Posted on 04/25/2006 7:29:28 AM PDT by kellynla
WASHINGTON (Reuters) - President Bush will direct the U.S. Energy Department on Tuesday to temporarily halt deliveries of oil to a strategic reserve in order to get more fuel on the market and help reduce rising gasoline prices, a senior administration official said.
The official said Bush in a morning energy speech, will tell the Energy Department to suspend deliveries this summer while supplies are tight "and defer the deposits until the fall, and then you have more oil on the market."
(Excerpt) Read more at money.cnn.com ...
I wonder what %full the reserves are at. I thought they were already at capacity.
What we need are more refineries. Oil's there. But if you can't make it into fuel oil or gasoline, what good is it?
Guess he is trying to help Republican chances in the midterm elections.
Still not the right thing to do though, IMO.
I guess that makes more sense than tapping the reserves, although it's not quite as showy.
I can see the dems' reaction now: How dare he put our security at risk just so he can score points!
On the other hand, there is nothing - nothing he can do that they won't find fault with, so he might as well do what he believes is right. I just wish that an executive order authorizing drilling in "off-limits" places "in the interest of our future security" could have been added to the announcement.
"What we need are more refineries. Oil's there. But if you can't make it into fuel oil or gasoline, what good is it?"
BINGO.
Pay thanks to GORE and crowd for that.
Bush to suspend strategic oil deliveries
http://today.reuters.com/news/articlenews.aspx?type=politicsNews&storyid=2006-04-25T142043Z_01_WBT005206_RTRUKOC_0_US-BUSH-ENERGY-SPR.xml
WASHINGTON (Reuters) - President George W. Bush on Tuesday will direct the U.S. Energy Department to temporarily halt deliveries of oil to a strategic reserve in order to get more oil in the market and help reduce rising gasoline prices, a senior administration official said.
Bush to halt deposits oil reserves to help consumers
http://money.canoe.ca/News/Sectors/Energy/PetroCanada/2006/04/25/1549681-ap.html
WASHINGTON (AP) - President George W. Bush has decided to temporarily halt deposits to the U.S. strategic petroleum reserve to make more oil available for consumer needs and relieve pressure on prices at the pump, a senior administration official said Tuesday
That'll work. We're saved!
Probably irrelevent except psychologically. Ditto the "price gouging" investigations. People who only read the headlines (most people) need to see things like this happening. Politically it's a no-brainer.
Better not touch the reserve. When the balloon goes up in the Straight of Hormuz we'll need every drop and that still won't be enough.
And guess what? Hurricane season starts in another month or so (June 1), and the same at risk refineries are still at risk.
Whew. Now I can go out and buy that Hummer limousine I've had my eye on.
Ayup. There are actually tankers full of oil floating around the atlantic, because they have no place to put it.
How about an Executavie Order to drill in Alaska, the Gulf and off california...then a program to build more refineries faster.......
BUMP
They're above capacity. It's all good although this only has a PR capacity to change the market.
What we need is tighter enforcment and regulation of the futures market and prosecution of those guilty of manipulating it. This is why gas is high right now, it has NOTHING to do with shortages of supply or increase in demand... just pure and simple greed and corruption in the futures market.
How about an Executive Order to build more refineries on a fast track, an order to drill in Alaska, the Gulf of Mexico and off california....??
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