Skip to comments.Exclusive: White House studying potential oil reserve release
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 ...
It’s a pretty safe bet this is about the election.
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!
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.
Exclusive: Obama worried that sucky gas prices will hurt his campaign
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.
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.
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
Drill, Frack, and lay pipe.
Sorry Obama!...Not fooling no one!...pull my finger!
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.
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..
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.
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.
We have got to get these morons out of office as soon as possible.
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.
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.
“What a stupid POS.”
He knows EXACTLY what he’s doing.
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.
Gas Prices Will Continue to Rise Until U.S. Builds More Refineries: GasBuddy Analyst
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.
Tapping Into Oil Reserves Will Raise Prices?
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.”
Gas in Baton Rouge is at $3.60 and rising steadily.
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.
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