House Dems to Obama: Be ready to tap emergency oil reserves (Sea levels to rise?)

The Hill ^ | 2/22/12 | Andrew Restuccia

[Libloather]

House Dems to Obama: Be ready to tap emergency oil reserves
By Andrew Restuccia - 02/22/12 03:20 PM ET

Three House Democrats urged President Obama Wednesday to consider releasing oil from the country's emergency stockpiles in order to lower gas prices.

The lawmakers warned that tapping the Strategic Petroleum Reserve (SPR), a 696-million-barrel stockpile of oil stored in salt caverns along the Gulf Coast, could soon be necessary to combat rising prices they say stem from market speculation.

“It is essential that the United States have an aggressive strategy for releasing oil from the Strategic Petroleum Reserve to combat the speculators capitalizing on the fear in oil markets and to send a message to Iran that we are ready, willing, and able to deploy our oil reserves,” the Democrats said in a letter to Obama.

“Signaling that the United States will continue to employ an aggressive SPR policy in the near term would send a strong signal to oil markets responding to the unrest in the Middle East.”

Oil prices have soared amid threats by Iran to halt oil shipments. Gas prices are also on the rise. The average gallon of gas cost about $3.58 on Wednesday, according to AAA — that's up from this time last month ($3.38 per gallon) and this time last year ($3.17 per gallon).

The White House approved the release of 30 million barrels of oil from the SPR last summer to combat supply losses from Libya that officials said were threatening the economic recovery.

The GOP roundly criticized the president for releasing SPR oil last year, arguing it was a ploy to score political points amid high gas prices.

Press secretary Jay Carney said last week that the administration won’t rule out tapping the reserve again.

“We never take options off the table, but I have nothing — no announcements to make or anything like that,” Carney said.

Emergency sales of oil from the reserve are rare and have occurred in 1991 at the outset of Operation Desert Storm and again in 2005 after Hurricane Katrina hobbled the Gulf’s refining sector.

Republicans are pummeling Obama over high gas prices, taking aim at his energy policies and calling for a dramatic expansion of domestic oil-and-gas drilling.

The president will tout his energy record Thursday during a speech at the University of Miami.

[Mike Darancette]

So gasolibe will be $5.95/gal instead of $6.00.

[Deaf Smith]

Just to back up post #19...
http://online.wsj.com/article/APf917509ee61344a38638e2c08bc47090.html

[Kenny500c]

If high prices are due to speculation, then raise margin requirements, limit the amount of contracts traders can hold, and make holders of large positions identify themselves.

But high prices are mostly due to a debased dollar which is best measured by the old standby, the price of gold.

[Baynative]

WOW, what a great idea!

The US only uses about 20 million barrels of oil a day, so draining our entire reserve could supply us for, what... almost two months?

[BigLittle]

It worked for Clinton.

More so for Gore. The Elk Hills reserve was sold by the Clinton Gore regime to Occidental Petroleum. Occidental also pays Gore for mineral rights on his palatial spread. Armand Hammer thought so highly of Gore's father, he was quoted as saying"...don't worry about him, he i sin our pocket."

Gore's large Occidental holdings increased in worth accordingly.

[eeriegeno]

Nah Barry... Don’t worry about that $4+ gasoline price. The masses will pay that in honor of you..... Just go with it.....

[From The Deer Stand]

The Dummycrat wouldn’t have to plea for tapping any oil reserves if they would have agreed to drillin ANWR 10 years ago. Remember, 10 years ago they said drilling there wouldn’t have any impact for 10 years. It’s now 10 years.

[chuckee]

The Dems are getting ahead of themselves. He will release reserves in October just before the election. I did not think it was possible to politicize strategic oil reserves but the Dems always find a way.

[Danae]

“Three House Democrats urged President Obama Wednesday to consider releasing oil from the country’s emergency stockpiles in order to lower gas prices.”

The National Strategic Reserves is designed to primarily counter a severe interruption of supply.

I guess to the Democrats, getting FIRED by the American People for Miss-Management of National Resources is a National Emergency.

Sorry, but that is a FAIL.

Truth hurts doesn’t it, Democrats?

[TWhiteBear]

Giving Liberals political power is like giving your 15 year old son the car keys, gas card and two bottles of whiskey.
Nothing good can happen.
TWB

[Danae]

You forgot the naked open razor blades and loaded .45’s.

I hear ya!

[pankot]

Naw, have you not heard? Bozo is going to give a speech on high gas prices. Yeah, that will fix it. Talk always does.

[stylin19a]

Emergency sales of oil from the reserve are rare and have occurred in 1991 at the outset of Operation Desert Storm and again in 2005 after Hurricane Katrina hobbled the Gulf’s refining sector.

amazing....they go from Bush 41 right to Bush 43 and forget Clinton's release during the heat of the 2000 presidential campaign.

[thackney]

Stop exporting oil.

We export very little crude oil. Essentially all of it goes to Canada, because that little piece of production is closer to Canadian Refineries than ones in the US.

http://www.eia.gov/dnav/pet/pet_move_expc_a_EPC0_EEX_mbblpd_m.htm

We have started exporting some refined product, because our domestic demand has fallen greatly.

So with our reduced demand, we now refine more than we consume, and we are exporting some of that surplus. I think that is a lot better than idling refineries and cutting jobs.

[thackney]

The refined products will be exported to keep domestic stocks low

Our stocks are not low.

[thackney]

The refined products will be exported to keep domestic stocks low

Our stocks are not low.

[jmaroneps37]

Releasing the strategic reserve to lower gas prices will do as much for the price of gas as confiscating every penny the rich have to lower the debt.