Obama desperate, releases strategic oil reserve

[cutthemdown]

http://www.dailynews.com/news/ci_18334865

WASHINGTON - Wary of a new surge in gas prices, the Obama administration said Thursday it is releasing 30 million barrels of oil from the country's emergency reserve as part of a broader international response to lost oil supplies caused by turmoil in the Middle East and North Africa, particularly Libya.

The timing brought criticism from business groups and Republican lawmakers, who accused President Barack Obama of playing politics with the country's oil

The Strategic Petroleum Reserve is an emergency lifeline to protect our nation against critical shortages in our oil supply and shouldn't be used as a Strategic Political Reserve to boost the popularity of elected officials," said Charles Drevna, president of the National Petrochemical & Refiners Association.

The administration's action will do little to benefit consumers while leaving the nation vulnerable to hurricanes or other natural disasters, or a foreign crisis that causes a real supply shortage, Drevna said.

Even some Democrats were puzzled by the move.

"This decision would have been more timely if made when the disruption in Libyan oil supplies first occurred" early this year, said Sen. Jeff Bingaman, D-N.M., chairman of the Senate Energy and Natural Resources Committee. Still, Bingaman said he hopes the move helps deflate "speculative froth in the markets" and drives prices back to levels where most experts believe they should be.


Obama is an absolute idiot. Expensive gas does not equal an emergency. I can't believe any of you still like this dog. Cmon dems demand a primary and pick a new man!

[peacepipe]

should've done it awhile ago. worked during the clinton yrs. people cry about what he should do about gas & when he does something he's desperate.

[Rigs11]

Yep.the dude could cure cancer and the right would criticize him for it.

[Arkie]

They always do it before a re-election run.


Why Bush Is Dipping Into Oil Reserves (http://www.businessweek.com/magazine/content/04_41/b3903049_mz011.htm)

"In the midst of a tight Presidential race and with oil prices around $50 per barrel, the Energy Dept. releases crude from the Strategic Petroleum Reserve. Is President George W. Bush pandering for votes while reneging on a promise to save the reserve for true emergencies? "

[W*GS]

One of cutthemdown's almost-invariably ignorant takes.

[DenverBrit]

Absolute nonsense. Here's why the reserves were released. Both the US and IEA made the move.


Surprise oil release targets speculators
Weakened demand, ample supplies send crude prices tumbling

Thursday’s surprise release of 60 million barrels of crude reserves is not about keeping oil consumers well supplied. It’s about chasing oil speculators out of the market.

And it seems to be working.

“This is the straw that breaks the camel’s back — this is the tipping point,” said Fadel Gheit, oil analyst for Oppenheimer, a leading investment bank. “The speculators will have to change their positions. Instead of betting on higher prices they have to bet on lower prices."

In a coordinated move, U.S. and European energy officials announced they would release 60 million barrels of oil from strategic stockpiles over the next month after OPEC failed this month to agree on an increase in production. Those extra OPEC barrels were supposed to replace crude output lost when civil war in Libya shut down production.

"This supply disruption has been underway for some time and its effect has become more pronounced as it has continued," said the International Energy Agency in a statement. It said expectations were that Libyan production would remain off the market for the rest of 2011.

"Greater tightness in the oil market threatens to undermine the fragile global economic recovery," it said.

http://www.msnbc.msn.com/id/43510170/ns/business-going_green/

[That One Guy]

So, what is that, like 2 days worth of oil for the US? What difference will that really make?

[ant1999e]

The US releases 30 million and the rest of the world releases 30 million.

[ant1999e]

So, what is that, like 2 days worth of oil for the US? What difference will that really make?

Yes. It did help lower gas prices for.now.

[TheElusiveKyleOrton]

Yes. It did help lower gas prices for.now.

So. Will you give Obama credit for lowering gas prices? You righties have been hammering him on gas prices relentlessly. Does "little O" get credit? Or are you going back to the plant to manufacture more blame?

[ant1999e]

So. Will you give Obama credit for lowering gas prices? You righties have been hammering him on gas prices relentlessly. Does "little O" get credit? Or are you going back to the plant to manufacture more blame?

I'll give him credit. Id give him more credit if he would do something to help in the long run.

[Requiem]

Like what, drilling in ANWR?

[ant1999e]

Like what, drilling in ANWR?

You have a better Idea? How do we get off foreign oil? Get away from being raped by the middle east?

[Requiem]

I can tell you that the amount of oil in ANWR wouldn't even be able to put a dent in our foreign dependency on oil.

The better idea is investment in alternative energy, technology related to it and programs and initiatives that spark education and further research into the matter.

Our dependency on such fossil fuels is a huge problem. It doesn't matter if it be from foreign or domestic sources. It's 2011, it is time we shifted our vision from something that has never and will never be feasible in re: sustainability.

My two cents.

[ant1999e]

I can tell you that the amount of oil in ANWR wouldn't even be able to put a dent in our foreign dependency on oil.

The better idea is investment in alternative energy, technology related to it and programs and initiatives that spark education and further research into the matter.

