House rejects bill to sell government oil [Strategic Petroleum Reserve....]

Reuters ^

[Sub-Driver]

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 the measure.

[K-oneTexas]

Good. The purpose of the legislation was not for the US government to sell it off ... or use it in time of trouble. It’s a ‘STRATEGIC’ reserve, was meant to US military and national defense ... not gain political points.

[RightWhale]

NYMEX crude Sept is $125. No need to sacrifice some of the SPR at this time.

[LRS]

The legacy of the “sour crude” dims continues...

[hsalaw]

Nancy was pushing for this. She fails again. Looks like Nancy’s House is falling down.

[NormsRevenge]

It’s a ‘STRATEGIC’ reserve, was meant to US military and national defense ... not gain political points.

—

or cover the butts of the dems who are majorly negligent in this energy debacle we are paying for at the pumps.

They should think twice when they cash environuts checks.. and do their bidding.. and what it costs all of us.

[KarlInOhio]

Nancy was pushing for this. She fails again. Looks like Nancy’s House is falling down.

The purpose wasn't to actually sell the oil. It was to be able to get the Republicans to vote against it to show that they are the ones responsible for high oil prices, not the nice Democrats who tried to do everything they could with oil prices.

[griswold3]

Ants vs Grasshoppers!

[Future Snake Eater]

Good.

Amazing, though, isn’t it? We can’t drill our way out of this, but Nancy will take a step to increase the supply in order to lower prices.

I can’t even imagine the thought processes of these people.

[Eric in the Ozarks]

Excuse me. The light/heavy spread has disappeared.

[meyer]

Proceeds from the sales would have been used to buy an equivalent amount of heavy crude, which is cheaper.

Maybe my math's a little off here. Let's see, sell a certain quantity of expensive oil, and then use the proceeds to buy the same quantity of a cheaper oil. There's gonna be some proceeds unaccounted for.

[vamoose]

Pelosi basically made the argument that the administration is holding oil hostage in the SPR. The public is smarter than that.

[RC2]

On the open market??????? It belongs to the American people. Keep it here. If they are worried about the NPR, open it up and make ANWR the NPR.

[Parley Baer]

I know. I doubt if the Reserve would supply this country for a week. Just a pitiful, ignorant strategy by Nancy.

[VeniVidiVici]

But drilling for more is a bad thing.

Democrats are complete and utter idiots

[MrB]

I can’t even imagine the thought processes of these people.

Here, let me help. Envision a pile of hundreds of wire hangers stirred with a rake.

[MrB]

Haven’t decided between stupid or evil...
Might have to say a little of both.

[Carry_Okie]

The Democrats bring up selling off the Strategic Petroleum Reserve at every opportunity...

...because they want us ripe for conquest.

"... the great question of our time is not whether or not one world can be achieved, but whether or not one world can be achieved by peaceful means. We shall have world government, whether or not we like it. The question is only whether world government will be achieved by consent or by conquest." – James Warburg, in testimony to Congress.

Gosh, I wonder how they would do that? /s

[Ramius]

Nancy: The strategic reserve is for tanks, ships and bombers. Not for your use as a talking point.

[veracious]

No doubt, the term reserve in regards to Oil is a military or national security reserve. Not a gee, why should we drill for oil when there's all this strategic reserve just setting around?

The US Congress is becoming very dangerous for the US. Sort of like Obuma, good for the world or so they imagine, but not the country he's running for office in.

Do I hear the travailing for One World government?