William Daley on Meet The Press: Administration Considering Tapping Oil Reserves

[Stephanie]

good grief.

SNIP:
from..
http://www.hapblog.com/
Why not tap the oil reserves in the Gulf? In ANWR? How about the outer continental shelf? Here David Gregory asks Daley about the higher prices at the pump and the man has no answers. But I'm not surprised, this is the same bunch banning drilling in the Gulf and issuing drilling moratoriums. IMO, the only thing that can maybe fix this problem is the election in 2012

reuters
White House Chief of Staff Bill Daley said on Sunday the Obama administration is considering tapping into the U.S. strategic oil reserve as one way to help ease soaring oil prices.

Speaking on NBC television's "Meet the Press," Daley said: "We are looking at the options. The issue of the reserves is one we are considering. ... All matters have to be on the table."


Here was Obama's answer to the high gas prices in 2008

 

[kyzr]

As long as the feds can sell oil from the reserve when prices are high, and replace it when prices are lower, it's a no-brainer. There are no losers but the speculators.

 

[Jroc]

As long as the feds can sell oil from the reserve when prices are high, and replace it when prices are lower, it's a no-brainer. There are no losers but the speculators.

Whats that going to solve? Our whole country is a loser with these wacko fake environmentalists running the country. I kind of thought Obama would wait till before the next election to tap in the reserves though. He still might

 

[B. Kidd]

Odds are slim to none (and you know where Slim went) that the Obama admin. would tap oil reserves or suspend temporarily the Fed. gas tax to ease prices. It just does not fit into Obama's vision of America; a vision where gas prices become so high that only farmers live in rural areas and people are forced to move to urban areas and buy coal powered cars for short commutes and rely on high speed rail to travel longer distances; a vision closely resembling our European counterparts.

 

[BrianH]

As long as the feds can sell oil from the reserve when prices are high, and replace it when prices are lower, it's a no-brainer. There are no losers but the speculators.

Let's just hope they decide to replace it when prices are lower....

 

[Claudette]

Odds are slim to none (and you know where Slim went) that the Obama admin. would tap oil reserves or suspend temporarily the Fed. gas tax to ease prices. It just does not fit into Obama's vision of America; a vision where gas prices become so high that only farmers live in rural areas and people are forced to move to urban areas and buy coal powered cars for short commutes and rely on high speed rail to travel longer distances; a vision closely resembling our European counterparts.

I tend to agree.

OL'BO wants his green agenda. Thats his vision of America.

Unfortunately for we Americans his Green agenda is more costly than what we have now.

Ethanol which all the green huggers were hugging just a few years ago has been found to be worse for the environment than gas is.

I live down here in Florida and believe me if Solar panels were that great everyone in the State would have them. We certainly have the sunshine.

Pickens spent 2 billion of his own money on Wind. He found out its not viable.

From what I've read going green costs jobs as well.

High speed rail?? Don't know how that would work in America. Would anyone use it?? Who pays for it if it goes broke every year like AMTRAK?? Oh yeah. We the taxpayer.

This is BO's vision for America.

 

[Stephanie]

people better wake up

 

[blastoff]

good grief.

SNIP:
from..
HotAirPundit
Why not tap the oil reserves in the Gulf? In ANWR? How about the outer continental shelf? Here David Gregory asks Daley about the higher prices at the pump and the man has no answers. But I'm not surprised, this is the same bunch banning drilling in the Gulf and issuing drilling moratoriums. IMO, the only thing that can maybe fix this problem is the election in 2012

reuters
White House Chief of Staff Bill Daley said on Sunday the Obama administration is considering tapping into the U.S. strategic oil reserve as one way to help ease soaring oil prices.

Speaking on NBC television's "Meet the Press," Daley said: "We are looking at the options. The issue of the reserves is one we are considering. ... All matters have to be on the table."


Here was Obama's answer to the high gas prices in 2008

http://www.youtube.com/watch?v=CnBb7oTjQ1M&feature=player_embedded

You're confusing oil reserves (thread title) with oil resources, a la the ANWR, in the gulf, continental shelf, etc., stuff yet to be drilled. Oil reserves refers to oil that's already been extracted, shipped here, and stored, several hundred millions or billions of gallons of the stuff stashed away in old salt mines and whatnot. It's sort of a rainy day, emergency, supply. That's the oil Daley and Gregory were discussing.

We had the same discussions during the Bush administration and I think - memory's a bit foggy - we did in fact tap our reserves to some extent and then later replenished it as oil prices eased.

 

[Lonestar_logic]

good grief.

