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Keyword: spr

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  • New legislation affects U.S. Strategic Petroleum Reserve

    12/09/2015 5:17:28 AM PST · by thackney · 21 replies
    Energy Information Administration ^ | DECEMBER 9, 2015 | Energy Information Administration
    Two recently enacted laws authorize significant sales of crude oil from the Strategic Petroleum Reserve (SPR) over the next decade. The Bipartisan Budget Act authorizes the sale of 58 million barrels of SPR oil between FY 2018-25 for deficit reduction purposes and an estimated 40-50 million barrels of oil in FY 2017-20 for SPR modernization. As part of the Bipartisan Budget Act, the U.S. Department of Energy (DOE) is required to complete a long-term strategic review of the SPR to ensure it meets current and future energy and economic security goals and objectives. The Fixing America's Surface Transportation Act authorizes...
  • The House Just Passed Another Bailout, This Time for Highways and Transit

    11/06/2015 8:44:03 PM PST · by Tolerance Sucks Rocks · 28 replies
    The Daily Signal ^ | November 5, 2015 | Michael Sargent
    Today, the House overwhelmingly passed the Surface Transportation Reauthorization and Reform Act (STRR) to much fanfare.The six-year, $325-billion bill reauthorizes highway and transit funding from the federal Highway Trust Fund that was set to expire on November 20. The bill is being heralded as no less than a historic “long-term” measure, emerging after “ten years of short-term band-aids and extensions.”But make no mistake: Despite the bill’s name and the exhortations of its admirers, STRR is another status quo bailout, plain and simple.It follows in a long line of short-term bailouts that do nothing to fix the chronic overspending and misallocation...
  • Obama, GOP Want To Sell Off 40 Percent Of US Strategic Oil Reserves To Fund Gov’t Programs

    10/31/2015 5:45:29 PM PDT · by · 104 replies
    Daily Caller News Foundation ^ | 10/28/2015 | Michael Bastasch
    Lawmakers are pushing legislation that could result in the selling off of 266 million barrels of oil from the country’s Strategic Petroleum Reserve (SPR) over the next decade, mostly to fund more government spending. Legislation for health care, highway funding and financing the government could end up drawing on down on oil supplies meant for emergency situations. If all three bills are signed into law, some 266 million barrels, or nearly 40 percent, of the current 695 million barrel SPR would be sold off in the next decade to raise about $23 billion. “The 114th Congress has introduced three separate...
  • 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.
  • Moniz: Strategic Petroleum Reserve is too valuable to sell its stockpiles

    10/07/2015 5:40:21 AM PDT · by thackney · 6 replies
    Fuel Fix ^ | October 6, 2015 | Jennifer A. Dlouhy
    The Senate Energy and Natural Resources Committee on Tuesday examined the future of the nations emergency oil stockpile, amid calls to sell off some of the stored supplies as a revenue-raiser and an Obama administration push to stash more refined petroleum products alongside raw crude. Energy Secretary Ernest Moniz broadly agreed with senators and expert witnesses that changes are needed to ensure the Strategic Petroleum Reserve remains a valuable insurance policy against global crude supply disruptions. That includes bolstering some of the infrastructure surrounding the salt caverns in southwest Louisiana and southeast Texas that make up the reserve, so that...
  • Congress Eyes Sales From Nation's Oil Stockpile for Highway Funding

    07/23/2015 8:51:32 AM PDT · by thackney · 40 replies
    Wall Street Journal ^ | July 22, 2015 | AMY HARDER and NICOLE FRIEDMAN
    Lawmakers are eyeing the Strategic Petroleum Reserve as a piggy bank, but not without controversy. The Senate is considering legislation that would partly replenish the u.S. highway trust fund with $9 billion worth of sales from the reserve, which at 69S.1 million barrels of oil is close to its 713.S-million-barrel capacity. This month, the House passed a bill to sell 80 million barrels from the reserve to raise $7 billion to help pay for legislation to boost government drug approvals and research funding. But proposals to tap the nation's oil stockpile as a way to pay for unrelated government programs...
  • US Senate energy bill to speed LNG exports, clarify SPR sales limits

