SENATOR [SCHUMER] DEMANDS PRESIDENT RELEASE OIL RESERVES [FLASHBACK TO MARCH, 2005]

Chuckie Schumer ^ | March 9, 2005 | Chuckie Schumer

[Brilliant]

New Report Finds Average Upstate New York Family With 2 Cars Could Pay $255 More For Gas This Year; Schumer To Detail New Steps To Lower Price of Oil

Even though President Has Previously Refused, OPEC’s Recent Outrageous Cuts in Supply and Skyrocketing Gas Prices Demand Immediate Action

Schumer Unveils County-By-County Analysis: Avg. Family with 2 Cars in Cap Region Could Pay $308 more on gas this year; Central NY $265; Rochester/Finger Lakes $297; Hudson Valley $188; North Country $317; Southern Tier $301; Western NY $241

U.S. Senator Charles E. Schumer today vowed to fight to lower prices for New Yorkers who are already paying more than 21 cents per gallon more for gas than last year, as analysts warn another 24 cent hike could be just around the corner. Schumer today unveiled a new study showing that the average New York family with two cars is paying $255 more this year than last year and is leading a bipartisan coalition of Senators in calling on the Administration to release stored government oil reserves that would quickly lower gas prices.

“New Yorkers are being burned by high oil prices to heat their homes and run their cars,” Schumer said. “If we thought last year was bad, I’m afraid we haven’t seen anything yet. Prices are already two dimes ahead of where they were last year at this time with no end in sight. Today I am asking the President to release oil from the Strategic Petroleum Reserve because we must do everything possible to lower prices, and tapping the SPR is a proven way to drive down gas prices.”

On Friday, the price of crude oil on the New York Mercantile Exchange closed at the nearly record setting level of $53.78, and crude oil has been trading at above $50 per barrel since February 22nd. In addition, the average price at the pump in New York has hit $2.06 - already 21 cents higher than it was last year on this date. National average retail gasoline prices have increased by almost $0.07 per gallon over the past week to reach $2.00 and some analysts predict that prices could increase by $0.24 per gallon before gasoline prices fully reflect the recent spike in crude oil prices.

. Schumer today released a new analysis showing how much more New Yorkers in each county are paying to for gas over last year’s prices. Specifically, Schumer found that based on the price of gas in each region of the state:

· This year the average two-car family in the Capital Region will pay $308 above the high prices paid at the pump last year.

· This year the average two-car family in Central New York will pay $265 above the high prices paid at the pump last year.

· This year the average two-car family in the Hudson Valley will pay $188 above the high prices paid at the pump last year.

· This year the average two-car family in the Rochester/Finger Lakes area will pay $297 above the high prices paid at the pump last year.

· This year the average two-car family in the North Country will pay $317 above the high prices paid at the pump last year.

· This year the average two-car family in the Southern Tier will pay $301 above the high prices paid at the pump last year.

· This year the average two-car family in Western New York will pay $241 above the high prices paid at the pump last year.

Schumer said today that in spite of the economic threat created by OPEC's market manipulation, the Administration has continued to adhere to its policy of taking oil off of the market and placing it in the SPR. This policy, which further tightens oil markets by taking much needed supplies out of commerce, is slated to take 92,000 barrels per day off of the market during the height of the driving season between April and September despite the fact that the SPR is currently over 97 percent full.

Schumer today led a bipartisan coalition of Senators, along with Republican Senator Susan Collins of Maine, to urge the Administration to counteract the cartel's supply cuts and calm the markets by deferring deliveries of oil to the SPR and releasing oil from the SPR through a swap. Initiating a swap of oil from the SPR to increase the supply of oil is a proven way to reduce the price of gasoline and heating oil. In the fall of 2000, Schumer successfully convinced the Clinton Administration to swap 30 million barrels over 30 days, causing crude oil prices to quickly fall by over $6 per barrel and wholesale gasoline prices to fall $0.14 per gallon. Under a swap, the federal government could decide on a set quantity of oil to release from the SPR, and accepts bids from private companies for the rights to that oil. The companies would then bid on how much oil they are willing to return to the SPR at a later date. For example, if the federal government decided to release oil and a private company wanted to obtain 10 million barrels, the company could bid for the 10 million barrels by promising 15 million barrels to be returned to the SPR at a later date.

