Obama releasing 30M barrels from US oil reserve to offset ME turmoil, high gas

[Trajan]

I put this in politics because that is exactly what this is.......nothing more.
What?....$115.00 a barrel oil wasn't high enough to require a release? BUT $95 is??
And what IS the cost to replace it? Ahhh just put it on Peking Express credit card.

….what a hack Obama is, really, talk about transparent and hes still got a year and several months to go yet…....tsk tsk.





DJ US Plan To Release Oil Reserves Hit By Lawmakers, Oil Sector

WASHINGTON, Jun 23, 2011 (Dow Jones Commodities News Select via Comtex) --

By Tennille Tracy
Of DOW JONES NEWSWIRES

The Obama administration's decision to release 30 million barrels of oil from U.S. strategic reserves is drawing sharp criticism from the oil and natural-gas industry, as well as lawmakers from both sides of the aisle, who say the move is aimed at scoring political points rather than addressing a scarcity of oil supplies in the market.

The administration's decision to tap into the U.S. Strategic Petroleum Reserve is part of a broader effort by the International Energy Agency to release a total of 60 million barrels into the market to make up for supply disruptions in Libya. The IEA said disruptions in the North African country had drained 132 million barrels of light, sweet crude oil from the market by the end of May.

"I expect this action will contribute to well-supplied markets and to ensuring a soft landing for the world economy," IEA Executive Director Nobuo Tanaka said in a statement.

Thursday's disclosure by the U.S. caught many by surprise, in part because the Obama administration sidestepped calls for a release of oil reserves earlier in the year, when crude oil was trading for more than $100 a barrel. Since then, crude-oil prices have dropped and gasoline prices have edged off their recent high points. The average price of gasoline is now $3.61, down from $3.83 a month ago, according to the AAA Fuel Gauge.

"This decision would have been more timely if made when the disruption in Libyan oil supplies first occurred," said Sen. Jeff Bingaman (D., N.M.), chair of the Senate Energy and Natural Resources Committee. Bingaman said he hopes the move will curb "speculative froth" in the oil markets and lead to lower prices.

The committee's ranking Republican, Sen. Lisa Murkowski of Alaska, accused the Obama administration of trying to "dodge political accountability" for the state of the economy and said "these reserves are not a political tool and should not be used as such."

more at-
DJ US Plan To Release Oil Reserves Hit By Lawmakers, Oil Sector

and national journal, lets get down to cases-

"Republicans have repeatedly slammed President Obama over the unusually high prices, and Obama himself has noted his poll numbers appear to rise and fall with the price of gasoline. Many political strategists say that voter anger over near-record oil and gasoline prices could be a determining factor in the 2012 elections."

hat tip hot air, and
NationalJournal.com - U.S. Releases 30 Million Barrels of Oil From Petroleum Reserve - Thursday, June 23, 2011

 

[flacaltenn]

Woke up this morning to this crap.. CNBC going WTF over it..

Everyone's missing the REAL reason.. Tax Cheat in Chief Geitner is ALREADY stealing from the Fed Employees Pension Fund to avoid the debt ceiling.. I think he's convinced the Prez to sell that oil now to avoid the debt ceiling confrontation til the last minute possible.

We're just breaking into the piggy bank.. Is that a price tag I see on the Washington Monument???

 

[VaYank5150]

Let me get this straight....the right attacks Obama when oil prices are too high. They come down, but they give Obama no credit. And now through this move, oil prices are dropping sharply, and the right attacks Obama again. Is that about right?

 

[Two Thumbs]

Let me get this straight....the right attacks Obama when oil prices are too high. They come down, but they give Obama no credit. And now through this move, oil prices are dropping sharply, and the right attacks Obama again. Is that about right?

Let me get this straight....the left attacks Bush when oil prices are too high. They come down, but they give Bush no credit. And now through not doing this move, oil prices are dropping sharply, and the left attacks Bush again. Is that about right?

Yeah, that's about right.

Bush knew that that oil was for dire emergency and not to be used as an election point.

Are you aware that the oil will have to be replaced?

 

[Baruch Menachem]

This is kind of why we have a strategic reserve. It would have made more sense to have done it earlier, but better late than never.

