Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Obama to David Cameron: Letís tap our strategic oil reserves together
Hotair ^ | 03/15/2012 | Ed Morrissey

Posted on 03/15/2012 8:57:11 AM PDT by SeekAndFind

Remember that Barack Obama insists that there are "no silver bullets" to fix the issue of high gas prices. So when British Prime Minister David Cameron visited Washington for high-level talks and the discussion turned to gas prices, what did Obama propose? According to Reuters, holy water and a garland of garlic:

President Barack Obama and British Prime Minister David Cameron discussed the possibility of releasing emergency oil reserves during a meeting on Wednesday, two sources familiar with the talks said, the first sign that Obama is starting to test global support for an effort to knock back near-record fuel prices. Obama raised the issue during a broad bilateral meeting at the White House, according to a UK official with knowledge of the discussion.

Asked about the talks, a senior Obama administration official said: “No agreement was reached. We will continue to work together to address energy security and oil price issues.” While U.S. officials have said for weeks that they will consider all possible measures – including a release from the U.S. Strategic Petroleum Reserve (SPR) – to prevent prices from derailing a nascent economic recovery, Wednesday’s meeting was the clearest indication that diplomatic talks were moving ahead. Discussions could last as long as several months before any decision is made, one of the sources said.

We’ve discussed the demand from Democrats on the strategic petroleum reserve on a number of occasions. The problem with the gasoline and oil markets isn’t a temporary disruption in a healthy supply, however, which is what the SPR is designed to buffer. The problem is a chronically and artificially suppressed supply, thanks to Democratic insistence on blocking domestic energy production and oil extraction over the last three decades or more.

This is what Obama refers to as the “silver bullet,” claiming that expanding drilling and extraction is a short-term policy that won’t enhance American energy independence. That’s utter nonsense; drilling is a long-term solution that actually addresses the chronic supply issue and — not coincidentally — the trade imbalance, the weak dollar, jobs, economic growth, and a number of other issues in the American economy. If drilling is short-term thinking, then what can a one-time release from the SPR be called — the ADD solution?

Jim Geraghty gives a chronicle of SPR releases:

The “emergency” would seem to be Obama’s poll numbers. Then again, this seems to be a Democratic candidate tradition; Al Gore called for the same move while running for president in 2000.

Oil from the Strategic Petroleum Reserve has been sold five times in its history: Most recently in 2011 during the conflict in Libya; in 2005 after Hurricane Katrina; a sale of $227 million worth of oil during fiscal year 1996 to reduce the federal budget deficit; in 1990-1991 during Desert Shield/Desert Storm, and a small “test sale” in 1985.

And how well have those releases worked as long-term solutions? Tina Korbe noted that gas prices actually went higher within weeks of the release last summer. The only reason for an SPR release now would be for the “emergency” Jim identifies — the electoral emergency Obama will face if gas prices continue to rapidly increase.

The RNC has a new video out today showing just how often Obama has reminded us that there are “no silver bullets” on gas prices — and how little he has done to implement a long-term policy that will lower them:


TOPICS: Culture/Society; Government; News/Current Events; United Kingdom
KEYWORDS: 2012; anwr; bhofascism; cameron; drainthesop; drainthesor; drainthespr; drillheredrillnow; electionfraud; elections; energy; gasolineprices; gasprices; keystonexl; nobama2012; obama; obamacampaign; oilreserves; opec; soremergency; sornatlsecurity; spr; strategicoilreserve; tyranny

1 posted on 03/15/2012 8:57:14 AM PDT by SeekAndFind
[ Post Reply | Private Reply | View Replies]

To: SeekAndFind

I thought Barry said that there is nothing he could do to lower gas prices. Typical Chicago street thug liar.


2 posted on 03/15/2012 9:02:09 AM PDT by FlingWingFlyer (¬ďThe first lesson you learn as a pollster is that people are stupid." - Dem pollster, Tom Jensen)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

The price of oil is based on futures speculation, not current supply and demand. There are no current supply issues or high demand. The latest spike is based on speculation of war anf threats in the Middle East. Releasing the reserves will do nothing for prices in October and November.


3 posted on 03/15/2012 9:07:39 AM PDT by wolfman23601
[ Post Reply | Private Reply | To 1 | View Replies]

To: FlingWingFlyer

Popping my popcorn waiting for Newt’s next campaign stop speech. Go get ‘em Newt! He will have a field day with this.


