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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:737,235 Joined:Feb 2011	Message Posted: Sep 3, 2012 2:20:00 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:7,064 Points:1,626,250 Joined:Jun 2008	Message Posted: Sep 3, 2012 4:30:51 AM Ignore DrCashFlow Report Abuse Not exactly a surprise
jrschl Champion Author Louisville Posts:2,962 Points:680,090 Joined:Jun 2011	Message Posted: Sep 2, 2012 12:49:04 PM Ignore jrschl Report Abuse Everyone seems to be a bit on edge over the future outlook.
jethro5000 Champion Author Kentucky Posts:1,872 Points:390,260 Joined:Jun 2005	Message Posted: Sep 2, 2012 12:09:50 PM Ignore jethro5000 Report Abuse ??
alaskareed Champion Author Alaska Posts:1,585 Points:700,980 Joined:Feb 2011	Message Posted: Sep 2, 2012 1:03:40 AM Ignore alaskareed Report Abuse thats there problem
Ron77095 Champion Author Houston Posts:3,060 Points:602,675 Joined:Sep 2011	Message Posted: Sep 2, 2012 1:03:34 AM Ignore Ron77095 Report Abuse ok.
gumbyrex Champion Author Fresno Posts:3,296 Points:758,315 Joined:Mar 2011	Message Posted: Sep 2, 2012 1:03:31 AM Ignore gumbyrex Report Abuse This is the right decision for Germany and Italy.
Dailyrun Champion Author Kentucky Posts:1,977 Points:387,865 Joined:Apr 2012	Message Posted: Sep 2, 2012 1:02:35 AM Ignore Dailyrun Report Abuse Too bad.
skybiker Champion Author South Carolina Posts:7,292 Points:1,559,415 Joined:Jul 2008	Message Posted: Sep 2, 2012 1:01:42 AM Ignore skybiker Report Abuse Not ure about this...
BobD2009 Champion Author Long Island Posts:6,989 Points:1,239,785 Joined:Apr 2009	Message Posted: Sep 2, 2012 1:00:59 AM Ignore BobD2009 Report Abuse Emercy oil stccks are for emergenies, not because you overspent.
jkpsr Champion Author New Jersey Posts:4,079 Points:1,101,905 Joined:Jun 2005	Message Posted: Sep 2, 2012 1:00:44 AM Ignore jkpsr Report Abuse Once you lose it, it is very hard to regain.
TheeRedRam Champion Author Hartford Posts:3,158 Points:672,410 Joined:Jun 2011	Message Posted: Sep 2, 2012 1:00:15 AM Ignore TheeRedRam Report Abuse .
kgbellman Champion Author Ann Arbor Posts:2,713 Points:731,840 Joined:Mar 2011	Message Posted: Sep 2, 2012 12:58:16 AM Ignore kgbellman Report Abuse Will it really affect us in the states?
DrLyon Champion Author Michigan Posts:6,650 Points:1,211,230 Joined:May 2006	Message Posted: Sep 2, 2012 12:57:51 AM Ignore DrLyon Report Abuse Easy for them to say...
FNB1967 Champion Author Ontario Posts:1,827 Points:765,145 Joined:Jan 2011	Message Posted: Sep 2, 2012 12:51:38 AM Ignore FNB1967 Report Abuse Will it make any difference at the pumps in North America?
jtfftj Champion Author New Hampshire Posts:2,176 Points:1,248,180 Joined:Sep 2005	Message Posted: Sep 2, 2012 12:50:39 AM 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:524,915 Joined:Apr 2009	Message Posted: Sep 2, 2012 12:50:09 AM Ignore miiike572 Report Abuse not surprising.
Tigercat88 Champion Author North Carolina Posts:3,197 Points:616,865 Joined:Jul 2011	Message Posted: Sep 2, 2012 12:49:33 AM Ignore Tigercat88 Report Abuse Leave it alone.
Zonk Champion Author Michigan Posts:6,481 Points:2,102,015 Joined:Oct 2005	Message Posted: Sep 2, 2012 12:48:39 AM Ignore Zonk Report Abuse TALK...TALK...TALK...
efwosu Sophomore Author Columbus Posts:236 Points:91,000 Joined:Mar 2011	Message Posted: Sep 2, 2012 12:48:38 AM Ignore efwosu Report Abuse No relavance
ty58 Veteran Author Akron Posts:320 Points:484,530 Joined:Jun 2011	Message Posted: Sep 2, 2012 12:44:59 AM Ignore ty58 Report Abuse and now the movie folks
Blue48 Champion Author Illinois Posts:7,305 Points:1,637,945 Joined:Feb 2007	Message Posted: Sep 2, 2012 12:44:40 AM Ignore Blue48 Report Abuse A GLOBAL DECISION!
rawdog1313 Champion Author Lexington Posts:3,299 Points:1,642,805 Joined:May 2008	Message Posted: Sep 2, 2012 12:39:47 AM Ignore rawdog1313 Report Abuse OK.....
soakmonkey Champion Author Nevada Posts:1,448 Points:1,006,350 Joined:Feb 2007	Message Posted: Sep 2, 2012 12:39:32 AM Ignore soakmonkey Report Abuse EU yes, US no.
quasar502 Champion Author Lansing Posts:3,583 Points:801,350 Joined:Jan 2011	Message Posted: Sep 2, 2012 12:38:03 AM Ignore quasar502 Report Abuse It is NOT NEEDED.
joel27nc Champion Author Raleigh Posts:10,532 Points:1,857,395 Joined:Mar 2008	Message Posted: Sep 2, 2012 12:37:11 AM Ignore joel27nc Report Abuse The SPR is for emergencies.