I hope Obama gets the message that Gas>3.50 is bad for electoral chances, and he moves to loosen up drilling regulations to keep the price in line. What we get is a pragmatic compromise where he rises above principle to get re elected, and we get Sarah Palin's policy of drill like crazy, but with a bit of adult supervision.

 

[PLYMCO_PILGRIM]

Let me get this straight....the right attacks Obama when oil prices are too high. They come down, but they give Obama no credit. And now through this move, oil prices are dropping sharply, and the right attacks Obama again. Is that about right?

Hello he is draining the strategic oil reserve instead of drilling for our own oil.....of corse the right is mad, the left should be mad too but for the reason of him releasing the oil instead of persuing those cheap renewable energies that aren't actually cheap.

 

[VaYank5150]

Let me get this straight....the right attacks Obama when oil prices are too high. They come down, but they give Obama no credit. And now through this move, oil prices are dropping sharply, and the right attacks Obama again. Is that about right?

Let me get this straight....the left attacks Bush when oil prices are too high. They come down, but they give Bush no credit. And now through not doing this move, oil prices are dropping sharply, and the left attacks Bush again. Is that about right?

Yeah, that's about right.

Bush knew that that oil was for dire emergency and not to be used as an election point.

Are you aware that the oil will have to be replaced?

Are you aware that the election is in November 2012? How does releasing oil reserves NOW, help him then?

 

[Trajan]

Let me get this straight....the right attacks Obama when oil prices are too high. They come down, but they give Obama no credit. And now through this move, oil prices are dropping sharply, and the right attacks Obama again. Is that about right?

let me get this right, you have exactly no understanding of "U.S. The Strategic Petroleum Reserve (SPR)"

and here are the releases of such historically, so once again Obama is on the cutting edge he and Willy (I he should have used Clinton deficit reduction laugher ;


* 1985 - Test sale - 1.1 million barrels (175,000 m³)

* 1990/91 - Desert Storm sale - 21 million barrels (3.3 million m³)
o 4 million in August 1990 test sale
o 17 million in January 1991 Presidentially-ordered drawdown

* 1996-97 total non-emergency sales for deficit reduction - 28 million barrels (4.5 million m³)

* 2005 - Hurricane Katrina sale - 11 million barrels (1.7 million m³) Katrina shut down 95% of crude production and 88% of natural gas output in the Gulf of Mexico. This amounted to a quarter of total U.S. output. About 735 oil and natural gas rigs and platforms had been evacuated due to the hurricane.

* 2011 - Arab Spring sale - 30 million barrels (4.63 million m³) to offset disruptions caused by political upheaval in Libya and elsewhere in the Middle East. The amount was matched by IEA countries, for a total of 60 million barrels released from stockpiles around the world.


wow wiki is really on that one, to bad they are full of shit........upheaval in Libya has been going of 7 weeks and the price has dropped the last 2...

 

[uscitizen]

If the oil and natural gas industry is complaining about the release then perhaps it will be good for working class Americans.

 

[Trajan]

Let me get this straight....the right attacks Obama when oil prices are too high. They come down, but they give Obama no credit. And now through this move, oil prices are dropping sharply, and the right attacks Obama again. Is that about right?

Let me get this straight....the left attacks Bush when oil prices are too high. They come down, but they give Bush no credit. And now through not doing this move, oil prices are dropping sharply, and the left attacks Bush again. Is that about right?

Yeah, that's about right.

Bush knew that that oil was for dire emergency and not to be used as an election point.

Are you aware that the oil will have to be replaced?

Are you aware that the election is in November 2012? How does releasing oil reserves NOW, help him then?

I asked that already, who says hes smart? oh wait, the left does, he went to Harvard....so you tell me, why?


.....next...

 

[PLYMCO_PILGRIM]

If the oil and natural gas industry is complaining about the release then perhaps it will be good for working class Americans.

its actually good for those industries, once again obama is helping out big oil because now we will have to buy back all that oil at highly inflated prices. Interesting way to redistribute wealth from america to other oil producing countries though.

 

[Two Thumbs]

Let me get this straight....the right attacks Obama when oil prices are too high. They come down, but they give Obama no credit. And now through this move, oil prices are dropping sharply, and the right attacks Obama again. Is that about right?

Let me get this straight....the left attacks Bush when oil prices are too high. They come down, but they give Bush no credit. And now through not doing this move, oil prices are dropping sharply, and the left attacks Bush again. Is that about right?

