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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
    FOXNews.com ^ | 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...