    07/23/2015 5:58:37 AM PDT · by thackney
    Platts ^ | 22 Jul 2015 | Platts
    Key US senators have reached a deal on a broad package of energy sector reforms that if enacted would speed decision-making on liquefied natural gas exports, focus the intent of the Strategic Petroleum Reserve and require reviews of how federal rules impact electric system reliability. The agreement on the bipartisan legislative package follows a number of Senate hearings in recent months and lawmakers' consideration of more than 100 bills offered for inclusion in the wider package. The bill unveiled Wednesday is also the result of negotiations between the two leaders of the Senate Energy and Natural Resources Committee -- Chairman...
  • Opinion: The Strategic Petroleum Reserve IS NOT The Senate's Piggy-Bank

    07/22/2015 2:50:46 PM PDT · by thackney · 16 replies
    Oil Pro ^ | 7/22/2015 | Jeff Reed
    The US Senate showed a disturbing lack of respect for US energy security on Tuesday. The upper chamber introduced a highway bill that proposes selling oil from the US Strategic Petroleum Reserve (SPR) to partially pay for a three-year extension of the highway trust fund. The bill is the result of a deal between Senate Majority Leader Mitch McConnell and California Democrat Senator Barbara Boxer. Legislators project that selling 101 billion barrels from the 693 billion barrel stockpile would raise $9 billion if the government sells the oil between 2018 and 2025. The bill assumes an average oil price of...
  • New role for strategic oil reserve seen by U.S. Energy Secretary(wants it as political tool instead)

    06/16/2015 6:38:12 AM PDT · by bestintxas · 15 replies
    world oil ^ | 6/16/15 | JIM SNYDER and BRIAN WINGFIELD
    The Strategic Petroleum Reserve should be tapped to ease global oil-price shocks and not be limited to easing U.S. supply emergencies, Energy Secretary Ernest Moniz said Monday. Moniz said rising U.S. crude production gives the nation more flexibility in how it uses the reserve, created four decades ago in response to supply shortfalls caused by the Arab oil embargo. The four underground salt caverns can hold more than 700 MMbbl of oil. Putting crude from the reserve into the domestic market provides the U.S. with the most valuable protections from oil-market disruptions, Moniz said at a conference sponsored by the...
  • BP & Noble Energy Chosen To Replenish The US SPR

    04/10/2015 10:25:31 AM PDT · by thackney · 8 replies
    Oil Pro ^ | 4/10/2015 | Jeff Reed
    he US Department of Energy announced Thursday afternoon that it has awarded contracts for the delivery of crude oil to the Strategic Petroleum Reserve (SPR) to BP and Noble Energy so as to replenish oil it sold last year (see below). With a capacity of 727 million barrels, the SPR is the largest stockpile of government-owned emergency crude oil in the world. Together, the SPR crude oil and facilities represent a $26 billion investment in energy security ($21 billion for crude oil and $5 billion for facilities). Founded in the wake of the 1973-74 oil embargo, the SPR provides the...
  • Feds to buy 5 million barrels of oil for emergency stockpile

    03/16/2015 5:06:51 AM PDT · by thackney · 24 replies
    Fuel Fix ^ | March 13, 2015 | Jennifer A. Dlouhy
    The Department of Energy is planning to buy up to 5 million barrels of oil to replenish the Strategic Petroleum Reserve after a test sale last year. The planned purchase of sweet crude between June 1 and July 31 is required by federal laws forcing the Department of Energy to buy back petroleum products within one year, using the proceeds from a test sale. In this case, the recent collapse in crude prices means the government is set to make money on the two transactions effectively buying low now after selling high last year. During the March 2014 test...
  • Senator: Time to rethink our emergency oil stockpile

    10/23/2014 10:33:18 AM PDT · by thackney · 19 replies
    Fuel Fix ^ | October 23, 2014 | Jennifer A. Dlouhy
    Sen. Ron Wyden wants the United States to rethink the size and scope of its emergency oil stockpile. Because a surge of domestic oil production has pared the United States reliance on foreign crude, the country may not need to stash as much away in the Strategic Petroleum Reserve, Wyden, D-Ore., said in a letter to Energy Secretary Ernest Moniz. The recent shale boom is having a profound effect on United States energy policy and making even relatively recent rules at best irrelevant, Wyden said. In the case of the SPR, estimates on size are no longer in line with...

