Reply #12: crude inventories-- and some questions [View All]

[TexasLawyer]

"The latest decline came as the U.S. government's Energy Information Administration said crude inventories, already at the highest level in nearly three years, rose another 3.6 million barrels to 320.7 million. "

Why are crude inventories at the highest level in nearly three years? This has to mean oil is being purposely kept OFF the market to drive up prices.

Also, why has Bush been actively FILLING the Strategic Petroleum Reserves throughout this whole price spike disaster? Filling the SPR also takes oil OFF the market, which oil otherwise would have been sold into the market to lower prices generally.

(Through exchanges, much of the oil flowing into the SPR is royalty oil taken "in kind" from oil producers leasing MMS-administered offshore and outer-continental shelf lands in the Gulf of Mexico and elsewhere. So this is our own domestic U.S. oil that's being taken off the market in massive quantities.)

I have my own pet theories, but one of them is NOT that the world is running out of oil (yet).

This is just an old-fashioned rip -off.