Interest move by the US on oil prices

[VYBerlinaV8]

Ostensibly to support supply issues from Libya (despite recently falling oil prices), the US has decided to release to market part of the Strategic Petroleum Reserve.

Interesting times.

http://money.cnn.com/2011/06/23/news/economy/spr_stimulus_oil_prices/index.htm

 

[Aaron Sice]

Here it comes.

The default petrodollar is the USD. As China and Russia move away from using the USD, the US is trying to maintain demand for their dollar.

Cheap oil is not going to help them. Once their strategic reserves run out the USD will begin it protracted downward spiral.