    03/20/2014 8:26:29 PM PDT · by DIRTYSECRET · 24 replies
    Empty it on the world market. This should effect Russia. The others? Who knows. We won't be needing it soon.
  • US To Tap Strategic Petroleum Reserve

    03/13/2014 11:20:50 AM PDT · by Cletus.D.Yokel · 96 replies
    The Obama administration will release 5 million barrels of sour crude from the United States emergency stockpile in what officials described as a test of the nations ability to respond to oil supply disruptions around the globe.
  • U.S. to lend Marathon 1 million barrels of oil

    09/02/2012 6:42:39 AM PDT · by thackney · 27 replies
    Fuel Fix ^ | August 31, 2012 | Zain Shauk
    The U.S. Department of Energy will lend 1 million barrels of oil to Marathon Petroleum Corp. after the company requested it because of impacts related to Hurricane Isaac. The government will lend the barrels from a Strategic Petroleum Reserve site in Louisiana. Marathon will have to return the same quantity of oil within three months, plus additional premium barrels, which the department described as similar to interest. The department said a loan is different from a release of the reserves, which the White House has said was an option if Isaac disrupted oil supplies and markets. The reserves could begin...
  • Steffy: Tapping oil reserve a matter of smoke and mirrors

    08/31/2012 11:29:50 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | August 31, 201 | Loren Steffy
    As Hurricane Isaac churned toward the Louisiana coast earlier this week, roiling oil markets, the Obama administration again floated the possibility of tapping the Strategic Petroleum Reserve. Releases from the reserve have become the political equivalent of cranking the levers behind the curtain in Oz. It looks impressive, but it doesnt really do anything. I dont see the rationale, said William Arnold, a professor of energy management at Rice University. There are no unusual supply disruptions at the moment. The bigger concern, with a presidential election looming, is gasoline prices. The average price nationally for a gallon of regular unleaded...
  • 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...
  • 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...
  • Exclusive: White House dusting off plan for potential oil release

    08/16/2012 11:51:42 AM PDT · by Free ThinkerNY · 31 replies
    Reuters ^ | August. 16, 2012 | Jeff Mason
    (Reuters) - The White House is "dusting off old plans" for a potential release of oil reserves to dampen rising gasoline prices and prevent high energy costs from undermining the success of Iran sanctions, a source with knowledge of the situation said on Thursday. U.S. officials will monitor market conditions over the coming weeks, watching whether gasoline prices fall after the September 3 Labor Day holiday, as they historically do, the source said. It was too early to say how big a drawdown would be from the U.S. Strategic Petroleum Reserve and, potentially, other international reserves if a decision to...
  • Rush: Obama Aims to Release Oil to Make Himself Hero

    03/15/2012 3:00:03 PM PDT · by NKP_Vet · 26 replies ^ | March 15, 2012 | Michelle Lopata
    "Even though Obama consistently has opposed domestic oil drilling, he now says he will tap the Strategic Petroleum Reserve to play the hero and save his re-election campaign, Limbaugh said on his radio show on Thursday. Obama has just announced that the United States and Britain are going to release oil from their strategic reserves, Limbaugh said. This is going to have absolutely no impact whatsoever. It is a purely political move from the guy who says we cant drill....." The purpose of the strategic oil reserve is to provide the nation an emergency capacity, Limbaugh said. We dont have...
  • Report: Obama to Release Oil from Strategic Reserve

    03/15/2012 12:20:42 PM PDT · by Kaslin · 41 replies
    Rush ^ | March 15, 2012 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Obama has just announced that the United States and Britain are going to release oil from their Strategic Reserves. I didn't even know that Cameron was up for reelection. I did not know that he was up for reelection. That's why Obama's doing this. This is going to have absolutely no impact whatsoever. It is a purely political move from the guy who says, "We can't drill. We can't drill fast enough, can't drill soon enough." What does that mean? If we can't drill what it means is putting more oil on the market isn't gonna matter...
  • Obama to David Cameron: Lets tap our strategic oil reserves together

    03/15/2012 8:57:11 AM PDT · by SeekAndFind · 29 replies
    Hotair ^ | 03/15/2012 | Ed Morrissey
    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...
  • Exclusive: U.S., Britain to agree emergency oil stocks release

    03/15/2012 8:56:46 AM PDT · by mojito · 88 replies · 1+ views
    Reuters ^ | 3/15/2012 | Richard Mably
    Britain has decided to cooperate with the United States in a bilateral agreement to release strategic oil stocks, two British sources said, in an effort to prevent high fuel prices derailing economic growth in an election year. A formal request from the United States to the UK to join forces in a release of oil from government-controlled reserves is expected "shortly" following a meeting on Wednesday in Washington between President Barack Obama and Prime Minister David Cameron, who discussed the issue, one source said. Britain would respond positively, the two sources said.
  • Nancy Pelosi endorses tapping oil reserve (How about just more drilling and building a pipeline?)

