Bush ToTap Emergency Oil Reserves?

[Bronco_Beerslug]

Oil up over $48 a barrel again. There are no more ways to increase supply from OPEC. $3 a gallon gas and beyond is a real possibility in the near future with China sucking up every new available barrel.

-----------------------------------
By Toby Reynolds

LONDON (Reuters) - High-flying oil prices paused in their ascent on Thursday as the U.S. government considered whether to loan out crude from its strategic petroleum reserve after Hurricane Ivan sliced into supplies.

.S. light crude dipped 33 cents to $48.02 a barrel after rising more than $1 on Wednesday following an eighth straight weekly fall in U.S. inventories.

U.S. prices are within $1.50 of the Aug. 20 all-time high of $49.40. London's Brent crude, which matched its $45.15 record high on Thursday, slipped 21 cents to $44.72 a barrel.

Prices fell after a U.S. government source said on Wednesday two U.S. refiners had requested loans of crude oil from the emergency reserve after Hurricane Ivan disrupted U.S. offshore production and slowed oil imports.

"The market is concerned that there will be a release of SPR oil. Washington could announce it on Thursday. The stocks are for emergency use and that's what we have now," said a broker based in New York.

The government source said officials were reviewing the requests, one for 100,000 to 200,000 barrels and the other for 1 million to 2 million barrels.
http://story.news.yahoo.com/news?tmpl=story&cid=580&e=6&u=/nm/20040923/bs_nm/markets_oil_dc

[Mile High Shack]

we aren't going to touch oil reserves

oil went up due to storms mostly.......it went up to past 50 bucks a barrell 2 weeks ago

it will go back down..don't panic

[Rascal]

Let me guess it's Bush's fault.

Since OPEC can't, or at least won't, up supply shouldn't we go somewhere else to get our additional oil till we can find an alternative energy source? Yes we should, but where? How about Alaska? NO WE CAN'T DO THAT!!!

Bitch and moan about the price of gas but when the only option is presented they scream bloody murder and blame Bush.

[bendog]

BushII did say during the debates sith Gore that he'd just get on the phone and "jawbone" opec down.

[Rohirrim]

BushII did say during the debates sith Gore that he'd just get on the phone and "jawbone" opec down.

Maybe nobody will take his calls.

[bendog]

I think the House fo Saud is taking his calls, but his energy policy and failure to lead worldwide has failed on the conservation front. We found during the 70's and 80's that we could reduce demand greatly and without a great time lag via conservation, as opposed to alternative energy. BushII's policy seems to be to burn as much oil as quickly as possible so we can move on to Hydrogen.

NPR this morning had two former EPA types touting BushII and Kerry energy policy. I lost track of the BushII flip flops.

[watermock]

This has nothing to do with OPEC. This was done because some tankers stayed off the coast because of the hurricane.

Also, we have not built a damn refinery in 30 years, nor another nuclear power plant.

The house of Saud could dump a tanker and if our refineries are running at capacity, what good does it do?

Then we scratch our heads that we are running on empty.

[Hogan11]

It has never dropped below $2.00 where I'm at....came close a week or so ago @ $2.01 but that didn't last long.

[Bronco_Beerslug]

Bush starts tapping reserves...............

-------------------------------------------
Disruptions due to Hurricane Ivan, together with spiraling prices, have prompted the Bush administration to approve two- to three-week oil loans to refineries from the nation's emergency stockpile. It is considering requests from others.

But traders said the volumes involved were too small to make a difference on the 20 million barrel per day U.S. oil market, and that the loans were being interpreted in a bullish light as a sign that supplies were even tighter than previously thought.

OPEC (news - web sites) producers are pumping almost flat out to meet the strongest demand growth in 24 years, but their marginal production increments are mostly of heavy, sour crude, out of favor with refiners.

Supply worries have added to unease. On Friday, a spokesman said multinational oil giant Royal Dutch/Shell had evacuated non-essential staff from two oilfields in Nigeria where troops are fighting a major offensive against rebel militia.
http://story.news.yahoo.com/news?tmpl=story&cid=580&e=1&u=/nm/20040924/bs_nm/markets_oil_dc

[Bronco_Beerslug]

It has never dropped below $2.00 where I'm at....came close a week or so ago @ $2.01 but that didn't last long.

It was $1.59 here 5 days ago and is $1.89 now. $3 a gallon and above will be here soon.

[watermock]

Build two new nuclear plants, open the north slope and a new refinery. This isn't rocket science.

[watermock]

Gasoline isn't going to 3 dollars either. 2.15. The problem won't be price, it will be supply.

[Rock Chalk]

It has never dropped below $2.00 where I'm at....came close a week or so ago @ $2.01 but that didn't last long.

I have yet to see gas go above 1.85 here.

Right now I get my gas for 1.65.

[watermock]

Want to know why? The refineries don't need to make ****ing "designer blends" for groupies.

In Texas they refine gas, not perfume.

[watermock]

I think California has 55 different blends of gasoline.

[Bronco_Beerslug]

Oil up over $48 a barrel again. There are no more ways to increase supply from OPEC. $3 a gallon gas and beyond is a real possibility in the near future with China sucking up every new available barrel.


Gasoline isn't going to 3 dollars either. 2.15. The problem won't be price, it will be supply.

It's interesting to revisit a thread from time to time!

[L.A. BRONCOS FAN]

LOL