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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:2,770 Points:736,485 Joined:Feb 2011	Message Posted: Sep 3, 2012 11:20:00 AM Ignore Soglaos Report Abuse There is plenty of oil they are just holding back to drive up the prices
DrCashFlow Champion Author Massachusetts Posts:7,059 Points:1,624,400 Joined:Jun 2008	Message Posted: Sep 3, 2012 1:30:51 AM Ignore DrCashFlow Report Abuse Not exactly a surprise
jrschl Champion Author Louisville Posts:2,952 Points:678,140 Joined:Jun 2011	Message Posted: Sep 2, 2012 9:49:04 AM Ignore jrschl Report Abuse Everyone seems to be a bit on edge over the future outlook.
jethro5000 Champion Author Kentucky Posts:1,862 Points:388,310 Joined:Jun 2005	Message Posted: Sep 2, 2012 9:09:50 AM Ignore jethro5000 Report Abuse ??
alaskareed Champion Author Alaska Posts:1,570 Points:698,705 Joined:Feb 2011	Message Posted: Sep 1, 2012 10:03:40 PM Ignore alaskareed Report Abuse thats there problem
Ron77095 Champion Author Houston Posts:3,045 Points:599,650 Joined:Sep 2011	Message Posted: Sep 1, 2012 10:03:34 PM Ignore Ron77095 Report Abuse ok.
gumbyrex Champion Author Fresno Posts:3,281 Points:756,040 Joined:Mar 2011	Message Posted: Sep 1, 2012 10:03:31 PM Ignore gumbyrex Report Abuse This is the right decision for Germany and Italy.
Dailyrun Champion Author Kentucky Posts:1,967 Points:385,915 Joined:Apr 2012	Message Posted: Sep 1, 2012 10:02:35 PM Ignore Dailyrun Report Abuse Too bad.
skybiker Champion Author South Carolina Posts:7,277 Points:1,556,390 Joined:Jul 2008	Message Posted: Sep 1, 2012 10:01:42 PM Ignore skybiker Report Abuse Not ure about this...
BobD2009 Champion Author Long Island Posts:6,974 Points:1,236,860 Joined:Apr 2009	Message Posted: Sep 1, 2012 10:00:59 PM Ignore BobD2009 Report Abuse Emercy oil stccks are for emergenies, not because you overspent.
jkpsr Champion Author New Jersey Posts:4,069 Points:1,099,855 Joined:Jun 2005	Message Posted: Sep 1, 2012 10:00:44 PM Ignore jkpsr Report Abuse Once you lose it, it is very hard to regain.
TheeRedRam Champion Author Hartford Posts:3,148 Points:669,710 Joined:Jun 2011	Message Posted: Sep 1, 2012 10:00:15 PM Ignore TheeRedRam Report Abuse .
kgbellman Champion Author Ann Arbor Posts:2,698 Points:728,915 Joined:Mar 2011	Message Posted: Sep 1, 2012 9:58:16 PM Ignore kgbellman Report Abuse Will it really affect us in the states?
DrLyon Champion Author Michigan Posts:6,640 Points:1,209,180 Joined:May 2006	Message Posted: Sep 1, 2012 9:57:51 PM Ignore DrLyon Report Abuse Easy for them to say...
FNB1967 Champion Author Ontario Posts:1,817 Points:763,195 Joined:Jan 2011	Message Posted: Sep 1, 2012 9:51:38 PM Ignore FNB1967 Report Abuse Will it make any difference at the pumps in North America?
jtfftj Champion Author New Hampshire Posts:2,168 Points:1,245,395 Joined:Sep 2005	Message Posted: Sep 1, 2012 9:50:39 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:797 Points:523,295 Joined:Apr 2009	Message Posted: Sep 1, 2012 9:50:09 PM Ignore miiike572 Report Abuse not surprising.
Tigercat88 Champion Author North Carolina Posts:3,182 Points:613,940 Joined:Jul 2011	Message Posted: Sep 1, 2012 9:49:33 PM Ignore Tigercat88 Report Abuse Leave it alone.
Zonk Champion Author Michigan Posts:6,466 Points:2,099,840 Joined:Oct 2005	Message Posted: Sep 1, 2012 9:48:39 PM Ignore Zonk Report Abuse TALK...TALK...TALK...
efwosu Sophomore Author Columbus Posts:236 Points:91,000 Joined:Mar 2011	Message Posted: Sep 1, 2012 9:48:38 PM Ignore efwosu Report Abuse No relavance
ty58 Veteran Author Akron Posts:320 Points:482,280 Joined:Jun 2011	Message Posted: Sep 1, 2012 9:44:59 PM Ignore ty58 Report Abuse and now the movie folks
Blue48 Champion Author Illinois Posts:7,290 Points:1,634,920 Joined:Feb 2007	Message Posted: Sep 1, 2012 9:44:40 PM Ignore Blue48 Report Abuse A GLOBAL DECISION!
rawdog1313 Champion Author Lexington Posts:3,284 Points:1,639,880 Joined:May 2008	Message Posted: Sep 1, 2012 9:39:47 PM Ignore rawdog1313 Report Abuse OK.....
soakmonkey Champion Author Nevada Posts:1,448 Points:1,006,000 Joined:Feb 2007	Message Posted: Sep 1, 2012 9:39:32 PM Ignore soakmonkey Report Abuse EU yes, US no.
quasar502 Champion Author Lansing Posts:3,568 Points:798,425 Joined:Jan 2011	Message Posted: Sep 1, 2012 9:38:03 PM Ignore quasar502 Report Abuse It is NOT NEEDED.
joel27nc Champion Author Raleigh Posts:10,522 Points:1,855,445 Joined:Mar 2008	Message Posted: Sep 1, 2012 9:37:11 PM Ignore joel27nc Report Abuse The SPR is for emergencies.