    03/04/2012 5:35:27 AM PST · by tobyhill · 35 replies
    Politico ^ | 3/1/2012 | By SEUNG MIN KIM
    House Minority Leader Nancy Pelosi (D-Calif.) on Thursday endorsed tapping the Strategic Petroleum Reserve to combat rising gas prices breaking ranks with her top deputy in the House, who is wary of the idea. Pelosi said that using the oil reserve was her personal favorite short-term fix to not only lower gas prices but also send a message to speculators in the oil markets, whom Pelosi blamed for the increasing costs. The oil reserve, Pelosi said, needs to be prominently on the table. Every time oil has been diverted or taken from the [Strategic Petroleum Reserve] one or...
  • Democrats to Obama: Tap strategic oil reserve

    02/25/2012 5:03:50 PM PST · by Sub-Driver · 129 replies · 1+ views
    Democrats to Obama: Tap strategic oil reserve By: Darren Goode February 25, 2012 06:26 PM EST Gasoline prices are on a dramatic rise, and everybody's got advice for the White House. No surprise, Republicans are reviving their "Drill, Baby Drill" catcalls from 2008, but liberals in Washington are getting nervous and asking President Barack Obama to tap into the Strategic Petroleum Reserve as a potential panacea for escalating gasoline prices. Picking up on the themes of a speech he gave Thursday at the University of Miami, Obama used his weekly radio address Saturday to remind Americans of his view that...
  • U.S. weighs release of oil reserves, world frets about Iran (Turbo TaxCheat Timmy says on CNBC)

    02/24/2012 11:38:10 AM PST · by NormsRevenge · 20 replies · 1+ views
    Yahoo ^ | 2/24/12 | Rachelle Younglai and Jeff Mason - Reuters
    WASHINGTON (Reuters) - The United States is considering a release from its strategic oil reserves, Treasury Secretary Timothy Geithner said on Friday, acknowledging the harm that supply disruptions from Iran could have on the global economy. Rising tensions between Iran and the West .. have fueled a rise in oil prices, pushing benchmark Brent crude above $125 a barrel on Friday. "There is a case for the use of the reserve in some circumstances and we will continue to look at those and evaluate that carefully," Geithner said on CNBC television. "Obviously Iran can do a lot of damage to...
  • Gas prices up despite use of reserves

    08/08/2011 5:23:55 AM PDT · by markomalley · 21 replies
    Washington Times ^ | Sunday, August 7, 2011 | Kara Rowland
    More than a month after the Obama administration said it would tap the countrys emergency oil reserve to try to combat supply disruptions in the Middle East, gas prices at the pump actually have risen 10 cents. President Obama had hoped the move, coming at the onset of the summer driving season, would temper the loss of supplies due to the ongoing civil war in Libya. Working with international allies, the U.S. said on June 23 that it would release 30 million barrels of oil over 30 days, while other countries with strategic reserves agreed to release another 30 million,...
  • 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...
  • Oil will hit $150 in U.S. despite IEA -Guild

    07/06/2011 2:34:00 PM PDT · by NRG1973 · 22 replies
    Reuters ^ | July 6, 2011 | Ikuko Kurahone
    The price of physical crude oil will hit $150 a barrel this year in the United States due to unrest in North Africa and the Middle East, despite the emergency oil stock release coordinated by the International Energy Agency (IEA), a U.S. fund manager said. Monty Guild, the chief executive of Guild Investment Management, said the IEA's move did not change oil's fundamentals. "Our opinion continues to be oil prices will reach $150 barrels this year due to the fighting near Saudi Arabia," Guild told Reuters in a telephone interview. He was referring to escalating violence in countries such as...
  • Oil settles near $97 per barrel

    07/05/2011 3:00:29 PM PDT · by NRG1973 · 3 replies
    Yahoo Finance ^ | July 5, 2011 | N/A
    Some major investment banks are still betting that oil prices will grow next year despite an emergency injection of crude on world markets from the U.S. and other countries. Higher oil prices should eventually push gasoline prices up as well. Benchmark crude climbed as high as $97.48 per barrel Tuesday after Barclays Capital raised its 2012 price forecast for Brent crude, used to price many international types of oil. And Goldman Sachs said the International Energy Agency's decision at the end of June to release 60 million barrels of oil from its reserves won't cool off prices as much as...
  • Oil Prices Climb Back to Pre-Reserve Release Levels

