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Democrats Urge Use of Stratgic Oil Reserve as Industry Backs Conservation

Bloomberg -- President Barack Obama should release crude from the Strategic Petroleum Reserve to stem rising gasoline prices, three U.S. House Democrats said, a move the energy industry opposes.

“This most-recent run-up in prices is primarily the result of fear driving oil markets,” Representatives Ed Markey of Massachusetts, Peter Welch of Vermont and Rosa DeLauro of Connecticut said today in a letter to Obama. “We urge you to consider again deploying oil” in the reserve “to combat the rapid price escalations resulting from speculation.” The administration declined to comment on the request.

The American Petroleum Institute, the biggest U.S. lobbying group for the industry, said releasing oil from about 696 million barrels held in the reserve might push prices lower for a short time, if at all.

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Submitted Feb 23, 2012 By: Mudsprings

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sailormon Champion Author Michigan Posts:3,595 Points:809,210 Joined:Jul 2007	Message Posted: Feb 23, 2012 11:13:15 AM Ignore sailormon Report Abuse Ok, after reading some comments, I want to through this out... It is not a supply problem. We have lots of oil and gasoline here in the USA. What it is a speculation/fear campaign by those who really control the price of commodities. So drilling in ANWAR would not help. More oil would most likely be selling overseas to where the DEMAND is! You can't drill your way out of this.
skillama Rookie Author Arizona Posts:1 Points:470 Joined:Mar 2011	Message Posted: Feb 23, 2012 11:12:16 AM Ignore skillama Report Abuse Our gas is being shipped for sale to China. They buy at rock bottom prices which takes from our supply. If export taxes were raised the oil companys will release more back into our country, thus returning supply to the pumps.
txkrb Champion Author Texas Posts:1,563 Points:639,965 Joined:May 2011	Message Posted: Feb 23, 2012 11:12:04 AM Ignore txkrb Report Abuse The strategic oil reserve is for supply problems (emergency use) Not a political toy for short term price relief Oil inventories have increased for the last 3 weeks [Edited by: txkrb at 2/23/2012 1:13:06 PM EST]
DarthDadJr Champion Author Virginia Posts:7,322 Points:1,523,370 Joined:Jul 2008	Message Posted: Feb 23, 2012 11:11:42 AM Ignore DarthDadJr Report Abuse This is crazy...this is our STRATEGIC reserve, not a political pawn to be used by either party to make points with the voters during an election year.
feistyfella All-Star Author Georgia Posts:881 Points:195,495 Joined:Jun 2010	Message Posted: Feb 23, 2012 11:10:27 AM Ignore feistyfella Report Abuse Noice..
sailormon Champion Author Michigan Posts:3,595 Points:809,210 Joined:Jul 2007	Message Posted: Feb 23, 2012 11:10:21 AM Ignore sailormon Report Abuse Why not hang a few speculators instead?
naiiawah Champion Author Boise Posts:2,400 Points:691,800 Joined:Mar 2011	Message Posted: Feb 23, 2012 11:10:10 AM Ignore naiiawah Report Abuse What the F for?!?!? We have surpluses of Oil and Gasoline right now in the US, but yet the prices are going up! Adding more to the surplus isn't going to do a damn thing to slow price increases. Reform of speculation is the only thing that will do anything about it. A simple change of making buyer HAVE to take delivery of an Oil or Gasoline future will solve this problem.
perlster Rookie Author Los Angeles Posts:23 Points:299,815 Joined:Jun 2004	Message Posted: Feb 23, 2012 11:08:38 AM Ignore perlster Report Abuse Ooh, save us from the "speculators" [insert horror music]. Refresh my memory = wasn't it (according to the Botox Queen) W's "oil buddies" who were responsible before? Now that gas is $4.32 at the nearest station, but a buffoon who loves "green energy" is in the White House, the search for scapegoats is proving to be tough. Thanks, Phlegm 'n Craps - this one is all on you. If ANWR had been opened for exploration ten years ago, [even a Dumbocrat should be able to figure it out]
CISA Champion Author Orange County Posts:5,956 Points:1,400,940 Joined:Dec 2006	Message Posted: Feb 23, 2012 11:07:16 AM Ignore CISA Report Abuse so the Dems want to raid the SPR. what do we do when the shooting starts in Iran?
crusader1975 Champion Author Louisiana Posts:1,136 Points:309,390 Joined:Apr 2008	Message Posted: Feb 23, 2012 11:06:27 AM Ignore crusader1975 Report Abuse They should not do this. We are not tothat point yet, and the supply should be only for emergencies.
wang91554 Champion Author San Jose Posts:3,180 Points:1,203,755 Joined:May 2009	Message Posted: Feb 23, 2012 11:05:52 AM Ignore wang91554 Report Abuse rather than have it just sit there? but what's the real emergency?
