All indicators are that global demand for oil is going down, despite the oil “experts” continuing to say it’s going up.  The fact that oil and gas prices are going down is proof of the decrease in demand.  One study says oil should be at $70.00, based on actual consumer demand.

Yet President Barack Obama, and 27 other members of the International Energy Agency, are ordering the release of their respective strategic oil reserves.

The official reason the Obama administration gives, is to ease the supply problems with oil from Libya.  First off, the U.S. is a minor user of oil from Libya, secondly the U.S. is partly to blame for the oil supply problems in Libya!

The U.S. uses about 1% of oil produced in Libya, according to a USA Today report.  The U.S. has been supporting rebels who destroyed Chinese run oil fields in Libya, according to the Chinese government.

As I’m writing this U.S. crude oil prices are at $91.00 per barrel.  Why release U.S. oil reserves now, and not back when it was more than $100.00 per barrel?

Here something interesting; the U.S. Department of Energy reports that the strategic oil reserves are at record highs, 727 million barrels to be exact.  Why would that be? Because demand is down?

The IEA (not to be confused with the United Nations IAEA) is made up of 28 oil consuming countries, including the United States.  The decision of the IEA to release 60 million barrels of oil reserves, is to benefit the countries that get most of their oil from Libya, ie Europe.  One report showed that almost all of Italy’s oil comes from Libya.

In other words, Obama’s decision to release U.S. strategic oil reserves is for the benefit of the Europeans, not the United States!

It is also totally because of the U.S. supported European war on Libya, the aggressors (U.S. and Europe) brought it upon themselves.