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Keyword: oilreserve

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  • Eating America's Seed Corn

    08/23/2012 4:34:31 AM PDT · by Kaslin · 26 replies ^ | August 23, 2012 | Victor Davis Hanson
    As gas prices climb back toward $4 a gallon, the Obama administration -- facing a tough re-election campaign and rising Middle East tensions -- is once again considering tapping the Strategic Petroleum Reserve. For years, administrations have bought and stored oil for emergencies, in fear of a cutoff of imported oil, as happened during the Arab embargo of 1973-74. But since 2009, the U.S. government has declared most federal lands off-limits to new oil and gas exploration -- despite vast recent finds of energy and radically new means to tap it. President Obama also canceled the most vital sections of...
  • Chevron hits new deepwater oil reserves!!

    09/06/2011 7:33:51 PM PDT · by SeekAndFind · 49 replies
    Hotair ^ | 09/06/2011 | Jazz Shaw
    What cost have we paid for the president’s permitorium on new lease auctions (only just ended this summer) and drilling permit approvals which are still well below the levels we need? Unlike many rhetorical questions, this is one which we will eventually learn the answer to. A piece of the puzzle fell into place this week when Chevron, finally getting back to work after long delays, announced the discovery of another, potentially significant US energy deposit in the gulf. SAN RAMON, Calif., Sept. 6, 2011 – Chevron Corporation (NYSE: CVX) today announced a new oil discovery at the Moccasin prospect...
  • EDITORIAL: Obamas gas stunt comes up empty

    07/18/2011 5:11:27 PM PDT · by jazusamo · 42 replies
    The Washington Times ^ | July 18, 2011 | Editorial
    Siphoning oil from strategic reserve fails to cut pricesThe results are in from President Obamas controversial decision last month to tap into the nations oil reserves to drive down gas prices: none. Like his futile efforts to revive the moribund U.S. economy by spending $1 trillion in borrowed money, the presidents release of 30 million barrels from the nations Strategic Petroleum Reserve produced nothing more than a brief pause in the steady rise in prices at the pump. Nearly three years into an energy policy designed to hector Americans into accepting pointless green alternatives, the president seems to have finally...
  • Obama says hes leery of tapping oil reserve

    03/11/2011 12:12:38 PM PST · by jazusamo · 26 replies
    The Washington Times ^ | March 11, 2011 | Kara Rowland
    With gasoline prices at the pump topping $4 a gallon in some parts of the country, President Obama on Friday said he will tap into a governments emergency oil stockpile if he has to, but said the U.S. is already producing more oil now and the current crisis is one of demand, not supply. Mr. Obama told a news conference that domestic production has climbed under his watch, reaching its highest level since 2003 last year even as the one-year anniversary of the Gulf Coast oil spill approaches. Any notion that my administration has shut down oil production might make...
  • LA Times: Hands off the oil reserve

    03/08/2011 5:17:35 AM PST · by Oldeconomybuyer · 10 replies
    Los Angeles Times ^ | March 8, 2011 | Editorial Staff
    Whenever gasoline prices spike, it's a pretty good bet that politicians are going to propose tapping the Strategic Petroleum Reserve. On Sunday, White House Chief of Staff William Daley said on NBC's "Meet the Press" that the Obama administration is "considering" dipping into the reserve. We hope this idea doesn't get past the talking stages. There is no compelling reason for the U.S. to draw upon its emergency oil supplies. The reserve was created in response to the 1973 Arab oil embargo, as a hedge against serious disruptions in the oil market. There may come a time when turmoil in...
  • Obama Flips On Oil Reserves: Aug 2005 'Shouldn't be tapping the reserve to provide..."

    08/04/2008 10:46:13 AM PDT · by Jabrown · 11 replies · 92+ views
    PDOP ^ | 08/04/2008 | Jarid Brown
    Once again Senator Obama has proven that he is a candidate who will do anything and say anything to gain political power. Today, Senator Obama repeated the calls of failed congressional leaders Pelosi and Reid by calling upon the President to open our Strategic Oil Reserves. The proposal by Obama would open up 10% of the nations oil reserve in order to provide short term price relief that would last through the November Election. Yet, in 2005, Barack Obama while speaking in both Godfrey, Illinois and at the State Fair in Illinois...
  • Strategic Petroleum Reserve

    07/12/2008 3:32:16 PM PDT · by MosesKnows · 18 replies · 221+ views
    July 12, 2008 | MosesKnows
    Strategic Petroleum Reserve I have wondered if any single Representative in Congress could possibly be as dumb as all of them. Every once in a while I get my answer and the answer is yes. I have listened to the Democrats inform us that increasing the supply of oil by drilling will not alleviate the problem of high energy cost. I hear them expound relentlessly why building more refineries will not be helpful. Nuclear energy is out of the question they preach. Wind power might be acceptable as long as Senator Kennedy cant see them. Some insist energy prices are...
  • Pelosi: President Must Tap Oil Reserve Immediately

    07/09/2008 1:11:33 PM PDT · by Sub-Driver · 82 replies · 186+ views
    Press Releases Contact: Brendan Daly/Nadeam Elshami 202-226-7616 For Immediate Release 07/09/2008 Pelosi: President Must Tap Oil Reserve Immediately Washington, D.C. Speaker Nancy Pelosi released the following statement reiterating her letter yesterday to President Bush urging him to immediately tap the Strategic Petroleum Reserve: The Bush Administrations own Energy Information Administration announced yesterday that global supply uncertainties and increased worldwide demand are placing great pressure on our oil markets and driving record gas prices. It is time for the President to take the next step to help the American economy and American families and businesses. It took Congressional action to...
  • Solving Pump Pain

