Keyword: petroleumreserve

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  • U.S. budget deal would sell 58 million barrels of oil from emergency reserves

    10/27/2015 6:28:49 AM PDT · by thackney · 48 replies
    Reuters ^ | Oct 27, 2015 | Reuters
    Congressional leaders proposed to sell 58 million barrels of oil from U.S. emergency reserves over six years starting in fiscal 2018 to help pay for a budget deal that ends mandatory spending cuts, according to a copy of the bill posted to a congressional website. The Strategic Petroleum Reserve holds more than 695 million barrels of crude in Texas and Louisiana, a bounty that U.S. lawmakers have eyed a few times this year to pay for a new drug program and highway maintenance.
  • Gas Prices Doubled, Obama Locks Up National Reserve

    10/16/2012 4:11:45 PM PDT · by raptor22 · 6 replies
    IBD EDITORIALS ^ | October 16, 2016
    Energy Policy: As the administration fast-tracks solar projects on public lands, it has locked up more than half of the National Petroleum Reserve in Alaska, preferring to continue outsourcing energy jobs and dollars. The price of gasoline, which was $1.84 a gallon the day President Obama took office, has more than doubled since, willfully aided and abetted by an administration that claims we can't drill our way to energy independence as we ignore vast reserves of North American energy that dwarf OPEC's and we sit on 100 years' supply of petroleum. Few Americans have heard of the National Petroleum Reserve-Alaska...
  • With (record gas prices) Obama Cuts Off Drilling in Half of Alaska’s National Petroleum Reserve

    10/15/2012 11:43:07 AM PDT · by servo1969 · 19 replies
    Gateway Pundit ^ | 10-15-2012 | Jim Hoft
    With Gas Prices at Record Levels Obama Cuts Off Drilling in Half of Alaska’s National Petroleum Reserve Posted by Jim Hoft on Monday, October 15, 2012, 11:10 AM Gas prices have more than doubled since Barack Obama took over the White House. But that didn’t stop him from cutting off drilling in August in half of Alaska’s National Petroleum Reserve.The Obama Administration planned for higher gas prices and fewer jobs through their many job-killing decisions.The Wall Street Journal reported, via FOX Nation: President Obama is campaigning as a champion of the oil and gas boom he’s had nothing to do...
  • 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...
  • Say, do you remember when we didn't need Keystone XL because we were awash in crude oil?

    08/19/2012 11:04:50 PM PDT · by Qbert · 17 replies
    Director Blue ^ | 8/17/2012 | Doug Ross
    Keystone XL? What's that? News out this afternoon is that Obama is looking into opening the Strategic Petroleum Reserve as a means to relieve pressure at the gas pump.  Someone at the White House woke up and realized that the welcome springtime fall in gasoline prices has reversed course and retraced its steps, as shown [below].  I can tell you that out here on the Left Coast, the price of premium gasoline has reached $4.99 a gallon at my nearest station, but then California deserves it.  (The recent refinery fire at Richmond, which will reduce capacity for a few weeks,...
  • US Faces Stiff Opposition to Oil Release For Political Gain

    08/19/2012 2:23:58 PM PDT · by TigerLikesRooster · 10 replies
    CNBC ^ | 08/18/12
    US Faces Stiff Opposition to Oil Release For Political Gain Published: Saturday, 18 Aug 2012 | 5:27 AM ET President Barack Obama faced stiff resistance to the possibility of releasing emergency oil reserves to quell rising energy prices on Friday, with Asian allies and the head of the West's energy agency rejecting any need for action now. A day after Reuters reported that the White House was "dusting off" plans for potentially tapping the Strategic Petroleum Reserve, the executive director of the International Energy Agency, Maria van der Hoeven, was blunt in her assessment: "There is no reason for a...
  • Badly-Needed Alaskan Oil Is Kept From Market By Obama Decision

    11/30/2011 6:06:55 PM PST · by raptor22 · 11 replies
    Investor's Business Daily ^ | November 30, 2001 | IBD staff
    Energy Policy: The same administration that says we can and should get oil from the National Petroleum Reserve in Alaska is blocking a bridge needed to get it to market on environmental grounds. In his May 14 weekly radio address, President Obama called for annual lease sales in the National Petroleum Reserve-Alaska (NPRA), not necessarily out of any conviction that increased domestic energy supply is good for prices and national security, but basically to perpetuate the myth that the oil companies refuse to drill in leased or leasable areas. While he restricts oil production in the Gulf of Mexico and...
  • Obama oil plan may weaken emergency stockpile

