` United States to sell `Strategic Petroleum Reserves ' for the first time since the Gulf War '

#AceFinanceNews The Obama administration plans to sell 5 million barrels, or less than 1 percent of the Strategic Petroleum Reserve, calling the move a test of the petrol distribution system.

The last time this happened was in August 1990 before the first Gulf War.

“Due to the recent dramatic increase in domestic crude oil production, significant changes in the system have occurred — including pipeline expansion, construction of new infrastructure, reversed flow of existing pipelines and increased use of domestic crude oil terminals,” William Gibbons, the US Energy Department spokesman said in a statement.

The government rejected a connection with the turmoil in Ukraine or other geopolitical events.

On Thursday the price of West Texas Intermediate (WTI) crude futures for April delivery fell by 2.3 percent on the New York Mercantile Exchange. It’s the biggest drop in two months.

WTI crude has a high sulfur content, similar to oil exported from Russia.

The large sale might be a test of the US system’s readiness for a hiccup in Russian supply, analysts suggest.

“The timing of this makes it seem like a warning shot across the bow towards the Russians,” the Financial Times quotes Michael Wittner, the head of global oil research at Société Générale in New York.

Reuters – Financial Times – AP

#AFN2014

#aceworldnews, #ap, #financial-times, #gulf-war, #new-york, #new-york-mercantile-exchange, #obama, #reuters, #russia, #societe-generale, #ukraine, #us, #us-energy-department, #west-texas-intermediate-wti

` President of ` Bayern Munich ‘ Football Club gets `Three Years Six Months ‘ in Jail for Tax Evasion ‘

#AceFinanceNews President of football club Bayern Munich gets three years and six months in jail for tax evasion.

The verdict was handed down by the court in Munich, where the case considered.

According to prosecutors Hoeness had concealed from the state 27,2 million euros. The prosecution asked the court to impose a prison term of five and a half years.

As mitigating circumstances, the court admitted the president of the football club made out acknowledgement of guilt in January last year.

At the same time he had never brought criminal action against before and he fully admitted his guilt.

However the prosecutor Achim von Engel pointed out that confession was not completed and kept not completed data:
In addition, the first day on Monday Hoeness said that he had concealed 18,5 million euros. But then, the prosecution presented completed data, where was already 27,2 million euros.

Hoeness will leave the Presidency of the FC Bayern Munich, one of the most famous clubs in the country.

Reuters – AFP – AP – News Sources

#AFN2014

#afp, #ap, #fc-bayern-munich, #hoeness, #munich, #reuters