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Exclusive: White House studying potential oil reserve release
Reuters ^ | August 17, 2012 | Jeff Mason

Posted on 08/17/2012 10:55:15 AM PDT by C19fan

The White House is "dusting off old plans" for a potential release of oil reserves to dampen prices and prevent high energy costs from undermining sanctions against Iran, a source with knowledge of the situation said on Thursday. U.S. officials will monitor market conditions over the next few weeks, watching whether gasoline prices fall after the September 3 Labor Day holiday, as they historically do, the source said.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Constitution/Conservatism; News/Current Events
KEYWORDS: gas; obama; oil
More proof Obama thinks we are fools. This has nothing to do with Iran but all about getting re-elected.
1 posted on 08/17/2012 10:55:24 AM PDT by C19fan
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To: C19fan
Won't. Do. Squat. Unleaded reg is up 30¢ here in the last 10 days. DRILL, BABY, DRILL! Screw 0bummer & EPA!
2 posted on 08/17/2012 10:58:28 AM PDT by carriage_hill (Harry Reid [PERVERT-NV] has Vickie-the-goat in lingerie & stiletto heels, tied-up in his office.)
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To: C19fan

It’s a pretty safe bet this is about the election.


3 posted on 08/17/2012 10:58:43 AM PDT by Venturer
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To: C19fan
WHATEVER IT TAKES, WHATEVER IT TAKES
4 posted on 08/17/2012 11:00:16 AM PDT by FrankR (They will become our ultimate masters the day we surrender the 2nd Amendment.)
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To: C19fan

Trying to get a dip in gas prices right before the election. Tell the commie muzzie to go to hell! Since his regime has been in power, I get pissed off every time I fill up!


5 posted on 08/17/2012 11:02:27 AM PDT by The Sons of Liberty ("Get that evil, foreign, muslim, usurping bastard out of MY White House!" FUBO GTFO!)
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To: C19fan

Interesting. I would have expected a headline like:

“White House studying potential Joe Biden release”


6 posted on 08/17/2012 11:02:57 AM PDT by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: C19fan

You really have to wonder how many millions of dollars will be spent in studies, how many bureaucrats must be involved, how many agencies have to be alerted, over a decision whether or not to turn half a dozen frickin’ valves.


7 posted on 08/17/2012 11:06:47 AM PDT by Attention Surplus Disorder (This stuff we're going through now, this is nothing compared to the middle ages.)
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To: C19fan

Exclusive: Obama worried that sucky gas prices will hurt his campaign

SnakeDoc


8 posted on 08/17/2012 11:09:45 AM PDT by SnakeDoctor ("I've shot people I like more for less." -- Raylan Givens, Justified)
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To: C19fan

He’ll have to do it just before the election. The last time he did it it lowered gas prices for about 3 days. And of course it will be a misuse of the reserve.


9 posted on 08/17/2012 11:12:29 AM PDT by luvbach1 (Stop the destruction in 2012 or continue the decline)
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To: C19fan

Gee! What a great policy!

Release our strategic oil just before the middle east erupts in all out warfare, so we can save a few cents before the One’s election, and queue into long gas rationing lines next year because the Arabian Sea is ablaze.

What a stupid POS.


10 posted on 08/17/2012 11:12:30 AM PDT by Noob1999 (Loose Lips, Sink Ships)
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To: C19fan
BALONEY

He is using our nation's strategic petroleum reserve to try to keep the price of oil below $4 a gallon for his OWN RE ELECTION

While stacking his administration with elitist fools like Steven Chu and Lisa Jackson who yearn for gas to be $8 a gallon and strangle our refineries and drilling operations and pipeline projects and coal plants with regulations and lawsuits

OBAMA: We the People say it is spinach and we say TO HELL WITH IT

11 posted on 08/17/2012 11:15:04 AM PDT by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: C19fan

Drill, Frack, and lay pipe.


12 posted on 08/17/2012 11:17:08 AM PDT by Paladin2
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To: C19fan

Sorry Obama!...Not fooling no one!...pull my finger!