4 posted on 03/15/2012 9:08:11 AM PDT by Qwackertoo (Gingrich/West 2012)
[ Post Reply | Private Reply | To 2 | View Replies]

To: FlingWingFlyer

Year of vehicle 2000-present $5.00 gallon
1990-2000 $4.00 gallon
1980-1990 $3.00 gallon


5 posted on 03/15/2012 9:09:45 AM PDT by sanjuanbob (Festina Lente)
[ Post Reply | Private Reply | To 2 | View Replies]

To: SeekAndFind

.............................Discussions could last as long as several months before any decision is made................

Yeah - until the fall near election time!


6 posted on 03/15/2012 9:12:17 AM PDT by Noob1999 (Loose Lips, Sink Ships)
[ Post Reply | Private Reply | To 1 | View Replies]

To: wolfman23601
The price of oil is also based on the declining value of the dollar, which is the global pricing unit for the commodity. There has been a steady increase in gas prices since Obama took office. This has more to do than just mere speculation, which has just made the increase more rapid.


7 posted on 03/15/2012 9:14:44 AM PDT by kabar
[ Post Reply | Private Reply | To 3 | View Replies]

To: SeekAndFind
.... Of course by doing this ... the President is actually admitting that he believes that adding more oil to the market will bring the price of gasoline down.

However ... the Oil Reserve is a drop in the bucket when it comes to the impact on the price of gasoline and is ONLY for use for National Security reasons during a National emergency!

8 posted on 03/15/2012 9:15:34 AM PDT by R_Kangel
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Who’s runnin’ this outfit? Us or THEM.

Presidential fiat is in the Constitution where?


9 posted on 03/15/2012 9:17:31 AM PDT by RitaOK (LET 'ER RIP, NEWT. Newt knows where all the bodies are buried, because he buried them.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Barstids.

Guaranteeing $20/gallon gasoline in the future to prevent $4/gallon gasoline now.

Doom on them.


10 posted on 03/15/2012 9:18:35 AM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: wolfman23601

Yep. And Newt is right. Just the announcement by the US that we are going to drill drill drill will drop the price of oil.


11 posted on 03/15/2012 9:18:41 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: R_Kangel
According to ZeroHedge Obama Aide Refutes Report On SPR Release. Report on oil release inaccurate Obama aid says. So, what is going on?

http://www.zerohedge.com/news/obama-aide-refutes-report-spr-release

12 posted on 03/15/2012 9:19:43 AM PDT by ScaniaBoy (Part of the Right Wing Research & Attack Machine)
[ Post Reply | Private Reply | To 8 | View Replies]

To: sanjuanbob

huh?


13 posted on 03/15/2012 9:21:12 AM PDT by MNDude
[ Post Reply | Private Reply | To 5 | View Replies]

To: Georgia Girl 2
Yep. And Newt is right. Just the announcement by the US that we are going to drill drill drill will drop the price of oil.

Only if it came from a President who didn't have a history of lying.

14 posted on 03/15/2012 9:22:31 AM PDT by sportutegrl
[ Post Reply | Private Reply | To 11 | View Replies]

To: SeekAndFind
Check the date on this old graphic...oblammo did the same thing about this time last year...

OIL RESERVE
15 posted on 03/15/2012 9:24:02 AM PDT by FrankR
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
Tap America's strategic oil reserves, with a drill bit!!
16 posted on 03/15/2012 9:29:12 AM PDT by DTogo (High time to bring back the Sons of Liberty !!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: kabar

Yes, the declining dollar, as well as pretty much every world currency, inrelation to oil, explains a lot of the long run increase in prices since the early 2000s. The latest short-term spike, however, is all speculation. My guess is once this speculation runs its course, it will settle in the low $3.00s where linear regression would put it.


17 posted on 03/15/2012 9:30:38 AM PDT by wolfman23601
[ Post Reply | Private Reply | To 7 | View Replies]

To: SeekAndFind

“If drilling is short-term thinking, then what can a one-time release from the SPR be called — the ADD solution?”

Epic. Simply Epic.


18 posted on 03/15/2012 9:33:20 AM PDT by allen08gop (Insert appropriate picture here...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: FlingWingFlyer

IIRC there is a problem tapping the reserve.

After the oil is drained the salt walls start caving in and after 2 or 3 times the cavity is useless.

Tapping the reserve is NOT strategic.


19 posted on 03/15/2012 9:34:10 AM PDT by Vinnie
[ Post Reply | Private Reply | To 2 | View Replies]

To: SeekAndFind

So what will happen if the crisis in the middle east blows up.....Can you say $10.00 per gallon or more....compliments of OBambi


20 posted on 03/15/2012 9:34:55 AM PDT by rxtn41
[ Post Reply | Private Reply | To 1 | View Replies]

To: FlingWingFlyer

From the Daily Telegraph:

15.26 (GMT) Reuters is reporting that the UK expects a formal request shortly from the US to release its emergency oil reserves. Brent has fallen on that news.