Point__man Champion Author Raleigh Posts:4,320 Points:874,770 Joined:Oct 2010	Message Posted: Sep 1, 2012 9:36:52 PM Ignore Point__man Report Abuse agree with them
MINIWINI598 Champion Author Washington Posts:3,002 Points:515,775 Joined:Dec 2011	Message Posted: Sep 1, 2012 9:36:47 PM Ignore MINIWINI598 Report Abuse ok
WBBNC Veteran Author North Carolina Posts:499 Points:488,640 Joined:Jan 2011	Message Posted: Sep 1, 2012 9:35:53 PM Ignore WBBNC Report Abuse Smart!
Deeme3090 Rookie Author Washington Posts:7 Points:565 Joined:Aug 2012	Message Posted: Sep 1, 2012 9:35:47 PM Ignore Deeme3090 Report Abuse OK
RAE344 Champion Author Virginia Beach Posts:3,049 Points:658,595 Joined:Jun 2011	Message Posted: Sep 1, 2012 9:34:44 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:8,789 Points:1,840,525 Joined:Aug 2005	Message Posted: Sep 1, 2012 9:33:42 PM Ignore WIPACKERFAN Report Abuse Whatever.
rollercoaster All-Star Author Hartford Posts:502 Points:567,660 Joined:Jul 2008	Message Posted: Sep 1, 2012 9:32:49 PM Ignore rollercoaster Report Abuse ok
cheapertvs Champion Author Richmond Posts:10,269 Points:2,738,795 Joined:Jan 2004	Message Posted: Sep 1, 2012 9:31:27 PM Ignore cheapertvs Report Abuse There will be no release from the consumer country emergency oil stocks.
boatfloyd Champion Author Jacksonville Posts:1,703 Points:385,050 Joined:Mar 2012	Message Posted: Sep 1, 2012 9:28:49 PM Ignore boatfloyd Report Abuse Pump more oil.
streetcars Champion Author Toledo Posts:12,249 Points:2,603,715 Joined:Apr 2005	Message Posted: Sep 1, 2012 9:28:32 PM Ignore streetcars Report Abuse It wont work.
ricoblanco Champion Author Chicago Posts:1,573 Points:356,955 Joined:May 2012	Message Posted: Sep 1, 2012 9:28:18 PM Ignore ricoblanco Report Abuse ok
BBHybrid Champion Author Pittsburgh Posts:6,465 Points:1,294,070 Joined:Aug 2008	Message Posted: Sep 1, 2012 9:27:34 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:5,144 Points:1,363,390 Joined:Jun 2006	Message Posted: Sep 1, 2012 9:26:58 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:1,667 Points:857,715 Joined:Oct 2010	Message Posted: Sep 1, 2012 9:26:48 PM Ignore sprocketsplines Report Abuse Probably not good examples to follow given their Euro economic problems.
Wierbe Champion Author Cincinnati Posts:3,737 Points:1,116,190 Joined:Apr 2006	Message Posted: Sep 1, 2012 9:23:42 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:3,738 Points:2,462,685 Joined:Oct 2005	Message Posted: Sep 1, 2012 9:20:41 PM Ignore mrbee Report Abuse Don't do it.
ds531 Champion Author Texas Posts:2,861 Points:589,805 Joined:Sep 2011	Message Posted: Sep 1, 2012 9:19:37 PM Ignore ds531 Report Abuse ok
silverfoxv65 Champion Author Michigan Posts:4,465 Points:1,227,125 Joined:Sep 2009	Message Posted: Sep 1, 2012 9:19:25 PM Ignore silverfoxv65 Report Abuse Stomp out the speculators instead.
crreed1 Champion Author West Virginia Posts:1,970 Points:2,523,410 Joined:May 2005	Message Posted: Sep 1, 2012 9:17:51 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 9:17:41 PM Ignore tedjm1 Report Abuse Leave alone.
pa79th Champion Author Pennsylvania Posts:1,762 Points:1,213,600 Joined:Jun 2007	Message Posted: Sep 1, 2012 9:17:06 PM Ignore pa79th Report Abuse People need a break. Release the oil.
malfrog1 Champion Author South Bend Posts:2,186 Points:546,310 Joined:Feb 2011	Message Posted: Sep 1, 2012 9:16:44 PM Ignore malfrog1 Report Abuse They are correct do ot release
PrinceLH Champion Author Ontario Posts:2,677 Points:535,120 Joined:Jun 2011	Message Posted: Sep 1, 2012 9:16:41 PM Ignore PrinceLH Report Abuse Just shifts the burden until later.
Hi1 Champion Author Ontario Posts:4,840 Points:1,721,685 Joined:Jun 2007	Message Posted: Sep 1, 2012 9:15:29 PM Ignore Hi1 Report Abuse Should not do this.