13 posted on 08/17/2012 11:22:57 AM PDT by AngelesCrestHighway
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To: C19fan

Good, after the election, Obama can really screw Iran, and stop the moratorium on deep well drilling and exploration, and all offshore drilling. He can stop the EPA’s fracking nonsense. .../s

Low gas prices and America’s prosperity have absolutely nothing to do with Obama’s soviet agenda.


14 posted on 08/17/2012 11:23:02 AM PDT by pallis
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To: C19fan
They are idiots, there is plenty of oil. Naked attempted vote buying.

Unless the Israeli planes are in the air right now. And even then we need wait and see what things look like a week in to the campaign..

15 posted on 08/17/2012 11:31:38 AM PDT by HereInTheHeartland (Encourage all of your Democrat friends to get out and vote on November 7th, the stakes are high.)
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To: C19fan
Taking new oil out of the ground by drilling: Bad oil. Won't change the price of gas at all.

Taking old oil out of the ground from reserves: Good oil! Will significantly reduce the cost of gas, will allow hard-working Americans to keep their money and will create jobs.

16 posted on 08/17/2012 11:41:20 AM PDT by kidd
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To: C19fan
release of oil reserves to dampen prices and prevent high energy costs from undermining sanctions against Iranundermining the kenyan's re-election.
17 posted on 08/17/2012 11:58:13 AM PDT by arthurus (Read Hazlitt's Economics In One Lesson)
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To: carriage_hill

What is adjusted the price at the moment is that there are 2 refineries in CA that are down. If he releases oil, gasoline will still go up until the refineries are back on line.


18 posted on 08/17/2012 12:10:00 PM PDT by richardtavor
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To: C19fan
Let's see, if the refineries are all up and running, and 0bama releases crude from the reserve, prices will go down about twenty five cents for two weeks.

We have got to get these morons out of office as soon as possible.

5.56mm

19 posted on 08/17/2012 12:14:38 PM PDT by M Kehoe
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To: C19fan

So the same people who think increasing domestic production won’t lower prices are the same people who think releasing the reserve will lower prices.

If we had a real media in this country Baraq would be exposed for the double-talking fool that he is.


20 posted on 08/17/2012 12:18:50 PM PDT by Colonel_Flagg (Conservatism is not a matter of convenience.)
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To: richardtavor

By mid-Sept/early-Oct, many refineries will be switching-over to home heating oil production for the coming winter, and output capacity will drop/prices go up, as a result of them being offline for the changeover.

We’re what - 25-30yrs now without a new refinery? Even though the existing units are more efficient, we’re way behind in production capacity, no matter how much domestic crude we have.

If/when Israel hits Iran, it’s going to get very interesting, in a lot of ways.


21 posted on 08/17/2012 12:25:48 PM PDT by carriage_hill (Harry Reid [PERVERT-NV] has Vickie-the-goat in lingerie & stiletto heels, tied-up in his office.)
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To: Noob1999

“What a stupid POS.”

He knows EXACTLY what he’s doing.


22 posted on 08/17/2012 12:34:37 PM PDT by carriage_hill (Harry Reid [PERVERT-NV] has Vickie-the-goat in lingerie & stiletto heels, tied-up in his office.)
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To: Venturer

Slick and algore did the same thing back in their tenure. Its a leftist thing, take from the public/national good to enrich themselves and their election chances.
Remember also around that time, some how Jesse Jackson Jr. got 30,000 barrels to “trade” with. None of us could have received access like that outside opec.


23 posted on 08/17/2012 12:43:34 PM PDT by Michael Barnes (Obamaa+ Downgrade)
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To: carriage_hill

Gas Prices Will Continue to Rise Until U.S. Builds More Refineries: GasBuddy Analyst

http://finance.yahoo.com/blogs/daily-ticker/gas-prices-continue-rise-until-u-builds-more-132114926.html

After falling steadily in May and June, gasoline prices have risen 25 cents per gallon in the past month, putting renewed pressure on consumers’ budgets. Prices nationwide are now averaging $3.68 a gallon and have topped $4 in California and Illinois.