Yeah, that's about right.

Bush knew that that oil was for dire emergency and not to be used as an election point.

Are you aware that the oil will have to be replaced?

Are you aware that the election is in November 2012? How does releasing oil reserves NOW, help him then?

Humans have longer memories than goldfish.

doesn't matter that this will be seen as more government daddyism by people that want jobs drilling for oil. Big 0 the benevolent is handing out Obama Oil to save the poor.

fyi; we take the bus.

 

[Trajan]

This is kind of why we have a strategic reserve. It would have made more sense to have done it earlier, but better late than never.

I hope Obama gets the message that Gas>3.50 is bad for electoral chances, and he moves to loosen up drilling regulations to keep the price in line. What we get is a pragmatic compromise where he rises above principle to get re elected, and we get Sarah Palin's policy of drill like crazy, but with a bit of adult supervision.

I have to disagree.

This is NOT why we have an STRATEGIC reserve... The price spiked at $115.00 3 weeks ago.... spot yesterday was under $95 and still on its way down....and this like cash for clunkers will be short termed. Then we have to put it back.....

 

[PLYMCO_PILGRIM]

Let me get this straight....the right attacks Obama when oil prices are too high. They come down, but they give Obama no credit. And now through this move, oil prices are dropping sharply, and the right attacks Obama again. Is that about right?

let me get this right, you have exactly no understanding of "U.S. The Strategic Petroleum Reserve (SPR)"

and here are the releases of such historically, so once again Obama is on the cutting edge he and Willy (I he should have used Clinton deficit reduction laugher ;


* 1985 - Test sale - 1.1 million barrels (175,000 m³)

* 1990/91 - Desert Storm sale - 21 million barrels (3.3 million m³)
o 4 million in August 1990 test sale
o 17 million in January 1991 Presidentially-ordered drawdown

* 1996-97 total non-emergency sales for deficit reduction - 28 million barrels (4.5 million m³)

* 2005 - Hurricane Katrina sale - 11 million barrels (1.7 million m³) Katrina shut down 95% of crude production and 88% of natural gas output in the Gulf of Mexico. This amounted to a quarter of total U.S. output. About 735 oil and natural gas rigs and platforms had been evacuated due to the hurricane.

* 2011 - Arab Spring sale - 30 million barrels (4.63 million m³) to offset disruptions caused by political upheaval in Libya and elsewhere in the Middle East. The amount was matched by IEA countries, for a total of 60 million barrels released from stockpiles around the world.


wow wiki is really on that one, to bad they are full of shit........upheaval in Libya has been going of 7 weeks and the price has dropped the last 2...

^ this.

 

[iamwhatiseem]

I'm with Trajan here.

Too little too late.

 

[The Rabbi]

Let me get this straight....the right attacks Obama when oil prices are too high. They come down, but they give Obama no credit. And now through this move, oil prices are dropping sharply, and the right attacks Obama again. Is that about right?

No, I can straighten you out here.
WHen oil prices were high, the reasons were a weak US dollar and restrictions on drilling by the Interior Dept. Prices have come down because the US and world economies are going back in the shitter, as evidenced by higher UE claims etc. Prices dropped sharply when Obama misused the strategic reserve for political ends.
So prices rose because of failures of Obama policy.
Prices fell because of other failures of Obama policy.
Prices plummeted because of even more failures of Obama policy.
Is that clearer to you now?

 

[tinydancer]

What part of you get the bulk of your oil from Canada don't morons in the States get?

Are we in turmoil? Are we rioting? How long can this farce endure that you get the bulk of your oil from the middle east?

It's this huge bad joke.

 

[Remodeling Maidiac]

Oil prices were ALREADY DECLINING ON THEIR OWN before Obama made this decision. Seems to me he just wants to ride the wave and later take credit for it.

 

[WillowTree]

Let me get this straight....the right attacks Obama when oil prices are too high. They come down, but they give Obama no credit. And now through this move, oil prices are dropping sharply, and the right attacks Obama again. Is that about right?

Do these stratagies sound familiar to you? You reap what ya sow don't ya?


Tissue?

 

[FuelRod]

30 million barrels?
Or one day and a half worth.
Don't believe the hype.