    08/07/2008 8:58:15 PM PDT · by FocusNexus · 31 replies · 143+ views
    Reuters ^ | Aug. 7, 2008 | Tom Doggett
    Democratic presidential candidate Barack Obama's plan to release oil from the U.S. Strategic Petroleum Reserve may lower crude and gasoline prices in the short term, but it could also leave the United States more vulnerable in a supply emergency. Obama called this week for easing fuel prices by releasing some 70 million barrels of light, sweet crude from the nation's stockpile and swapping it for less expensive heavy, sour oil. However, experts warn that, with less sweet oil in the reserve, it may be more difficult for the United States to counter a major disruption in petroleum supplies, like the...
  • Obama, in New Stand, Proposes Use of Oil Reserve

    08/05/2008 7:42:42 PM PDT · by pissant · 25 replies · 242+ views
    NY Times ^ | 8/5/08 | Larry Rother
    LANSING, Mich. — Senator Barack Obama altered his position on Monday to call for tapping the nation’s Strategic Petroleum Reserve to lower gasoline prices as he outlined an energy plan that contrasts with Senator John McCain’s greater emphasis on expanded offshore drilling and coal and nuclear technology. In a speech here and in a new advertisement, Mr. Obama, the presumptive Democratic nominee, also sought to portray his Republican rival, Mr. McCain, as “in the pocket” of oil giants that are profiting from gasoline priced at more than $4 a gallon. And in his speech, Mr. Obama called for a windfall...
  • Boehner calls Dems' energy bill 'joke' (RATS stall some more...)

    07/24/2008 6:03:28 PM PDT · by Libloather · 9 replies · 197+ views
    Boehner calls Dems' energy bill 'joke' U.S. House Minority Leader John Boehner Thursday called the Democrats' efforts to free up the strategic oil reserve a joke. At his weekly news conference, Boehner, R-Ohio, said Democrats have been making one excuse after another for why we can't have more American-made energy. Boehner, fresh from trips to Colorado to inspect oil shale reserves and Alaska where he looked at conditions in the Arctic National Wildlife Refuge, said tapping those reserves would not lead to environmental catastrophe. The only people standing in the way of this are (House Speaker) Nancy Pelosi, (Senate Majority...
  • What Is the Strategic Petroleum Reserve?

    07/24/2008 5:56:29 PM PDT · by decimon · 41 replies · 153+ views
    Live Science ^ | Jul 24, 2008 | LiveScience Staff
    The U.S. Congress is considering legislation that would require 70 million barrels of crude oil from the nation's Strategic Petroleum Reserve to be released to the open market in an effort to drive down gas prices. That would mean pumping oil out from man-made caverns where it is stored. Only twice in the reserve's 31-year history has oil been extracted for emergencies.
  • House rejects bill to sell government oil [Strategic Petroleum Reserve....]

    07/24/2008 12:12:52 PM PDT · by Sub-Driver · 32 replies · 121+ views
    House rejects bill to sell oil from reserve Thu Jul 24, 2008 3:09pm EDT WASHINGTON (Reuters) - The U.S. House of Representatives rejected legislation on Thursday to sell 70 million of barrels of light, sweet crude from the Strategic Petroleum Reserve and replace it with heavy, sour crude. The bill would have required the sale of 10 percent of the emergency stockpile's holdings, or 70 million barrels, on the open market over six months. Proceeds from the sales would have been used to buy an equivalent amount of heavy crude, which is cheaper. The White House had threatened to veto...
  • 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 can’t see them. Some insist energy prices are...
  • Pelosi to Bush: Free Our Oil

    07/11/2008 8:04:18 AM PDT · by Sub-Driver · 105 replies · 113+ views
    Press Releases Contact: Brendan Daly/Nadeam Elshami 202-226-7616 For Immediate Release 07/10/2008 Pelosi to Bush: Free Our Oil Washington, D.C. – Speaker Nancy Pelosi and the House Democratic leadership today held a news conference reiterating Democrats’ call for the President to immediately release a small amount of oil from the Strategic Petroleum Reserve to reduce energy prices for American consumers. Below are the Speaker’s comments on her call to the President: “The fact is that the Bush Administration is sitting on 700 million barrels of oil, purchased with our tax dollars, in the Strategic Petroleum Reserve. That oil was purchased for...
  • Pelosi Asks Bush to Draw From Petroleum Reserve to Combat Surge in Oil Prices