VomVom Champion Author Calgary Posts:3,857 Points:1,627,080 Joined:May 2007	Message Posted: Feb 23, 2012 11:01:14 AM Ignore VomVom Report Abuse In the letteer, they said.....“to combat the rapid price escalations resulting from speculation.” ............... President Obama has been in office for 3 years now. What has he done about the speculators? Nothing!
ted4636 Champion Author Cleveland Posts:3,496 Points:1,639,610 Joined:Jun 2007	Message Posted: Feb 23, 2012 11:00:00 AM Ignore ted4636 Report Abuse THE PUBLIC SHOULD CONSERVE MORE.
Chazzy12 Champion Author Massachusetts Posts:2,711 Points:711,710 Joined:Dec 2008	Message Posted: Feb 23, 2012 10:56:46 AM Ignore Chazzy12 Report Abuse Supply is not the problem here. Speculators could care less about supply unless it supports an excuse to keep the price moving up.
chazman Rookie Author Michigan Posts:28 Points:897,260 Joined:Aug 2005	Message Posted: Feb 23, 2012 10:54:40 AM Ignore chazman Report Abuse Great idea...if there was a supply issue. But since that's not the case, how about addressing the speculation problem?
SandeeC Champion Author Ontario Posts:3,003 Points:461,905 Joined:Apr 2011	Message Posted: Feb 23, 2012 10:53:34 AM Ignore SandeeC Report Abuse Instead of releasing crude from the Reserve, why not just lower gasoline prices? I think it was yesterday an article here said that the USA was EXPORTING gas due to extra gas on the market which was due to the rising cost of gas prices. The extra gas around was because people were forced to buy less gas, do without, combine trips, etc. due to the high cost.
MacDad614 Champion Author Atlanta Posts:3,035 Points:1,178,520 Joined:Aug 2008	Message Posted: Feb 23, 2012 10:53:03 AM Ignore MacDad614 Report Abuse No, that's not what needs to be done. Eliminate the speculators who are chiefly responsible for the spikes in gasoline / oil prices. This country is the world's third (3rd) largest producer of oil. Sufficient gas is produced for the use of this country. We do not need any more refineries except to replace those that are outdated and causing problems for the employees and the environment. The oil companies will not allow the price at the pump to decrease for more than a couple of days, if at all.
Clits All-Star Author Louisiana Posts:866 Points:257,040 Joined:Mar 2005	Message Posted: Feb 23, 2012 10:51:49 AM Ignore Clits Report Abuse Reduce our demand by increasing our supply. Pump more at home and buy less from over seas. That will in turn Decrease our demand on imported oil and increase U.S. jobs, stimulating the economy..
12mpgnavigator Champion Author Seattle Posts:2,784 Points:653,635 Joined:Jun 2009	Message Posted: Feb 23, 2012 10:51:38 AM Ignore 12mpgnavigator Report Abuse don't those idiots, ie, Odumba followers, know that using oil from the reserves wont do a damn thing to lower the price of gas?
njerald Champion Author Seattle Posts:7,839 Points:1,626,000 Joined:Oct 2007	Message Posted: Feb 23, 2012 10:51:10 AM Ignore njerald Report Abuse Always the clueless Liberal answer
nehemiah Champion Author Portland Posts:4,771 Points:932,565 Joined:Jul 2007	Message Posted: Feb 23, 2012 10:48:52 AM Ignore nehemiah Report Abuse yet another reason to invest in finding more alternatives now
Gassed01 Champion Author Toronto Posts:6,364 Points:1,804,740 Joined:Jan 2006	Message Posted: Feb 23, 2012 10:48:11 AM Ignore Gassed01 Report Abuse Then what do you do if the reserve becomes exhausted? Build the pipeline and more refineries.