SNIP:
from..
HotAirPundit
Why not tap the oil reserves in the Gulf? In ANWR? How about the outer continental shelf? Here David Gregory asks Daley about the higher prices at the pump and the man has no answers. But I'm not surprised, this is the same bunch banning drilling in the Gulf and issuing drilling moratoriums. IMO, the only thing that can maybe fix this problem is the election in 2012

reuters
White House Chief of Staff Bill Daley said on Sunday the Obama administration is considering tapping into the U.S. strategic oil reserve as one way to help ease soaring oil prices.

Speaking on NBC television's "Meet the Press," Daley said: "We are looking at the options. The issue of the reserves is one we are considering. ... All matters have to be on the table."


Here was Obama's answer to the high gas prices in 2008

http://www.youtube.com/watch?v=CnBb7oTjQ1M&feature=player_embedded

You're confusing oil reserves (thread title) with oil resources, a la the ANWR, in the gulf, continental shelf, etc., stuff yet to be drilled. Oil reserves refers to oil that's already been extracted, shipped here, and stored, several hundred millions or billions of gallons of the stuff stashed away in old salt mines and whatnot. It's sort of a rainy day, emergency, supply. That's the oil Daley and Gregory were discussing.

We had the same discussions during the Bush administration and I think - memory's a bit foggy - we did in fact tap our reserves to some extent and then later replenished it as oil prices eased.

I'd argue the discussion should be about oil supply, be it the reserves we possess or what's yet to be extracted. Fact is in 2008 when oil prices were sky rocketing Bush lifted an executive order that banned offshore drilling and the price dropped $10.00 per barrel the very next day and $21.00 over the next two weeks. Obama should lift all drilling moratoriums immediately.

 

[American Horse]

As long as the feds can sell oil from the reserve when prices are high, and replace it when prices are lower, it's a no-brainer. There are no losers but the speculators.

History shows that in the three events oil was released because of higher crude oil prices, that oil prices actually went higher - not talking here about the emergency releases like Katrina or the Gulf War.

 

[shintao]

I am surprised not one Capitalist here asked the basic questions.

1.What is our current supply of oil? Same as 2010

2.Where is the demand for oil? Demand is down, fewer commuting, vacationing, production, better fuel economy.

PROBLEM: Rising crude oil prices are the primary reason for higher retail prices, but higher refining margins are also expected to contribute.

EIA - Short-Term Energy Outlook


Supply
http://www.eia.doe.gov/emeu/steo/pub/4atab.pdf

DRILL BABY DRILL will not solve the problem, because there is no demand for more crude. National oil will solve this problem permanently. Besides OPEC needing cash to build another artifical Trillion dollar paradise island, here is why drilling won't help.


"I don't feel the obligation that we have to run at a loss and our shareholders would not expect us to run at a loss," Klesse said. He added he expected profit margins to improve heading into summer, when road travel typically peaks.

Although Klesse did not specify which refineries are running at reduced rates, he noted that the Chicago gasoline crack spread -- an indication of profit margins -- was negative for much of February.

U.S. refining profitability has been running well-below the last year's levels as an economic slowdown dampens fuel consumption and oil prices vault to record heights.


http://www.reuters.com/article/idUSN1162076820080311

 

[American Horse]

I am surprised not one Capitalist here asked the basic questions.

1.What is our current supply of oil? Same as 2010

2.Where is the demand for oil? Demand is down, fewer commuting, vacationing, production, better fuel economy.

PROBLEM: Rising crude oil prices are the primary reason for higher retail prices, but higher refining margins are also expected to contribute.
<SNIP>
DRILL BABY DRILL will not solve the problem, because there is no demand for more crude. National oil will solve this problem permanently. Besides OPEC needing cash to build another artifical Trillion dollar paradise island, here is why drilling won't help.
<SNIP>

Prices are high because of uncertainty. The policies of the administration court uncertainty. Uncertainty in the profile of THE largest oil user on the planet, AND potentially one of the largest producers combined with upheaval in the region which produces most world oil makes uncertainty even more profound, and prices more subject to speculation in the world marketplace.

Remove doubt about American energy policy vis-à-vis using as much of our own resources as possible and thus our being less dependent on nations who are either subject to chaotic social forces in their regions or who are known to not respect us would lower prices everywhere.

Removing ourselves from dependence on regions that at any moment can become unreliable as suppliers would settle down world speculative markets, and encourage rational pricing. We would enjoy those benefits directly and the world would indirectly.

 

[Soggy in NOLA]

We need more windmills, that'll fix everything.