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Keyword: petroleumeserve

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  • A Gas Price Emergency -- for America, or for Obama (Opening the Petroleum Reserve)

    08/24/2012 3:23:30 PM PDT · by lbryce · 24 replies
    The Examiner ^ | August 24, 2012 | Diana Furchtgott-Roth
    To combat rising gasoline prices, anonymous White House sources are reporting that President Obama will release oil from the Strategic Petroleum Reserve. When Obama was inaugurated, the average gasoline prices were $1.84 per gallon, and oil was at about $39 for a 42-gallon barrel. On Monday, refiners were paying about $96 for a barrel of West Texas Intermediate, and the average price of regular gasoline was $3.72, up from $3.45 a month earlier. The 696-million barrel Strategic Petroleum Reserve, stored in underground salt caverns in Texas and Louisiana, exists to protect America against "severe energy supply disruptions," according to the...