Our dependency on such fossil fuels is a huge problem. It doesn't matter if it be from foreign or domestic sources. It's 2011, it is time we shifted our vision from something that has never and will never be feasible in re: sustainability.

My two cents.

99% of the vehicles out there run off gasoline. A huge amount of everyday products we use are made by using petroleum. I agree we should look to the future in alternative energy. That is probably our best solution for our country and for our environment. But we still live in the here and now and we need petroleum until we find that alternative energy.

[Requiem]

ANWR isn't a cost-effective solution to that problem, IMHO.

[ant1999e]

ANWR isn't a cost-effective solution to that problem, IMHO.

You may be right.

[cutthemdown]

In 2005 Obama said the oil reserve should only be used in emergencies. I do remember it being tapped during the first gulf war, and after Katrina. You know major events. Obama is saying it is because of Libya. If he admitted it was to manipulate the market and **** with the oil traders that would be outrageous. The ones who are saying that certainly know that the President can't say that. Oil isn't even close to its all time high and Libya produced very little oil. People defending this move is pretty lame.

[mhgaffney]

ANWR isn't a cost-effective solution to that problem, IMHO.

We could seriously cut our use of oil -- simply by ending the wars. War is the most wasteful use of oil there is.

Then do the following:

1. make energy conservation the number one priority.

2. impose new energy efficiency rules for all US automakers. We are years behind the rest of the world. US cars should be getting 40 miles a gallon, at least.

3. Obama should give the national labs a new mandate. Stop making weapons and start solving the energy crisis.

4. when making decisions about which type of energy to use -- always go with the most cost effective. This principle -- if followed -- would overcome the vested interests in oil, coal and nuclear -- and would lead to major investments in wind, solar, geothermal, tidal, and other renewables.

5. Obama should crack heads together -- persuade the energy companies to stop buying up new technologies to keep them off the market.

6. you fill it in. What did I miss?

[cutthemdown]

Sounds good gaff until one of your liberal brethren say no to solar it ruins the desert ecosystem. Oh sorry no tidal we don't want our coastlines marred. Wind power? sorry it kills birds and bats. The same forces who want green energy, also fight to make it more expensive.

[TheElusiveKyleOrton]

In 2005 Obama said the oil reserve should only be used in emergencies. I do remember it being tapped during the first gulf war, and after Katrina. You know major events. Obama is saying it is because of Libya. If he admitted it was to manipulate the market and **** with the oil traders that would be outrageous. The ones who are saying that certainly know that the President can't say that. Oil isn't even close to its all time high and Libya produced very little oil. People defending this move is pretty lame.

You're just not smart. Please. Please. Post on things you actually know something about.

Hint: It ain't politics, and it sure as **** ain't the price of oil.

[cutthemdown]

You're just not smart. Please. Please. Post on things you actually know something about.

Hint: It ain't politics, and it sure as **** ain't the price of oil.

Hey dummy it's obvious this is a political move.

[alkemical]

Is he just rotating stock?

[Requiem]

Obama could just pitch birds back into the inner cities like Ronnie Raygun.

He's part of the community and gots that diplomatic immunity.

[cutthemdown]

You can argue its a smart political move but anyone trying to say it's apolitical, has nothing to do with politics, is a freaking moron.

[Popcorn Sutton]

Hey dummy it's obvious this is a political move.

He's a politician isn't he? :rofl:

[Tombstone RJ]

If Obama is doing this to beat the speculators at their own game I tip my cap to him. Fact is, the price of gas coming down is vital to the summer economy. Hopefully more people will spend their money on other things now...

[That One Guy]

If Obama is doing this to beat the speculators at their own game I tip my cap to him. Fact is, the price of gas coming down is vital to the summer economy. Hopefully more people will spend their money on other things now...

Pretty much this but I just can't see it working long term. Even at 60 million barrels, that's 3-4 days supply for the US. Speculators have to see this is like a drop in a bucket in the grand scheme. Prices were already dropping some over the last few weeks/month without releasing the reserves. I just don't really understand it.

[cutthemdown]

He's a politician isn't he? :rofl:

exactly. To argue decisions have no political motivation is a joke.

[cutthemdown]

Pretty much this but I just can't see it working long term. Even at 60 million barrels, that's 3-4 days supply for the US. Speculators have to see this is like a drop in a bucket in the grand scheme. Prices were already dropping some over the last few weeks/month without releasing the reserves. I just don't really understand it.

Exactly the plan is to make it look like it made a huge impact then take credit for lowering gas prices in the run up to the election. It's only 17 hours of oil for the whole world so really I don't see how could significantly make oil lower for more then a few weeks.

[TheElusiveKyleOrton]

Exactly the plan is to make it look like it made a huge impact then take credit for lowering gas prices in the run up to the election. It's only 17 hours of oil for the whole world so really I don't see how could significantly make oil lower for more then a few weeks.

If it was strictly a political move, why do it now instead of a year from now?

There are other reasons afoot. To call this strictly a political move is shortsighted.

When Bush did the same, it was in my opinion in the best interests of the nation, not just to get reelected. You've got to stop thinking of the other side as the boogeyman all the time.