    07/09/2008 4:51:47 AM PDT · by NCDragon · 61 replies · 72+ views ^ | July 8th, 2008 | FOXNews Staff
    House Speaker Nancy Pelosi asked President Bush on Tuesday to draw down a portion of the country's Strategic Petroleum Reserve as a way to reduce crude prices and help motorists who are suffering from the rising cost of gasoline. The House Republican leadership responded to Pelosi's proposal by noting that she was supporting a supply increase — something the Republicans have rallied behind in the form of increased offshore drilling, which the Democrats oppose. Pelosi's proposal, contained in a letter to President Bush, comes as Americans continue to face average unleaded gas prices over $4 a gallon. The increases have...
  • Oil up after IEA says demand resilient ($62.30/bbl)

    10/11/2005 5:03:23 AM PDT · by RWR8189 · 3 replies · 457+ views
    Reuters ^ | October 11, 2005 | Janet McBride and Peg Mackey
    LONDON (Reuters) - Oil climbed back above $62 on Tuesday after the International Energy Agency said it saw no lasting damage to demand that has pushed producers and refiners to the limit and could lead to fuel shortages this winter. There have been signs recently that persistent high prices are taking their toll on the economies of the world's big consumers. Hurricanes that battered U.S. Gulf rigs and refiners catapulted oil to new record highs, finally crimping fuel use. But the IEA, adviser to 26 industrialized nations, forecast demand growth would quicken to 1.75 million barrels per day next year...
  • Oil eases toward $62 ($62.08/bbl)

    10/06/2005 3:57:34 AM PDT · by RWR8189 · 54 replies · 882+ views
    Reuters ^ | October 6, 2005 | Jiwon Chung
    TOKYO (Reuters) - Oil prices fell for a fifth day on Thursday, dipping to their lowest level in two months after U.S. government data showed a drop in oil demand in the world's largest consumer. U.S. crude futures for November slid 19 cents to $62.60 a barrel, having earlier traded as low as $62.23. London Brent crude was down 32 cents to $59.80. Oil prices have fallen sharply from their August 30 record high of $70.85 on signs that soaring costs are eroding demand, offsetting fears over tight supplies in the wake of hurricanes that toppled production platforms and shut...
  • Crude Oil Prices Slide ($64.83/bbl)

    10/04/2005 4:01:29 AM PDT · by RWR8189 · 12 replies · 629+ views
    Associated Press ^ | October 4, 2005 | GILLIAN WONG
    SINGAPORE -- Oil prices slipped Tuesday after the U.S. government indicated it might release emergency stockpiles of heating oil to combat supply disruptions from recent hurricanes. But energy futures were not expected to continue their retreat for long, analysts said, because a U.S. petroleum inventories report due later in the week was likely to show that Hurricane Rita hurt supply ahead of the coming Northern Hemisphere winter. Midmorning in Singapore, light, sweet crude for November delivery fell 16 cents to $65.31 a barrel in Asian electronic trading on the New York Mercantile Exchange. The contract fell 77 cents to settle...
  • Oil holds above $66 ($66.60/bbl)

    09/29/2005 4:34:03 AM PDT · by RWR8189 · 12 replies · 3,767+ views
    Reuters ^ | September 29, 2005 | Peg Mackey
    LONDON (Reuters) - Oil held firm above $66 a barrel on Thursday stoked by fears that hurricane-wrecked U.S. refineries would be unable to churn out ample heating fuel to warm American consumers this winter. But Europe was riding to the rescue again, booking tankers of gasoline and heating oil to move transatlantic to help prevent a full-blown fuel crisis in the world's biggest oil consumer. Strikes in France, a leading U.S. oil products supplier, meant French refiners might sit on the sidelines. U.S. crude on the New York Mercantile Exchange was up 6 cents at $66.41 a barrel by 1000...
  • 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...
  • Oil nears $68, Rita threatens facilities ($67.75/bbl)