Bagtag Champion Author Georgia Posts:1,449 Points:1,829,840 Joined:May 2006	Message Posted: Feb 23, 2012 10:46:29 AM Ignore Bagtag Report Abuse Unwise it would be to tap reserves as Iran tests our resolve.
WaterfowlerOR Rookie Author Salem Posts:2 Points:62,840 Joined:Aug 2011	Message Posted: Feb 23, 2012 10:46:27 AM Ignore WaterfowlerOR Report Abuse Pipeline!
Hilsgal Veteran Author Utah Posts:322 Points:560,775 Joined:Oct 2006	Message Posted: Feb 23, 2012 10:45:21 AM Ignore Hilsgal Report Abuse I am conserving as much as I can
yakstar Champion Author Montreal Posts:2,435 Points:482,570 Joined:Jan 2012	Message Posted: Feb 23, 2012 10:43:51 AM Ignore yakstar Report Abuse lower gas prices are better for the economy.
bills299 Champion Author Atlanta Posts:3,376 Points:906,440 Joined:May 2005	Message Posted: Feb 23, 2012 10:43:49 AM Ignore bills299 Report Abuse It didn't help prices go down the last time He did this!!
nvwarped All-Star Author Corpus Christi Posts:893 Points:456,000 Joined:Sep 2011	Message Posted: Feb 23, 2012 10:42:02 AM Ignore nvwarped Report Abuse ok
KansasGunman Champion Author Kansas City Posts:21,436 Points:2,104,440 Joined:Oct 2005	Message Posted: Feb 23, 2012 10:41:37 AM Ignore KansasGunman Report Abuse Political BS, won't help one iota as there is plenty of oil...the oil companies are simply shipping the refined product to other countries where they can make more profit.
PizzaMon Champion Author Philadelphia Posts:5,134 Points:1,863,405 Joined:Jun 2006	Message Posted: Feb 23, 2012 10:41:04 AM Ignore PizzaMon Report Abuse Predictable; I knew this was coming and if done will have no effect at all.
85XJ Champion Author Toledo Posts:5,618 Points:1,282,715 Joined:Mar 2005	Message Posted: Feb 23, 2012 10:39:19 AM Ignore 85XJ Report Abuse How much more can I conserve? I've cut my driving to the bone as it is?
TCon313 All-Star Author New York Posts:611 Points:588,590 Joined:Mar 2011	Message Posted: Feb 23, 2012 10:38:50 AM Ignore TCon313 Report Abuse Releasing oil from the SPR will not work when prices are being manipulated by spectators who make their money based on fear tactics
rjwill1 Sophomore Author New Jersey Posts:110 Points:500,100 Joined:Mar 2011	Message Posted: Feb 23, 2012 10:38:22 AM Ignore rjwill1 Report Abuse This won't help.
sparky808 Champion Author Honolulu Posts:3,013 Points:600,660 Joined:Sep 2011	Message Posted: Feb 23, 2012 10:37:52 AM Ignore sparky808 Report Abuse Why don't they drill, drill, drill?
seahawks Champion Author Washington Posts:3,232 Points:1,964,720 Joined:Sep 2005	Message Posted: Feb 23, 2012 10:37:34 AM Ignore seahawks Report Abuse lets build the pipeline!!!
TopGunn Champion Author Baltimore Posts:9,196 Points:2,618,230 Joined:Aug 2004	Message Posted: Feb 23, 2012 10:37:21 AM Ignore TopGunn Report Abuse How stupid and uninformed can these idiocrats be!
jeromehasbargen Champion Author Minnesota Posts:3,381 Points:659,975 Joined:Jan 2009	Message Posted: Feb 23, 2012 10:36:49 AM Ignore jeromehasbargen Report Abuse It releasing crude from the oil reserve is what it takes to lower gas prices, then let's do it. There is still the problem with the oil refineries that keep closing because they don't think they are profitable.