“Prices at the pump are getting out control, and will get much higher unless something is done to rein them in,” Schumer said. “Accessing the SPR is not only smart economic policy, it also put money back into the wallets of New Yorkers.”

[Brilliant]

If Bush had released the oil in March, as demanded by Senator Schumer, we would not even have oil to release now.

[Old Phone Man]

Schumer and his ilk woud sell our country out to anyone who would further their careers....
He and his cohorts are responsible for many of those who are casulties in Iraq....Total Scum is the only way to describe this guy!!!

[Irontank]

tapping the SPR is a proven way to drive down gas prices

I don't understand how these "strategic oil reserves" actually save anyone any money. They are supposed to help lower the cost of fuel at gas stations...but if they result in the price of a gallon of gas dropping $0.20...are we really saving any money?

I mean, any consumer who pays federal taxes already purchased the petroleum once when the feds bought it for the strategic reserves, right? Now, the consumer pays again when he buys it at the gas station...and he’s saving money?

Does the government sell the SPR petroleum when it releases it? If so, do the proceeds just go into the Treasury account...just to be wasted on some other government program?...sounds like a hidden tax to me

[Brilliant]

They aren't supposed to be used to reduce gas prices. They are for emergencies, when there is a disruption in the supply, such as war, or perhaps an OPEC cut off. Very short term.

When you think of it, the reserves don't increase the amount of oil available. They only move it from the oil field to a storage tank, where it can be quickly moved out in the event of an emergency.

[Realism]

Schumer and his ilk woud sell our country out to anyone who would further their careers....

By ilk you mean what, democrats or all politicians in general?

[Realism]

They aren't supposed to be used to reduce gas prices. They are for emergencies, when there is a disruption in the supply, such as war....

Or a natural disaster possibly?

[Old Phone Man]

Democrats!! They have sold their souls to the devil!!!!

[Old Phone Man]

A guy like Pat Robertson is a phony too...He ranks right up there with the rotten Demorats..
The Republicans are the lesser of two evils ....Pat Robertson makes the "good" Republicans look bad...
I vote Republican and will continue to do so because I don't want my way of life and beliefs handed over to the Devil on a silver platter!!!!
The Demorats walk the fence on every issue....They have NO honor!

[Brilliant]

Yeah, I think that would be a good use of it, if it were to help. But Schumer wanted to use it to reduce gas prices back in March. If we had, then we would not have oil to release now.

[Kozak]

So Chucky, how about cutting the Fed Gas tax, to help those little people? I know lets cut income taxes to help all those suffering families.

[Realism]

I vote for people not parties, Just so happens that I'm registered Republican because as you and I both know most Dems love to criticize but they couldn't come up with a legitimate plan or a clue to save their lives. Not to mention their so stinking liberal.

[Realism]

I agree, March was jumping the gun. I'm not so sure now.

[Brilliant]

I just read an article that says 95% of the Gulf production is shut down. If so, then it seems pretty much like a slam dunk for releasing oil, assuming that the refineries have capacity to use it.

[Sacajaweau]

Hey Chuckie....Ever here of OIL in Alaska??

Tell Chuckie that NY winters and heating fuel is more of a concern.....but war is the No. 1 reason for the reserve and we need to keep it full. People are compensating. It's the rest of the world like China that gobbles oil without concern.

Pay attention Chuckie. We will compensate as best we can. It'll be taking one car instead of both to our cottage (we did that last weekend) OR making a "one trip route" to the bank AND supermarket AND Home Depot....to lessen the demand.

God Bless America!!

[maine-iac7]

and where are the news folk asking or reminding folk about Chucky's stand on Oil from the Anwar, or a new refinery, or the natural gas deposits in Utah that have enough to supply our country's fuel needs forever - you know, the gas fields that Clinton raced out to in his last month of office - set up a card table and signed them in park forever - without even notifying the Governor of Utah?

Why is no one questioning if this weren't a democrat strategy to make things worse for the foreseeable "Republican" years, in order to cause the illusion that oil shortages and prices are all the republicans fault?

When is anyone in the press going to point out the obvious?

Now Schumer and Rbt. Kennedy and the rest of their ilk can stand = and be HEARD! - claim the hurricane is Bush's fault...and no one slaps them down?

(I know Bush is powerful, but golll---eee)