Exclusive: White House studying potential oil reserve release

Reuters ^ | August 17, 2012 | Jeff Mason

[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.

[Carriage Hill]

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.

[Carriage Hill]

“What a stupid POS.”

He knows EXACTLY what he’s doing.

[Michael Barnes]

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.

[NormsRevenge]

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.

...

[NormsRevenge]

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.”

...

[Bellflower]

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.

[stuck_in_new_orleans]

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

[MaxMax]

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

[MaxMax]

(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!

[MaxMax]

(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!

[SaraJohnson]

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.