Obama to David Cameron: Let’s tap our strategic oil reserves together

Hotair ^ | 03/15/2012 | Ed Morrissey

[FlingWingFlyer]

I thought Barry said that there is nothing he could do to lower gas prices. Typical Chicago street thug liar.

[wolfman23601]

The price of oil is based on futures speculation, not current supply and demand. There are no current supply issues or high demand. The latest spike is based on speculation of war anf threats in the Middle East. Releasing the reserves will do nothing for prices in October and November.

[Qwackertoo]

Popping my popcorn waiting for Newt’s next campaign stop speech. Go get ‘em Newt! He will have a field day with this.

[sanjuanbob]

Year of vehicle 2000-present $5.00 gallon
1990-2000 $4.00 gallon
1980-1990 $3.00 gallon

[Noob1999]

.............................Discussions could last as long as several months before any decision is made................

Yeah - until the fall near election time!

[kabar]

The price of oil is also based on the declining value of the dollar, which is the global pricing unit for the commodity. There has been a steady increase in gas prices since Obama took office. This has more to do than just mere speculation, which has just made the increase more rapid.

[R_Kangel]

.... Of course by doing this ... the President is actually admitting that he believes that adding more oil to the market will bring the price of gasoline down.

However ... the Oil Reserve is a drop in the bucket when it comes to the impact on the price of gasoline and is ONLY for use for National Security reasons during a National emergency!

[RitaOK]

Who’s runnin’ this outfit? Us or THEM.

Presidential fiat is in the Constitution where?

[DuncanWaring]

Barstids.

Guaranteeing $20/gallon gasoline in the future to prevent $4/gallon gasoline now.

Doom on them.

[Georgia Girl 2]

Yep. And Newt is right. Just the announcement by the US that we are going to drill drill drill will drop the price of oil.

[ScaniaBoy]

According to ZeroHedge Obama Aide Refutes Report On SPR Release. Report on oil release inaccurate Obama aid says. So, what is going on?

http://www.zerohedge.com/news/obama-aide-refutes-report-spr-release

[MNDude]

huh?

[sportutegrl]

Yep. And Newt is right. Just the announcement by the US that we are going to drill drill drill will drop the price of oil.

Only if it came from a President who didn't have a history of lying.

[FrankR]

Check the date on this old graphic...oblammo did the same thing about this time last year...

[DTogo]

Tap America's strategic oil reserves, with a drill bit!!

[wolfman23601]

Yes, the declining dollar, as well as pretty much every world currency, inrelation to oil, explains a lot of the long run increase in prices since the early 2000s. The latest short-term spike, however, is all speculation. My guess is once this speculation runs its course, it will settle in the low $3.00s where linear regression would put it.

[allen08gop]

“If drilling is short-term thinking, then what can a one-time release from the SPR be called — the ADD solution?”

Epic. Simply Epic.

[Vinnie]

IIRC there is a problem tapping the reserve.

After the oil is drained the salt walls start caving in and after 2 or 3 times the cavity is useless.

Tapping the reserve is NOT strategic.

[rxtn41]

So what will happen if the crisis in the middle east blows up.....Can you say $10.00 per gallon or more....compliments of OBambi