Based on what NewsMax is reporting it seems that the Saudis may have granted permission for release of the Strategic Petroleum Reserve. NewsMax claims that “President Barack Obama reportedly sent a secret diplomatic mission to obtain Saudi Arabia’s OK prior to the U.S. release of 30 million barrels of oil from its Strategic Petroleum Reserve.”

Over the last two weeks gasoline has dropped between 10 and 20 cents around the country, and the economy has made a slight recovery even with uncertainty in Europe.

It will be interesting to see if there are any repercussions from OPEC in the coming weeks. If we did get permission it is possible nothing will happen, but it does indicate the Saudis are unable to meet global demand.  On a local scale North Dakota and Montana may prosper, but it may come at a great cost to the country.

Local notes:  My thoughts go out to those being affected by flooding around the area. It looks like it is going to be a long summer for all of us.

Filed under: EnergyInvesting

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