Skip to comments.US To Tap Strategic Petroleum Reserve
Posted on 03/13/2014 11:20:50 AM PDT by Cletus.D.Yokel
The Obama administration will release 5 million barrels of sour crude from the United States emergency stockpile in what officials described as a test of the nations ability to respond to oil supply disruptions around the globe.
(Excerpt) Read more at fuelfix.com ...
Spin all you want, Obamu-gabe, the real reasons are clear.
Agreed, every time I hear an Administration is releasing strategic reserves, what I really hear is the sound of desperation.
a “test” of “Now whatever shall we do” when Putin shuts off the EU gas and the Cherman self righteous tree huggers with their windmills expect us to ship them our gas
Just oiling the Democrat political machine that is starting to squeek louder and louder.
“A “test” as to whether a small release will improve the political chances of the Dhimmicrats.”
Could be, but terrible strategy. That amount will be consumed before 95% of the dims get out of bed.
Ummm... this is a Watergate moment, as in “follow the money.”
The obvious guess would be that they are trying to establish the elasticity (and response duration) of oil prices for use in a future emergency, even if that emergency is only electoral.
I’d rather someone tell me why the price of gasoline has nearly doubled since George “Get the Oil Men Rich Quick” Bush left office.
Bingo. Looking to find our when they need to pull the string once election day is on the horizon - needing to make the biggest impact.
Follow the money. Who gets the oil and at what terms? What political connections do they have? Who got advance notice that 5 million barrels of oil would suddenly hit the market all at once? What futures positions did they have?
This is just blatant
:: Id rather someone tell me why the price of gasoline has nearly doubled since George Get the Oil Men Rich Quick Bush left office. ::
No time right now, I have an upset on the Flare at the local gas plant...gotta run.
Thackney, can you help him out?
This isn’t the one AlGore bought is it?
Always thought something hinky about that.
Eric Schmidt on line 3...
Releasing just means they sell to someone politically connected at a low price and they sell and make money for doing virtually nothing. Remember when Jessie Jackson got a few million barrels.
Nice payday for the politically connected.
He’s drawing them down for a reason. And it’s not for elections but probably has to do with suspending elections...
Oooo, good question. Are the Louisana nd Texas SPRs part of Occidental’s portfolio?
He will be selling oil purchased cheap, and replacing it with more expensive oil.
Oh, wait. You do have such a neighbour, but Obama won't allow the delivery.
I hear the sound of payoffs to political cronies. I remember millions being funneled to Jesse Jackson via this mechanism when Clinton was in office.
Lets see... They have used up the donate a million to dems, get 100 million green energy grant scam
so now they use the donate a million to the dems and we’ll
let you know when the right stock or commodity to short opportunity will occur.
Hillary perfected this bribe method using cattle futures.
Tyson paid Clinton off, didn’t have to use a single dollar of Tyson money.
bullmalarkey.. they don’t want that spike in prices.
Obama is getting desperate, he is bottoming out in the polls, his donors are not donating. make some cash to have some influce on the elections in Nov. nothing will help odumbo out, he is toast
Symbolism over substance.
5 million barrels is enough to run the nation for 6 hours.
How much of the money raised from selling OUR oil will fund the Dems in the next election?
It was 4 bucks a gallon in October 2012 and Baraq had no problem getting elected.
More likely this is a “test” to see whether the “right people” (politically connected Rats) get to purchase the reserves at a discount and wholesale them out and make a quick profit.
How much of the TX and LA SPR volume is tied to Occidental Petroleum?
>Id rather someone tell me why the price of gasoline has nearly doubled since George Get the Oil Men Rich Quick Bush left office.
Good question. Because they can I guess. About the same reason so many millions of illegals and lazy Americans can suck the Government teat for billions of our money that we actually work to earn.
well it is very close to 4 dollars a gal. here in Somerset County, PA. which is farm country, mostly retired on limited incomes, and the rest on welfare and mooching as much as they can and laughing about it...
own property here and almost impossible to sell unless your willing to almost give it away..
This should be tapped only as a last resort.
These clowns could not run a lemonade stand.
It’s amazing how few people are actually working.
Being retired, middle of the day I go out and see all these folks driving around, traffic all over the place.
I realize there are afternoon and midnight shift workers but it seems far different than 20 yrs ago when I’d take a vacation day as far as how many folks are driving during the day.
Why? Is Zero anticipating a war?
True, but they could shake one down, no problem.
DING! DING! DING!
We have a winner!
Oil futures are dropping though.. But you are right, we probably bought it @ $50 a barrel
My first thought is that he will say it worked and deplete the reserve in whole.
There’s certainly a reason for this - one for which there’s much speculation, but nothing definitive. This development is worth monitoring.
Yes he is, and he needs more money for it. Mucho 'RAT donara was depleted in the Jolly race, but got sinked. There is a need to fill the coffers. The war against the GOP-TP must go on!
The Strategic Petroleum Reserve (SPR) is a separate entity from what was the Naval Reserves, both physically and conceptually.
The SPR is crude that has already been produced from a field and the water & gas separated out. It is stored in Salt Dome Caverns and can be withdrawn at 4.4 MMBPD, IIRC.
The Naval Reserves, including the Elk Hills Oil Field that was bought by Oxy, were geological formations that should be good production areas, but were not actually in production in the time. They were true oil fields with little drilling done.
Thanks for the information.
It’s why FR is still the best place for concerned
I feel quite certain a “test” should not require 5 M barrels!! There is no supply problem or they would approve the keystone pipeline
Putin test launches an ICBM, we see if we can pump crude. Which we know we can.
“a test of Now whatever shall we do when Putin shuts off the EU gas and the Cherman self righteous tree huggers with their windmills expect us to ship them our gas”
According to the European Commission, the share of Russian natural gas in the member states’ domestic gas consumption in 2007 was the following:
Czech Republic 77.6%
The shares of Russian natural gas in the domestic gas consumption in non-EU countries in Europe were in 2006:
Republic of Macedonia 100%
Serbia, Montenegro 87%
Well played. :)
“The Obama administration will release 5 million barrels of sour crude from the United States emergency stockpile”
Last year, Russia’s gas export giant Gazprom supplied EU and Turkey with a record 162 billion cubic metres of gas.
It will be early 2016 at best before any of the US liquefied natural gas export facilities could come on line.
The propaganda mill screams. The publicly employed and government-connected investor herd stampedes. Oil falls by $4-$5. Crazy.
More sincerely, here’s what’s really weird. The Strategic Reserve release was done in reaction to falling stocks. Oil was already falling.