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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
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Democrats Urge Use of Stratgic Oil Reserve as Industry Backs Conservation Back to Topics
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sailormon
Champion Author Michigan

Posts:3,595
Points:810,260
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Message Posted: Feb 23, 2012 11:13:15 AM

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.
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skillama
Rookie Author Arizona

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Points:470
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Message Posted: Feb 23, 2012 11:12:16 AM

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.
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txkrb
Champion Author Texas

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Message Posted: Feb 23, 2012 11:12:04 AM

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]
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DarthDadJr
Champion Author Virginia

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Message Posted: Feb 23, 2012 11:11:42 AM

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.
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feistyfella
All-Star Author Detroit

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Message Posted: Feb 23, 2012 11:10:27 AM

Noice..
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sailormon
Champion Author Michigan

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Message Posted: Feb 23, 2012 11:10:21 AM

Why not hang a few speculators instead?
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naiiawah
Champion Author Boise

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Message Posted: Feb 23, 2012 11:10:10 AM

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.
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perlster
Rookie Author Los Angeles

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Message Posted: Feb 23, 2012 11:08:38 AM

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]

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CISA
Champion Author Orange County

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Message Posted: Feb 23, 2012 11:07:16 AM

so the Dems want to raid the SPR. what do we do when the shooting starts in Iran?
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crusader1975
Champion Author Louisiana

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Message Posted: Feb 23, 2012 11:06:27 AM

They should not do this. We are not tothat point yet, and the supply should be only for emergencies.
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wang91554
Champion Author San Jose

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Message Posted: Feb 23, 2012 11:05:52 AM

rather than have it just sit there? but what's the real emergency?
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VomVom
Champion Author Calgary

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Message Posted: Feb 23, 2012 11:01:14 AM

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!

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ted4636
Champion Author Cleveland

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Message Posted: Feb 23, 2012 11:00:00 AM

THE PUBLIC SHOULD CONSERVE MORE.
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Chazzy12
Champion Author Massachusetts

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Message Posted: Feb 23, 2012 10:56:46 AM

Supply is not the problem here. Speculators could care less about supply unless it supports an excuse to keep the price moving up.
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chazman
Rookie Author Michigan

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Message Posted: Feb 23, 2012 10:54:40 AM

Great idea...if there was a supply issue. But since that's not the case, how about addressing the speculation problem?
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SandeeC
Champion Author Ontario

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Message Posted: Feb 23, 2012 10:53:34 AM

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.
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MacDad614
Champion Author Atlanta

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Message Posted: Feb 23, 2012 10:53:03 AM

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.
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Clits
All-Star Author Louisiana

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Message Posted: Feb 23, 2012 10:51:49 AM

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..
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12mpgnavigator
Champion Author Seattle

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Message Posted: Feb 23, 2012 10:51:38 AM

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?
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njerald
Champion Author Seattle

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Message Posted: Feb 23, 2012 10:51:10 AM

Always the clueless Liberal answer
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nehemiah
Champion Author Portland

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Message Posted: Feb 23, 2012 10:48:52 AM

yet another reason to invest in finding more alternatives now
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Gassed01
Champion Author Toronto

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Message Posted: Feb 23, 2012 10:48:11 AM

Then what do you do if the reserve becomes exhausted? Build the pipeline and more refineries.
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Bagtag
Champion Author Georgia

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Message Posted: Feb 23, 2012 10:46:29 AM

Unwise it would be to tap reserves as Iran tests our resolve.
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WaterfowlerOR
Rookie Author Salem

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Message Posted: Feb 23, 2012 10:46:27 AM

Pipeline!
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Hilsgal
Champion Author Utah

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Message Posted: Feb 23, 2012 10:45:21 AM

I am conserving as much as I can
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yakstar
Champion Author Montreal

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Message Posted: Feb 23, 2012 10:43:51 AM

lower gas prices are better for the economy.
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bills299
Champion Author Atlanta

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Message Posted: Feb 23, 2012 10:43:49 AM

It didn't help prices go down the last time He did this!!
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nvwarped
Champion Author Corpus Christi

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Message Posted: Feb 23, 2012 10:42:02 AM

ok
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KansasGunman
Champion Author Kansas

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Message Posted: Feb 23, 2012 10:41:37 AM

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.
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PizzaMon
Champion Author Philadelphia

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Message Posted: Feb 23, 2012 10:41:04 AM

Predictable; I knew this was coming and if done will have no effect at all.
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85XJ
Champion Author Toledo

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Message Posted: Feb 23, 2012 10:39:19 AM

How much more can I conserve? I've cut my driving to the bone as it is?
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TCon313
All-Star Author New York

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Message Posted: Feb 23, 2012 10:38:50 AM

Releasing oil from the SPR will not work when prices are being manipulated by spectators who make their money based on fear tactics
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rjwill1
Sophomore Author New Jersey

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Message Posted: Feb 23, 2012 10:38:22 AM

This won't help.
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sparky808
Champion Author Honolulu

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Message Posted: Feb 23, 2012 10:37:52 AM

Why don't they drill, drill, drill?
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seahawks
Champion Author Washington

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Message Posted: Feb 23, 2012 10:37:34 AM

lets build the pipeline!!!
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TopGunn
Champion Author Baltimore

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Message Posted: Feb 23, 2012 10:37:21 AM

How stupid and uninformed can these idiocrats be!
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jeromehasbargen
Champion Author Minnesota

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Message Posted: Feb 23, 2012 10:36:49 AM

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.
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SpankyMI
Champion Author Kalamazoo

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Message Posted: Feb 23, 2012 10:34:29 AM

The President needs to okay the Keystone pipeline by the end of today.
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gax
Champion Author Midland Odessa

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Message Posted: Feb 23, 2012 10:33:40 AM

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.
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Grismer
Champion Author Kitchener-Waterloo

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Message Posted: Feb 23, 2012 10:32:32 AM

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.
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mgune9
All-Star Author Dallas

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Message Posted: Feb 23, 2012 10:32:04 AM

Have the market officials look more closely at the speculators in the future markets and leave the SOR alone.
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Jeepergeo
Champion Author San Bernardino

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Message Posted: Feb 23, 2012 10:31:34 AM

Tax petroleum product exports so there's incentives to keep fuel here and reasonably priced.
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ConejoHop
Sophomore Author California

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Message Posted: Feb 23, 2012 10:31:33 AM

Quit drinking the Coolaid, USNDVR. BOTH sides of the aisle are owned by Big Oil lobbyists and speculative investment institutions.
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wulf2000
Champion Author Miami

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Message Posted: Feb 23, 2012 10:30:12 AM

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.
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senob
All-Star Author San Francisco

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Message Posted: Feb 23, 2012 10:28:45 AM

reactionary . . . reserve = needed to overt diaster, not temp price increase
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YodaON
Champion Author Ottawa

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Message Posted: Feb 23, 2012 10:27:58 AM

how long will that last
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kingpin6
Champion Author Arkansas

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Message Posted: Feb 23, 2012 10:27:32 AM

Government needs to leave tghe Strategic Oil Reserve in tact.
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sydb7
Champion Author Atlanta

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Message Posted: Feb 23, 2012 10:25:54 AM

Speculators either are the 1% or or working for them! Nobody is going to try to stop them! They own too many politicians!
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condé
Champion Author Michigan

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Message Posted: Feb 23, 2012 10:25:15 AM

NO way!!!!
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mattymattmatt
Champion Author Scranton

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Message Posted: Feb 23, 2012 10:24:24 AM

Zoidberg.
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USNDVR
Champion Author Jacksonville

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Message Posted: Feb 23, 2012 10:23:55 AM

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.
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