    07/05/2011 3:05:35 PM PDT · by Hojczyk · 46 replies
    CNBC ^ | July 5,2011 | Patti Domm
    Crude raced higher Tuesday as energy bulls pushed Nymex oil back toward the $100-a-barrel mark, prices last seen before world governments said they would release crude from their reserves last month. West Texas Intermediate jumped 2.1 percent to $96.89 a barrel on the New York Mercantile Exchange, decidedly above the $94.45 close of June 22, the day before the announcement on the release of 60 million barrels from reserves. Brent crude on the ICE futures exchange finished $2.25 higher at $113.63 a barrel, and just below the June 22 high of $114.21. Brent touched $114.44 Tuesday. "I think we could...
  • Gas prices to blame for Obama administration releasing oil reserves?

    07/02/2011 5:40:27 PM PDT · by Sub-Driver · 18 replies
    Gas prices to blame for Obama administration releasing oil reserves? By: MJ Lee July 2, 2011 05:00 PM EDT President Barack Obama has pressed repeatedly for a long-term energy policy, devoting five weekly radio addresses to the subject in the past three months and blasting other politicians during a March press conference for pursuing short-term political fixes for high gas prices. Every few years, gas prices go up; politicians pull out the same old political playbook and then nothing changes, Obama said. And when prices go back down, we slip back into a trance. And then when prices go up,...
  • The Strategic Petroleum Reserve Release Has Now Been Fully Priced In As Crude, Gasoline Surge

    06/28/2011 2:28:24 PM PDT · by mojito · 27 replies
    ZeroHedge ^ | 6/28/2011 | Tyler Durden
    Remember how 4 very long days ago, the 60 million barrel SPR release was vaunted as being the reason for the second consumer renaissance after it was largely expected it would lead to sub $90 crude, and low $3/gallon gas, and result in every Joe Sixpack going out and buying 3 houses at least? Well, so much for that: the IEA's [International Energy Agency] action has now been fully priced in and WTI [West Texas Intermediate] is back to precisely where it was before the IEA announcement on Thursday.
  • IEA Oil Dump a Disaster in the Making

    06/28/2011 8:11:50 AM PDT · by Nobel_1 · 11 replies
    Zero Hedge ^ | 6/28/2011 | Zero Hedge
    Posting the last paragraph from the article ... I dont know if anyone else has noticed, but this country has been thoroughly gutted over the past few decades. Our industrial base has been dismantled and shipped overseas to the benefit of foreign nations and corporate feudalists. Our grain reserves, once ample, have been depleted to an all time low. Our currency has been systematically debased. And now, our oil reserves, without rational cause, are being sold off only to feed the catastrophe our government is supposedly out to stop. Are the American people being prepped like a glazed ham for...
  • Cash for Pumpers

    06/24/2011 7:15:01 AM PDT · by Lakeshark · 27 replies
    The American Thinker ^ | 6/24/2011 | Jeffrey Folks
    On Thursday the President announced that he would release 30 million barrels of oil from the nation's Strategic Petroleum Reserve. The immediate effect on world markets was to knock the oil price down by over $4 a barrel. But many experts question the wisdom -- and the timing -- of the move. Clearly, the timing of the withdrawal was politically motivated. Any reduction in the price of gas at the pump is going to be popular, especially with Obama's political base and with independents who are key to his reelection. The problem is that, like every other form of stimulus...
  • Commentary: Plan to release oil from reserves shows desperation

    06/24/2011 5:50:03 AM PDT · by thackney · 37 replies
    Fuel Fix ^ | June 24, 2011 | Loren Steffy
    The Strategic Petroleum Reserve is apparently a strategic political reserve. We now tap it not in times of crisis, but in times of desperation, hoping that we can quickly return to the collective denial of our oil dependency. The massive salt domes that house U.S. crude reserves were supposed to be opened only in times of dire market disruptions. Instead, its become a convenient response to rising gasoline prices. Its a knee-jerk reaction, said Michael Economides, an energy expert and professor at the University of Houston. With the specter of $4 at the pump still hovering over the summer driving...
  • Editorial: Is Obama's Oil Dump A Political Ploy?