SpankyMI Champion Author Kalamazoo Posts:2,723 Points:762,205 Joined:Jan 2011	Message Posted: Feb 23, 2012 10:34:29 AM Ignore SpankyMI Report Abuse The President needs to okay the Keystone pipeline by the end of today.
gax Champion Author Midland Odessa Posts:28,225 Points:3,212,875 Joined:May 2004	Message Posted: Feb 23, 2012 10:33:40 AM Ignore gax Report Abuse TXryder: "NOTICE - we did enjoy a brief price drop when Obama released reserves. Thanks Mr. President! :-)" I beg to differ. I keep a chart of WTI posted oil prices and gasoline prices in my area. On 6/24/11, when it was announced that over the next month we would be releasing 30 million bbls from the SPR, WTI posted price was $87.75/bbl and the average price of unleaded here in Midland was $3.54/gal (and had been dropping smoothly since peaking at $3.92/gal on 5/16/11). A month later, WTI was up to $96.25/bbl and our average gasoline price here was up to $3.59/gal. Yep, it was a very brief reprieve indeed.
Grismer Champion Author Kitchener-Waterloo Posts:8,544 Points:1,725,995 Joined:Apr 2008	Message Posted: Feb 23, 2012 10:32:32 AM Ignore Grismer Report Abuse These democrats must have a very short retention span. Such a release was already tried not so long ago and prices went up even higher afterwards.
mgune9 All-Star Author Dallas Posts:914 Points:200,395 Joined:Feb 2012	Message Posted: Feb 23, 2012 10:32:04 AM Ignore mgune9 Report Abuse Have the market officials look more closely at the speculators in the future markets and leave the SOR alone.
Jeepergeo Champion Author San Bernardino Posts:1,380 Points:588,430 Joined:Jan 2011	Message Posted: Feb 23, 2012 10:31:34 AM Ignore Jeepergeo Report Abuse Tax petroleum product exports so there's incentives to keep fuel here and reasonably priced.
ConejoHop Sophomore Author California Posts:139 Points:231,455 Joined:Feb 2011	Message Posted: Feb 23, 2012 10:31:33 AM Ignore ConejoHop Report Abuse Quit drinking the Coolaid, USNDVR. BOTH sides of the aisle are owned by Big Oil lobbyists and speculative investment institutions.
wulf2000 Champion Author Miami Posts:3,037 Points:1,391,030 Joined:May 2005	Message Posted: Feb 23, 2012 10:30:12 AM Ignore wulf2000 Report Abuse The release of the strategic oil reserve is only a short term solution. High gas prices are causing the Democrats to be nervous and it will hurt them in the elections.
senob All-Star Author San Francisco Posts:884 Points:247,230 Joined:Nov 2008	Message Posted: Feb 23, 2012 10:28:45 AM Ignore senob Report Abuse reactionary . . . reserve = needed to overt diaster, not temp price increase
YodaON Champion Author Ottawa Posts:2,937 Points:781,010 Joined:Jan 2011	Message Posted: Feb 23, 2012 10:27:58 AM Ignore YodaON Report Abuse how long will that last
kingpin6 Champion Author Arkansas Posts:2,920 Points:1,561,725 Joined:Jul 2007	Message Posted: Feb 23, 2012 10:27:32 AM Ignore kingpin6 Report Abuse Government needs to leave tghe Strategic Oil Reserve in tact.
sydb7 Champion Author Atlanta Posts:3,563 Points:1,920,875 Joined:Mar 2003	Message Posted: Feb 23, 2012 10:25:54 AM Ignore sydb7 Report Abuse Speculators either are the 1% or or working for them! Nobody is going to try to stop them! They own too many politicians!
condé Champion Author Michigan Posts:3,751 Points:1,815,615 Joined:Oct 2004	Message Posted: Feb 23, 2012 10:25:15 AM Ignore condé Report Abuse NO way!!!!
mattymattmatt All-Star Author Scranton Posts:890 Points:366,110 Joined:Mar 2011	Message Posted: Feb 23, 2012 10:24:24 AM Ignore mattymattmatt Report Abuse Zoidberg.
USNDVR All-Star Author Jacksonville Posts:769 Points:535,280 Joined:Oct 2009	Message Posted: Feb 23, 2012 10:23:55 AM Ignore USNDVR Report Abuse Translates to: Democrats see their ratings plumetting on handling of energy policies so in a last ditch effort to save their a$$e$ before election time, they pull a bandaid solution out of their a$$e$ instead of working on the real problems at hand.