Patrick DeHaan, senior petroleum analyst at GasBuddy, an online site for gasoline consumers, says unexpected shutdowns at two U.S. refineries are largely responsible for the recent jump in gasoline prices.

But those shutdowns aren’t the only reasons gasoline prices are spiking.

The price of crude oil, from which gasoline is made, is rising following production outages in South Sudan and the North Sea. Declining output from Iran as a result of an oil embargo by many Western nations has also caused a jump in prices at the pump. And the price of ethanol, a required additive for gasoline sold throughout the U.S., has spiked because of the drought in the Midwest—the worst in more than 50 years. That drought has hammered the corn crop used in ethanol production, pushing up corn prices almost 60 percent in the past two months.

“Ethanol prices may continue rising for at least another month or two and that will continue to put upward pressure on gas prices” says DeHaan.

...


24 posted on 08/17/2012 12:56:47 PM PDT by NormsRevenge (Semper Fi)
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Tapping Into Oil Reserves Will Raise Prices?
http://finance.yahoo.com/news/tapping-oil-reserves-raise-prices-183839704.html

Even during the worst market swings Dennis Gartman keeps his cool. But he’s hot under the collar about this.

Published reports suggest that the White House has “dusted off” plans for potentially tapping the Strategic Petroleum Reserve (SPR). (More from CNBC.com: US Reliance on Saudi Oil Grows)

Although market rumor suggested the move may be political — an effort to keep prices at the pump under control into the election — a source with knowledge of the discussions said a release would be intended to prevent rising energy prices from undermining sanctions against Iran.

But esteemed commodities trader Dennis Gartman doesn’t care about politics - he cares about profits - and he says tapping the SPR could have an unexpected consequence.

Because the SPR was only intended to be used in emergency situations if the administration releases reserves in the current market environment, Gartman doesn’t think it will have the same impact.

“Yes, in the very near term oil prices (New York Mercantile Exchange: CLCV1) will fall, he says, but we’re not in a distressed market as would be the case after an attack or natural disaster. There’s no serious issue.

“Therefore, the market will quickly come to expect the oil to be repurchased and replaced. And if a big buyer steps into the market in the form of the US government, speculators could drive oil to new highs.”

...


25 posted on 08/17/2012 1:00:32 PM PDT by NormsRevenge (Semper Fi)
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To: C19fan
If he does this, ads need to be put out telling the American people that it is obvious that this, coming right on the heals of the election, is just an election ploy. People should be smart enough to know this without an ad, but today you cannot count on it. The people must be reminded that this is only a temporary band aid to cover up the cancer of how Democrats have for years stopped us from becoming in any way energy independent. They need to ask the people, “Just how dumb does the Obama administration think that we are?”. We must communicate to the people, not over them.
26 posted on 08/19/2012 10:47:07 PM PDT by Bellflower (The LORD is Holy, separated from all sin, perfect, righteous, high and lifted up.)
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To: C19fan

Gas in Baton Rouge is at $3.60 and rising steadily.


27 posted on 08/19/2012 11:04:24 PM PDT by stuck_in_new_orleans
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To: C19fan
I seem to remember the Dems blasting Bush for doing this.
But then I guess it's only good if they do it because Bush didn't do it right?
LOL
28 posted on 08/19/2012 11:08:43 PM PDT by MaxMax
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To: C19fan
(R)We need more refineries to bring down fuel prices
(D) That would take TEN years!
(R) You've been saying ten years every year for the last 35 years
(D) That would take TEN years!
29 posted on 08/19/2012 11:12:32 PM PDT by MaxMax
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To: C19fan
(R)We need more refineries to bring down fuel prices
(D) That would take TEN years!
(R) You've been saying ten years every year for the last 35 years
(D) That would take TEN years!
30 posted on 08/19/2012 11:13:02 PM PDT by MaxMax
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To: The Sons of Liberty

This is a totally irresponsible thing to do to America as we stare down the cesspool of the Muslim Brotherhood controling Arab oil.

They could start a world war at the drop of a hat and seriously threaten allied energy needs for the military and civilians.

This is another act of treason.


31 posted on 08/19/2012 11:21:02 PM PDT by SaraJohnson
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