM Ignore pa79th Report Abuse People need a break. Release the oil.
malfrog1 Champion Author South Bend Posts:2,211 Points:551,935 Joined:Feb 2011	Message Posted: Sep 1, 2012 10:16:44 PM Ignore malfrog1 Report Abuse They are correct do ot release
PrinceLH Champion Author Ontario Posts:2,702 Points:539,995 Joined:Jun 2011	Message Posted: Sep 1, 2012 10:16:41 PM Ignore PrinceLH Report Abuse Just shifts the burden until later.
Hi1 Champion Author Ontario Posts:4,860 Points:1,725,585 Joined:Jun 2007	Message Posted: Sep 1, 2012 10:15:29 PM Ignore Hi1 Report Abuse Should not do this.