16.12 An aide to US President Barack Obama has said the oil release reports are “inaccurate”. Brent on the way back up.

Or to quote ZeroHedge: “For those who wonder what just happened, it is called a “headline market test” - since Crude dropped less than $2 on the report of the release, the final action, which would be very politically unpopular, may just not be worth it for Barry.”


21 posted on 03/15/2012 9:35:15 AM PDT by ScaniaBoy (Part of the Right Wing Research & Attack Machine)
[ Post Reply | Private Reply | To 2 | View Replies]

To: wolfman23601

Gas prices started “spiking” in February 2011.


22 posted on 03/15/2012 9:42:16 AM PDT by kabar
[ Post Reply | Private Reply | To 17 | View Replies]

To: R_Kangel
for use for National Security reasons during a National emergency!

To Obama and the Democrats, losing the election would be a national emergency. Releasing oil from the SPR is about as effective at lowering gas prices as a $100 tax rebate is at spurring the economy.

He'd have to time the release for several weeks before the election to get a 5¢ drop. His only hope for seriously lower gas prices is for the Iranians to overthrow Ahmadinejad and renounce their plans to build the bomb. Not too likely.

23 posted on 03/15/2012 9:42:50 AM PDT by BfloGuy (The final outcome of the credit expansion is general impoverishment.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: SeekAndFind

Hey, it worked last time....oh, wait...it didn’t.


24 posted on 03/15/2012 9:46:26 AM PDT by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
When the election's over - and a crisis comes - war with Iran - 'pay the piper' economic meltdown - AND we're waaaaay to low on oil ... we'll ALL bow to the Sauds. What a plan...

Are knee pads ready? We'll bow to the Sauds AND pledge allegiance to a flag with Obama's picture on it.

Thanks liberal elites ...

25 posted on 03/15/2012 10:36:14 AM PDT by GOPJ (Democrat-Media Complex - buried stories and distorted facts... freeper 'andrew' Breitbart)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

This will be really disgusting if he taps into our oil reserve just to win votes!!!


26 posted on 03/15/2012 10:44:00 AM PDT by God-fear-republican
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Man, that title seems awfully queer.


27 posted on 03/15/2012 11:18:23 AM PDT by servo1969
[ Post Reply | Private Reply | To 1 | View Replies]

To: servo1969

I wonder if Nancy Leprosy will stage a phony Congressional hearing with “Sandra Frack” talking about how she heard a friend of a friend of hers got cancer or something from drinking well water near a fracking site and that the wealthy, white males who run these fracking operations must be stopped for the good of all the poor, disadvantaged peoples of the world who obviously can’t afford cancer treatments since they can’t even afford their own contraception.


28 posted on 03/15/2012 11:22:38 AM PDT by JediJones (The Divided States of Obama's Declaration of Dependence: Death, Taxes and the Pursuit of Crappiness)
[ Post Reply | Private Reply | To 27 | View Replies]

To: SeekAndFind

Who did the reporting on this one, Jake Tapper?


29 posted on 03/15/2012 11:26:41 AM PDT by JediJones (The Divided States of Obama's Declaration of Dependence: Death, Taxes and the Pursuit of Crappiness)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ScaniaBoy
.... As noted before ... an Obama Aide Refutes Report On the oil reserve release. It is my guess that the American public wasn't supposed to know about this deal and the Administration is on damage control trying to cover this up.

I have a theory and it is my contention that the Obama Administration will First: Foment the gas prices and allow them to rise as much as possible thus allowing the GOP to tie a heck of a lot of resources into slamming the President for inability to lower the gas prices ........ THEN .... a month or so before the election release the SPR and announce that he will stop the moratorium on off shore drilling, etc. This would then start the oil prices to start slipping and lowering. Thus diminishing the GOP argument. ..... The Saudis are already hinting that they may begin increasing their output soon.

Hopefully the GOP nominee will have a "Plan B" and won't tie up his entire campaign into this one basket!! The president is vulnerable on so many fronts .... and he may be suckering and playing conservatives like a fiddle on this one. He is a community agitator by trade and knows how to control people. "Never underestimate the abilities of your opponent" .... is a good philosophy to have. Especially when the opponent is a known liar and deceiver.

30 posted on 03/15/2012 11:48:56 AM PDT by R_Kangel
[ Post Reply | Private Reply | To 12 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson