Posted on 04/25/2006 7:29:28 AM PDT by kellynla
WASHINGTON (Reuters) - President Bush will direct the U.S. Energy Department on Tuesday to temporarily halt deliveries of oil to a strategic reserve in order to get more fuel on the market and help reduce rising gasoline prices, a senior administration official said.
The official said Bush in a morning energy speech, will tell the Energy Department to suspend deliveries this summer while supplies are tight "and defer the deposits until the fall, and then you have more oil on the market."
(Excerpt) Read more at money.cnn.com ...
I wonder what %full the reserves are at. I thought they were already at capacity.
What we need are more refineries. Oil's there. But if you can't make it into fuel oil or gasoline, what good is it?
Guess he is trying to help Republican chances in the midterm elections.
Still not the right thing to do though, IMO.
I guess that makes more sense than tapping the reserves, although it's not quite as showy.
I can see the dems' reaction now: How dare he put our security at risk just so he can score points!
On the other hand, there is nothing - nothing he can do that they won't find fault with, so he might as well do what he believes is right. I just wish that an executive order authorizing drilling in "off-limits" places "in the interest of our future security" could have been added to the announcement.
"What we need are more refineries. Oil's there. But if you can't make it into fuel oil or gasoline, what good is it?"
BINGO.
Pay thanks to GORE and crowd for that.
Bush to suspend strategic oil deliveries
http://today.reuters.com/news/articlenews.aspx?type=politicsNews&storyid=2006-04-25T142043Z_01_WBT005206_RTRUKOC_0_US-BUSH-ENERGY-SPR.xml
WASHINGTON (Reuters) - President George W. Bush on Tuesday will direct the U.S. Energy Department to temporarily halt deliveries of oil to a strategic reserve in order to get more oil in the market and help reduce rising gasoline prices, a senior administration official said.
Bush to halt deposits oil reserves to help consumers
http://money.canoe.ca/News/Sectors/Energy/PetroCanada/2006/04/25/1549681-ap.html
WASHINGTON (AP) - President George W. Bush has decided to temporarily halt deposits to the U.S. strategic petroleum reserve to make more oil available for consumer needs and relieve pressure on prices at the pump, a senior administration official said Tuesday
That'll work. We're saved!
Probably irrelevent except psychologically. Ditto the "price gouging" investigations. People who only read the headlines (most people) need to see things like this happening. Politically it's a no-brainer.
Better not touch the reserve. When the balloon goes up in the Straight of Hormuz we'll need every drop and that still won't be enough.
And guess what? Hurricane season starts in another month or so (June 1), and the same at risk refineries are still at risk.
Whew. Now I can go out and buy that Hummer limousine I've had my eye on.
Ayup. There are actually tankers full of oil floating around the atlantic, because they have no place to put it.
How about an Executavie Order to drill in Alaska, the Gulf and off california...then a program to build more refineries faster.......
BUMP
They're above capacity. It's all good although this only has a PR capacity to change the market.
What we need is tighter enforcment and regulation of the futures market and prosecution of those guilty of manipulating it. This is why gas is high right now, it has NOTHING to do with shortages of supply or increase in demand... just pure and simple greed and corruption in the futures market.
How about an Executive Order to build more refineries on a fast track, an order to drill in Alaska, the Gulf of Mexico and off california....??
Yep-er-ooo.
And they're not all fixed yet from last season.
Innnnnnnnn Commmming....
Perhaps we'll all be lucky and all the huricanes this season will just camp out over Cuba and expire there.
I saw the China President left here to go to Saudi Arabia and a few other places to shore up more oil for China and also saw a guy on CNN who has gone to a motorized bicycle to get to work, and was struck with the juxtaposition of this: The Chinese used to ride bikes and we drove cars, now they drive cars and some of our population are back to bikes.
buckets of water in the ocean
He's speaking now on FNC.
LIVE coverage.
Bump that too.