    06/09/2008 9:55:57 AM PDT · by Tolerance Sucks Rocks · 62 replies · 178+ views
    Cato Institute ^ | June 2, 2008 | Jerry Taylor
    Skyrocketing energy prices are hammering Americans. Five years ago this week, gasoline cost an average of $1.43 a gallon at the pump; this week, it's $3.94. And home electricity averaged 5.43 cents per kilowatt-hour in 2003; it was up to 10.31 cents in December. The underlying cause, of course, is that oil, coal and natural-gas prices have all gone berserk - with no relief in sight. What to do? Individually, of course, most of us will start conserving - people are already driving less, buying more fuel-efficient cars, etc. We'll keep on finding ways to save as prices stay high....
  • Congressional Pressure Prevails as U.S. Halts Filling of Oil Reserve

    05/17/2008 6:01:11 AM PDT · by shrinkermd · 13 replies · 128+ views
    New York Times ^ | 17 May 2008 | By JAD MOUAWAD
    Bowing to pressure from Congress, the Energy Department said Friday that it would temporarily suspend a program to fill the nations strategic oil stocks. But the move, which some analysts and politicians had hoped would help break the rally in oil prices, failed to sway the market. Crude oil prices hit another record Friday. The decision on the oil stocks came the same day that Saudi Arabia announced a modest increase of 300,000 barrels a day in its oil production as President Bush visited the oil-rich kingdom. But oil traders dismissed the news from Washington and Riyadh and focused instead...
  • China to develop strategic oil reserve bases by 2008

    03/06/2006 10:25:36 AM PST · by indcons · 9 replies · 370+ views ^ | Mar 6, 2006 | Agencies
    Beijing - China plans to begin storing oil at its first strategic oil base by the end of this year and put into operation three more bases by 2008, a senior official said on Monday. The first oil reserve base is under construction at Zhenhai, in the eastern province of Zhejiang, and will begin filling tanks by the end of 2006, Ma Kai, minister for the National Development and Reform Commission, told reporters. Three more bases will be brought into operation during 2007 and 2008, Ma said on the sidelines of the ongoing National People's Congress (NPC), China's nominal parliament....
  • Bush to Dip into Strategic Oil Reserve

    09/26/2005 5:42:14 PM PDT · by RWR8189 · 19 replies · 609+ views
    United Press International ^ | September 26, 2005
    U.S. President George Bush said Monday he will release supplies from the nation's strategic oil reserve to deal with hurricane-related fuel shortfalls. Speaking at the Department of Energy, Bush said Hurricane Rita's strike Saturday missed much of refining capacity along the Texas coast, but that the effect of it following last month's Hurricane Katrina was bound to affect supply. There was about 5.4 million barrels per day that were shut in as a result of Rita and Katrina, Bush said. A million of it is back up already, and we expect another 1.8 million barrels a day to get back...

    08/31/2005 9:36:11 AM PDT · by Brilliant · 14 replies · 412+ views
    Chuckie Schumer ^ | March 9, 2005 | Chuckie Schumer
    New Report Finds Average Upstate New York Family With 2 Cars Could Pay $255 More For Gas This Year; Schumer To Detail New Steps To Lower Price of Oil Even though President Has Previously Refused, OPECs Recent Outrageous Cuts in Supply and Skyrocketing Gas Prices Demand Immediate Action Schumer Unveils County-By-County Analysis: Avg. Family with 2 Cars in Cap Region Could Pay $308 more on gas this year; Central NY $265; Rochester/Finger Lakes $297; Hudson Valley $188; North Country $317; Southern Tier $301; Western NY $241 U.S. Senator Charles E. Schumer today vowed to fight to lower prices for New...
  • ConocoPhillips gets reserve oil

    09/28/2004 4:39:17 PM PDT · by housewife101 · 13 replies · 348+ views
    CBS MarketWatch ^ | 7:08 PM ET Sept. 28, 2004 | Stephanie I. Cohen
    WASHINGTON (CBS.MW) -- ConocoPhillips will receive 1.5 million barrels of sweet crude from the U.S. Strategic Petroleum Reserve to offset supply disruptions caused by Hurricane Ivan, the Energy Department said in a statement on its Web site. This brings the total amount of oil taken from the reserve in the past week and a half to 3.2 million barrels, earmarked to help refineries in hurricane-hit areas. The Energy Department said it will send three shipments of 500,000 barrels to ConocoPhillips' (COP: news, chart, profile) Freeport tanks over the next three weeks for further distribution to a Louisiana facility. A ConocoPhillips...
  • He Said It! (Strategic Petroleum Reserve)

    05/19/2004 3:08:05 PM PDT · by RWR8189 · 10 replies · 104+ views
    Without being specific, Kerry, a key member of the Senate Foreign Relations Committee, suggested the US could retaliate economically in other trade areas. He also said he does not want a release of oil from the Strategic Petroleum Reserve. A release 'is not relevant. It would take months for the oil to get to the market,' he said. (Cathy Landry, "US Energy Chief Warns Of Gasoline Crisis," Platt's Oilgram News, 2/17/00)