    06/23/2011 6:11:22 PM PDT · by Kaslin · 34 replies
    IBD Editorials ^ | June 23, 2011 | Staff
    Politics: With Democrats' poll numbers in the dumps, President Obama has decided to release some of the U.S. strategic petroleum reserves to cut prices at the pump. Problem is, its only real "strategic" purpose is politics. The White House announced Thursday that for only the third time in history, the U.S. would release 30 million barrels of oil from the national stockpile. America's 727 million barrel-strong reserve, buried deep in the salt domes of Texas and Louisiana, was created in the wake of the 1973 Arab oil embargo. It's always been meant to cushion the U.S. economy against shocks from...
  • GOP on the Strategic Petroleum Reserve: Drill, baby, drill

    06/23/2011 3:10:50 PM PDT · by tobyhill · 9 replies
    Politico ^ | 6/23/2011 | By DARREN GOODE
    Within minutes of the Obama administration's surprise announcement it would release 30 million barrels of oil from the Strategic Petroleum Reserve, House Speaker John Boehner's office took a shot at the White House's energy policy. "WH plan to release oil from SPR is clear acknowledgment more supply needed, yet it continues to block more American energy production," Boehner spokesman Kevin Smith tweeted Thursday morning. House Republicans have passed several bills already this year that would encourage new offshore oil drilling, including one Wednesday to limit the amount of time the EPA can spend reviewing drilling permits. Some questioned whether the...
  • Oil Traders: Tapping Reserve Was 'Genius' Move by Obama

    06/23/2011 4:07:29 PM PDT · by upbeat5 · 71 replies ^ | June 23, 2011 | John Melloy
    With US crude prices already down 16 percent from their April high, pundits and politicians everywhere were asking Thursday: "Why would President Obama tap the Strategic Petroleum Reserve when oil prices were already falling? The answer is simple: Obama knew this would have the maximum impact, hitting speculators on the chin, according to traders. Arguably the timing of the release is genius, said Stephen Weiss of Short Hills Capital. If the SPR had been released as crude worked higher, the effect would have been relatively momentary, but releasing it now, with the momentum on crude prices turning down, will add...
  • Obama releasing 30M barrels from US oil reserves

    06/23/2011 11:25:57 AM PDT · by Free ThinkerNY · 69 replies
    Associated Press ^ | June 23, 2011 | MATTHEW DALY
    WASHINGTON (AP) -- Wary of a new surge in gas prices, the Obama administration said Thursday it is releasing 30 million barrels of oil from the country's emergency reserve as part of a broader international response to lost oil supplies caused by turmoil in the Middle East and North Africa, particularly Libya. The release from the U.S. Strategic Petroleum Reserve will be the largest ever, amounting to half of a 60 million-barrel international infusion of oil planned for the world market over the next month.
  • Obama was against tapping the Strategic Oil Reserve before he was for it. (FAIL from 2008!)

    06/23/2011 11:41:41 AM PDT · by GlockThe Vote · 14 replies
    Hot Air ^ | 2008 | Ed Morrissey
    Obama Flip Flops on tapping Strategic Oil Reserve - FAIL on: Today at 10:05:48 AM Quote Modify Remove -------------------------------------------------------------------------------- Obama flip flops on Strategic Petroleum Reserve posted at 2:50 pm on August 4, 2008 by Ed Morrissey Via Jim Geraghty, who caught this even while on vacation. In August 2005, Obama agreed with George Bushs decision to release oil from the Strategic Petroleum Reserve in order to buffer the economy from the effects of Hurricane Katrina. However, Obama warned that such actions should only take place in times of real emergency (emphases mine): I agree with the...
  • Chamber says oil move is political

    06/23/2011 9:27:35 AM PDT · by ColdOne · 31 replies
    Politico44 ^ | 06/23/11 | ABBY PHILLIP
    The U.S. Chamber of Commerce is slamming President Obamas ill-advised decision to release 30 million barrels of oil from the Strategic Petroleum Reserve. The Obama Administrations decision to release oil from the Strategic Petroleum Reserve is ill-advised and not the signal the markets need, Karen Harbert, the president of the Chambers Energy Institute, said in a statement. Unrest in the Middle East is likely to continue for quite some time, so a temporary increase in supply is not a substitute for a long term fix.
  • U.S. Releases 30 Million Barrels of Oil From Petroleum Reserve