He'd have to go against JEB , and that's a definite "no, no"..
sw
We need to start drilling in ANWR, we need more refining capacity, we need to push alternative fuels and business and government together need to seriously push hybrid veichles.
So, we're apparently going to allow the Iranian Mullahs to have nukes, as we need a full SPR if we're going to hit their nukes facilities.
SHORT-SIGHTED AS USUAL!!!
Oil futures are GLOBAL. Manipulation is people buying more future contracts for delivery of oil at a specific date. When they see the Iran / Iraq situation, they think that the oil they need to run their refineries (all over the world, the largest of which are outside the US) will be scarce so they are trying to buy the oil that they need to keep operation.
Such an investigation would be a waste of time and effort.
I wish the oil bubble would burst like the dot com bubble did.
BFD. Without additional refining capacity, the move is illusory. If he really wants to do something that will have an immediate imapct on the price of oil, and hopefully the price of gas, then increase the margin requirements for futures contracts so that the increased cost and risk of speculation discourages the practice in the first place.
Our president is still giving the speech.
He has mentioned far more than just the strategic petroleum reserve.
Other immediate actions include legal action to determine if there is gouging going on, easing of environmental standards, and looking at a reduction of all the boutique mixtues standards in different areas.
The ethanol solution is the best solution for long-term, imho, and he hit it with support for the flex engine that can use up to 85% ethanol.
Hopefully, the speech will shortly be posted.
Good short term decision... should also make the oil companies commit percentage of profits to alternative energy development.... my money is on hydrogen being the fuel of choice in the future... turn the arab lands back into deserts full of poor nomads.... also drilling the ANWR and Gulf along with more refineries to help with the transition to hydrogen technology wouldn't hurt either...
blah, blah, blah...
the clowns in D.C. have been sitting on their hands for decades...until new refineries are built, more drilling in Alaska and off shore and alternative fuels are developed; we will continue to pay higher prices.
I made a decision in 1979, ceased commuting and started working out of my home and never looked back.
No slaves in this country. How bout and executive order waiving paperwork, instead?
Smoke and mirrors but at least he didn't re-write the tax withholding tables (not the tax itself) and say the economy's fixed like his Pop did. I kind of lost respect at that point in Sr's term.
Stupid move, W.
Drop all the goobermint taxes from gas — 50¢ to 60¢ / gal — and things will instantly get better.
Get the damned goobermint out of the gas-taxing business!
Absolutely correct.
We need more refineries and now.
there isn't much in the reserve anyway ... enough to run the US for one day or so
A waste of time but it shows you the power of the MSM. They love this useless trick.
Because we will need as large a stockpile as possible for the inevitable time comes when there is no oil to had any price.
I read the other day that Brazil is also going nuclear. I remember the discussions years ago about Brazil being a future world superpower. They are definitely making some good, long-term decisions. (And some lousy political ones every now and then.)
Our president laid out a clear agenda for energy independence.
This should be a national goal and it should be the ultimate stake in the heart of the terrorists because they thrive on the western world having to kowtow to the islamo-fascists who own so much oil.
Get off of oil.
Get off of it now.
That’s a start, but we still need more refineries, and also ease the fuel additive restrictions throughout the country. The many different varieties of gas that must be refined to fulfill each States tough restrictions are putting a tight squeeze on the capacity of these refineries. There are just too many formulas of gas now, and it’s slowing the inventory turn rate of these refineries dramatically.
Bush has expanded the SPR dramatically. The last I heard (and that was probably a year ago) I believe it was up to around 700 million barrels. He has grown the SPR by several hundred percent since he came into office which I think is a very smart thing. At present domestic usage rates that translates to well over a month's supply.
Given the instability in most of the crude exporting regions this build in the SPR seems a wise thing.
Envirimemtalists like the members of the Sierra Club are just plain nuts. I saw a documentary on the building of the Golden Gate bridge. They tried to stop that. Their efforts can serve a good purpose, such as breaking development, but they really have no alternatives.
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