Point__man Champion Author Raleigh Posts:4,330 Points:876,720 Joined:Oct 2010	Message Posted: Sep 2, 2012 12:36:52 AM Ignore Point__man Report Abuse agree with them
MINIWINI598 Champion Author Washington Posts:3,012 Points:517,725 Joined:Dec 2011	Message Posted: Sep 2, 2012 12:36:47 AM Ignore MINIWINI598 Report Abuse ok
WBBNC Veteran Author North Carolina Posts:499 Points:488,640 Joined:Jan 2011	Message Posted: Sep 2, 2012 12:35:53 AM Ignore WBBNC Report Abuse Smart!
Deeme3090 Rookie Author Washington Posts:7 Points:565 Joined:Aug 2012	Message Posted: Sep 2, 2012 12:35:47 AM Ignore Deeme3090 Report Abuse OK
RAE344 Champion Author Virginia Beach Posts:3,059 Points:660,545 Joined:Jun 2011	Message Posted: Sep 2, 2012 12:34:44 AM 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:8,799 Points:1,842,475 Joined:Aug 2005	Message Posted: Sep 2, 2012 12:33:42 AM Ignore WIPACKERFAN Report Abuse Whatever.
rollercoaster All-Star Author Hartford Posts:502 Points:567,660 Joined:Jul 2008	Message Posted: Sep 2, 2012 12:32:49 AM Ignore rollercoaster Report Abuse ok
cheapertvs Champion Author Richmond Posts:10,285 Points:2,741,720 Joined:Jan 2004	Message Posted: Sep 2, 2012 12:31:27 AM Ignore cheapertvs Report Abuse There will be no release from the consumer country emergency oil stocks.
boatfloyd Champion Author Jacksonville Posts:1,718 Points:387,975 Joined:Mar 2012	Message Posted: Sep 2, 2012 12:28:49 AM Ignore boatfloyd Report Abuse Pump more oil.
streetcars Champion Author Toledo Posts:12,264 Points:2,606,640 Joined:Apr 2005	Message Posted: Sep 2, 2012 12:28:32 AM Ignore streetcars Report Abuse It wont work.
ricoblanco Champion Author Chicago Posts:1,583 Points:358,905 Joined:May 2012	Message Posted: Sep 2, 2012 12:28:18 AM Ignore ricoblanco Report Abuse ok
BBHybrid Champion Author Pittsburgh Posts:6,469 Points:1,295,025 Joined:Aug 2008	Message Posted: Sep 2, 2012 12:27:34 AM 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:5,164 Points:1,366,090 Joined:Jun 2006	Message Posted: Sep 2, 2012 12:26:58 AM 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:1,682 Points:860,640 Joined:Oct 2010	Message Posted: Sep 2, 2012 12:26:48 AM Ignore sprocketsplines Report Abuse Probably not good examples to follow given their Euro economic problems.
Wierbe Champion Author Cincinnati Posts:3,747 Points:1,118,140 Joined:Apr 2006	Message Posted: Sep 2, 2012 12:23:42 AM 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:3,753 Points:2,465,610 Joined:Oct 2005	Message Posted: Sep 2, 2012 12:20:41 AM Ignore mrbee Report Abuse Don't do it.
ds531 Champion Author Texas Posts:2,872 Points:592,505 Joined:Sep 2011	Message Posted: Sep 2, 2012 12:19:37 AM Ignore ds531 Report Abuse ok
silverfoxv65 Champion Author Michigan Posts:4,475 Points:1,229,675 Joined:Sep 2009	Message Posted: Sep 2, 2012 12:19:25 AM Ignore silverfoxv65 Report Abuse Stomp out the speculators instead.
crreed1 Champion Author West Virginia Posts:1,985 Points:2,526,335 Joined:May 2005	Message Posted: Sep 2, 2012 12:17:51 AM Ignore crreed1 Report Abuse BS
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Sep 2, 2012 12:17:41 AM Ignore tedjm1 Report Abuse Leave alone.
pa79th Champion Author Pennsylvania Posts:1,777 Points:1,215,875 Joined:Jun 2007	Message Posted: Sep 2, 2012 12:17:06 AM Ignore pa79th Report Abuse People need a break. Release the oil.
malfrog1 Champion Author South Bend Posts:2,196 Points:549,010 Joined:Feb 2011	Message Posted: Sep 2, 2012 12:16:44 AM Ignore malfrog1 Report Abuse They are correct do ot release
PrinceLH Champion Author Ontario Posts:2,692 Points:538,045 Joined:Jun 2011	Message Posted: Sep 2, 2012 12:16:41 AM Ignore PrinceLH Report Abuse Just shifts the burden until later.
Hi1 Champion Author Ontario Posts:4,850 Points:1,723,635 Joined:Jun 2007	Message Posted: Sep 2, 2012 12:15:29 AM Ignore Hi1 Report Abuse Should not do this.