    06/23/2011 7:48:44 AM PDT · by AT7Saluki · 41 replies
    National Journal ^ | 6/23/11 | Coral Davenport
    Energy Secretary Steven Chu announced Thursday that the U.S. and its partners in the International Energy Agency will release 60 million barrels of oil onto the world market over the next 30 days to offset the disruption in the oil supply caused by unrest in the Middle East. The U.S. will release 30 million barrels of oil from the nations Strategic Petroleum Reserve. The SPR is currently at a historically high level with 727 million barrels, according to the Energy Department. We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in...
  • Obama Decides to Tap Strategic Oil Reserves, Will Release 30 Million Barrels

    06/23/2011 8:55:21 AM PDT · by bt_dooftlook · 52 replies
    The Blaze ^ | jUNE 23, 2011 | Jonathon M. Seidl
    <p>WASHINGTON (AP) Wary of a new surge in gas prices, the Obama administration has decided to release 30 million barrels of oil from the countrys emergency reserve as part of a broader international response to lost oil supplies caused by turmoil in the Middle East and North Africa, particularly Libya.</p>
  • U.S. Leading Global Effort to Release Oil Reserves to Market (Strat Petr Resv Release)

    06/23/2011 7:04:26 AM PDT · by markomalley · 46 replies
    NY Times ^ | 6/23/11
    The United States will lead an international effort to release 60 million barrels of petroleum reserves to world markets, replacing some of the oil production lost due to the conflict in Libya and, the countries hope, reducing energy prices for businesses and consumers, the International Energy Agency announced in Paris on Thursday. The United States will release half of the total amount from the Strategic Petroleum Reserve, with the rest of the oil to be provided by other nations among the international agencys 28 member states. Negotiations for the coordinated response have been going on in secret for weeks, according...
  • A New U.S. Energy Plan: Sell Oil Reserves, Use Profits to Invest in Clean Tech

    04/29/2011 7:10:50 AM PDT · by BenLurkin · 38 replies
    Daily Ticker ^ | 1 hour 14 minutes ago | Chris Nichols |
    Daniel Weiss, a senior fellow and director of climate strategy at the Center for American Progress, believes his group has the answer. "There's a few things we have to do to fight the recent spike in oil prices," he tells Aaron in the accompanying clip. "First, we need to crack down on speculators -- make sure that they're not intentionally driving up prices in order to make a quick buck. Second, let's eliminate the $40 billion in subsidies [over 10 years] for big oil companies that are going to make overwhelming profits anyway." (See: Tax Breaks for Big Oil Make...
  • The Obama Solution: Why Drill When We Can Pump Our Oil Reserves Dry?(vanity title)

    03/14/2011 9:50:04 AM PDT · by This Just In · 18 replies
    Patriot Post ^ | Monday, March 14, 2011 | Victor Davis Hanson
    Political Futures "[N]ow gasoline costs more than $4 a gallon in many places in California, and averages more than $3.50 nationwide. In response, the Obama administration is reportedly considering tapping into the nation's Strategic Petroleum Reserve to increase supplies and drive down high prices brought on by a recovering world economy and unrest in the oil-rich Middle East.
  • House Dems float bill to tap U.S. oil reserves

    03/10/2011 11:40:14 AM PST · by jazusamo · 45 replies
    The Hill ^ | March 10, 2011 | Andrew Restuccia
    This is the time to deploy a responsible amount of reserves before it is too late, Rep. Edward Markey (D-Mass.), the author of the new bill, told reporters. Markey's bill represents the latest effort by Democrats to release oil from the Strategic Petroleum Reserve (SPR), a 727-million-barrel emergency stockpile of oil. But the proposal faces opposition from Republicans and at least one senior House Democrat. The legislation would require that over the next six months at least 30 million barrels of oil be released from the SPR. President Obama ultimately has the authority to release oil from the SPR....
  • 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's Oil Hypocrisy

    03/07/2011 6:38:40 PM PST · by raptor22 · 14 replies
    Investor's Business Daily ^ | March 7, 2011 | IBD staff
    Energy Policy: As the White House goes to court to defend its self-imposed drilling moratorium, it floats the idea of tapping our strategic petroleum reserve to lower rising prices. How about the oil offshore and in Alaska? Listening to mainstream punditry, you'd think $4 gas is due solely to Mideast unrest and global demand. Those are factors, but so are our self-imposed restrictions on supply. The administration at least acknowledges that the law of supply and demand exists, with White House Chief of Staff Bill Daley telling NBC's "Meet the Press" Sunday that the White House is considering tapping into...