    09/22/2005 3:25:54 AM PDT · by RWR8189 · 2 replies · 416+ views
    Reuters ^ | September 22, 2005
    LONDON (Reuters) - Oil raced toward $68 on Thursday as Hurricane Rita bore down on Gulf of Mexico oil and gas production and forced six refineries in Texas to shut down. Companies scrambled to close facilities and evacuate staff as Rita, now a maximum Category 5 storm, aimed her 175 mph (280 kph) winds on Texas, home to a quarter of U.S. refining capacity. It is expected to hit land by early Saturday. "Rita will remain the market's focus ... unless it unexpectedly breaks apart. But with it being such a fierce storm we wouldn't play the short side of...
  • Oil prices up on hurricane fears, OPEC ($63.75/bbl)

    09/19/2005 3:41:44 AM PDT · by RWR8189 · 32 replies · 780+ views
    Reuters ^ | September 19, 2005 | Paul Marriott
     SYDNEY (Reuters) - Oil prices climbed more than 1 percent on Monday as a new storm system appeared to be headed for the U.S. Gulf Coast, and as OPEC ministers appeared to favor leaving crude output unchanged for now.U.S. light crude rose 78 cents to $63.78 a barrel as the season's 17th tropical storm formed near the Bahamas and OPEC members leaned toward taking no immediate action on extra supply. London Brent crude jumped 93 cents to $62.74 a barrel. Those gains helped prices rebound from a near $2 fall on Friday, which took oil to its lowest close in...
  • Oil under $65 as demand declines ($64.46/bbl)

    09/16/2005 2:48:32 AM PDT · by RWR8189 · 47 replies · 887+ views
    Reuters ^ | September 16, 2005 | Felicia Loo
    SINGAPORE (Reuters) - Oil eased further below $65 on Friday on fears that record high prices are undermining global demand, overshadowing nagging worries about refined fuel supplies in the United States, the world's top consumer. U.S. light crude was trading down 26 cents at $64.49 a barrel by 0515 GMT, extending a loss of 34 cents on Thursday. London Brent crude slipped 16 cents to $63.50 a barrel. U.S. prices have fallen sharply from a record high $70.85 on August 30, just a day after Hurricane Katrina hit the U.S. Gulf Coast, toppling oil platforms and shutting down refineries. Oil's...
  • US oil falls, Brent steady ($66.60/bbl)

    09/05/2005 11:10:16 PM PDT · by RWR8189 · 30 replies · 1,054+ views
    Reuters ^ | September 5, 2005
    SINGAPORE (Reuters) - U.S. oil prices slid in post-holiday trade on Tuesday, while Brent crude was steady as industrialised countries began to release oil from emergency stocks to make up for U.S. output disrupted by Hurricane Katrina. Fears that the aftermath of the storm could dent consumer confidence and trim U.S. economic growth also weighed on prices, while battered Gulf of Mexico refineries began to restart. U.S. light crude fell $1.03, or 1.5 percent, to $66.54 a barrel by 0508 GMT, following London Brent crude's $1.22 losses on Monday when U.S. trade was closed for a holiday. Brent crude edged...
  • Bush adding more oil to U.S. petroleum reserve

    08/06/2004 3:23:27 PM PDT · by ambrose · 76 replies · 1,143+ views
    Reuters ^ | 8/6/04
    Aug. 6, 2004, 11:49AM Bush adding more oil to U.S. petroleum reserve Reuters News Service WASHINGTON - The Bush administration said today it was adding more oil to the U.S. emergency petroleum reserve, despite record high crude prices and strong oil demand. The Interior Department said it awarded contracts to ChevronTexaco Corp. and Royal Dutch/Shell Group's Shell Oil to deliver more than 100,000 barrels of crude a day to the nation's Strategic Petroleum Reserve. The oil will be delivered over a six-month period beginning on Oct. 1. The administration is not buying the oil going into the reserve. The crude...
  • A well-oiled debate

    04/02/2004 9:48:22 AM PST · by NormsRevenge · 2 replies · 215+ views
    OC Register ^ | 4/2/04 | AP
    <p>CRUDE-COLLECTION FACILITY: The St. James Terminal, a distribution point for crude oil near Baton Rouge, La., feeds a pipeline to underground storage in the Strategic Petroleum Reserve, which has a capacity of 700 million gallons.</p> <p>Those who oppose continued stockpiling say taking the oil out of the market causes prices to rise. Sen. Carl Levin, D-Mich., last year argued for halting the flow. "This administration's actions to fill the SPR regardless of the price of oil or the amount of oil available to the commercial sector is a major reason for these high (crude) prices," wrote Levin, senior Democrat on the Senate Governmental Affairs investigations subcommittee.</p>