Senate says halt oil reserve shipments

http://news.yahoo.com/s/ap/20080513/ap_on_go_co/congress_energy ^

[chessplayer]

WASHINGTON - The Senate, in a direct challenge to President Bush, voted Tuesday to temporarily halt the shipment of thousands of barrels of oil a day into the government's emergency reserve.

Both Democrats and Republicans said such shipments make no sense when oil is costing more than $120 a barrel and could better be used to add supplies to a tight market and possibly lower prices.

[edcoil]

how much more can the reserves take?

[goldstategop]

Its all about short-term political pandering. This is the same Senate that rejected increased domestic oil exploration here at home. The relief to be obtained from emptying our strategic reserve would leave us at the mercy of the very importers on whom we're trying to lessen our dependence. DUH.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[BenLurkin]

Oh those democrats — anything to hurt America.

We're on the brink of war with Iran. Worst case scenario will include nuclear weapons and long term interruption of oil shipments from the Middle East.

‘Stockpiling oil is the only smart thing to do.

[joe fonebone]

jeezzz.......these guys just don’t get it...we got oil till hell won’t have it...making it into gasoline is the problem.....

[50sDad]

...add supplies to a tight market and possibly lower prices.

It could also "possibly" make giant pandas fly out of my posterior, but I am betting against it.

[Liberty Valance]

[Edgerunner]

I guess it doesn’t matter whether or not they have the power to do this anymore...

[Camel Joe]

“we got oil till hell won’t have it”
That oil is in the ground Son, we need oil that’s ready to cook.

[OrioleFan]

Has Congress ever drilled for oil or built a refinery? They’re too busy drilling the average American...

[tobyhill]

***possibly lower prices***

Congress is the dumbest people I have ever heard of. To stop the filling of the SOR will only increase oil on the world market by 70,000 barrels a day which is 1/1000ths of the worlds daily consumption. It won't even lower the price 1 cent.

[dragonblustar]

‘Stockpiling oil is the only smart thing to do.

Drilling in our own country would be better.

[sam_paine]

Stockpiling oil is the only smart thing to do.

True, if the price is never going to go back down below $120.

And if the Fed keeps inflating the dollar, then it won't.

[TLI]

"We are buying the most expensive crude oil in the history of the world and storing it," said Sen. Byron Dorgan, D-N.D. "When American consumers are burning at the stake by high energy prices, the government ought not be carrying the wood."

BUT in the same breath, so to speak...

Earlier, the Senate rejected a broader Republican energy plan that called for opening an Alaska wildlife refuge and some offshore waters to oil development. Supporters of the measure couldn't get the needed 60 votes to overcome a Democratic-led filibuster threat.

Republican leader Mitch McConnell of Kentucky said more domestic oil production is needed to keep prices in check and to reduce U.S. dependence on oil imports. "We cannot repeal the law of supply and demand....We need to increase supply in order to lower gas prices," said McConnell.

But opponents said areas such as the Arctic National Wildlife Refuge and coastal waters that have been off limits to drilling for 25 years ought to remain that out of bounds to oil companies. The GOP measure, defeated Tuesday by a vote of 56-42, would have allowed coastal states to get a waiver to the offshore drilling ban.

This is going to get us either enslaved or killed. The word Treason comes to mind.

[joe fonebone]

i guess the millions of barrels waiting in holding tanks and on ships because we do not have refinery space just does not count as ready to cook.....the problem is not oil, the problem is and always has been a lack of capacity in our refineries....hell, we have not built a new one since 1976.... and i ain’t your son, and if you WAS my daddy, I would run away from home... :)

[Izzy Dunne]

It’s weird how this little bit going into our reserves would lower prices, but over 100 times that amount coming from ANWR wouldn’t.

[tobyhill]

Due to the number of idiots on Capital Hill, WE ARE ALL SCREWED!

[chessplayer]

“Its all about short-term political pandering.”

Exactly.

[Red Badger]

They are at 97% CAPACITY, SO THIS IS A “FEEL-GOOD” VOTE......

[AU72]

If Kerry had his way that strategic reserve would have been emptied 4 years ago to counter the outrageous gasoline prices topping 2.00 a gallon.

[tatsinfla]

we only have ourselves to blame...we keep putting the dimwits back into office....we must like the screwing they keep giving us day after day..... ;)

[beethovenfan]

Screw the Senate. Start drilling. We have a lot of the oil we need.

[trumandogz]

we only have ourselves to blame...we keep putting the dimwits back into office....we must like the screwing they keep giving us day after day..... ;)

And there is a 100% chance that we will put a dimwit in the Office of the President this November that is opposed to drilling ANWR.

[tobyhill]

You’re right, we’re not short oil but we have to buy from foreign sources which can set the price at whatever they want just like we do on thousands of products. If we had more sources of home grown then we could actually have leverage against their high cost. You’re also right that even if we had that leverage to lower the price based on higher domestic production we have no way to make it into gas. WE ARE SCREWED!

[patton]

Interesting point - I remember reading that ships were having to float around full of oil, because there was no place left to put it.

Any oil experts in the house? Is this the case?

[machenation]

The reserve is only for government employees. ie. mayors, police, governors, fire departments, electric power companies, oh by the way FDG mines coal.

[IamConservative]

Congress is the dumbest people I have ever heard of. To stop the filling of the SOR will only increase oil on the world market by 70,000 barrels a day which is 1/1000ths of the worlds daily consumption. It won't even lower the price 1 cent.

Wonder who is worse at math? Congress or the people voting for them time and time again? Suppose Dingy Harry and Nanny Fran even know what "Strategic" means?

[PA Engineer]

Unbelievable. We are in so much trouble.

[tobyhill]

You’re right. I’m sure that I’ll be getting the old guilt trip when I refuse to pull the lever for any more fools, including McCain.
Our “fearless” leaders are no better than the idiots running some third world nations.

[tatsinfla]

very good observation.....ya know the funny thing about this is....once we have destroyed ourselves some 3rd world nation (iran perhaps) will take us over and drill the hell out of anwar and off our shores.....

[ConservaTexan]

how much more can the reserves take?

If my math is right, it would be over a year until they were at 100%

[tobyhill]

I’m done voting. I’m proud of what America stands for but I can’t be proud of the idiots that are making sure she can no longer stand.

[bobbyd]

and i ain’t your son, and if you WAS my daddy, I would run away from home... :)

LOL

[mek1959]

I'm getting so sick and tired of these morons up there. Not just them though, also, the completely noncritical thinking average American (non-FR’s) who are going to swoon when they hear that the big ole’ nanny-senate is going to solve the gas price problem by putting 70,000 barrels of oil on the market each day. What a bunch of dummies, thanks to our government indoctrination camps (public schools). Our kids know how to put condoms on that polar bears are in trouble, but the reasons behind the gas prices.... it must be BIG OIL!

[IamConservative]

I’m done voting.

Sadly, I use my vote to vote against a candidate. I haven't voted for an incumbent for state office or the US Congress for 20 years or more. I did vote for Bush twice because I couldn't stand the thought of Kerry as President.

[bill1952]

Years.

[mek1959]

You are so right..sadly. I used to work up there for a couple of different congressman back in the 80’s. They were irresponsible then with old Jim Wright, but now, it's unbelievable. We are indeed screwed.

[tobyhill]

I too used my votes as anti-candidates more than anything because there was no one I liked but this time I’m staying at home.

[tobyhill]

After McCain's environmental crap yesterday I see the sequel to the fall of Rome.

[mek1959]

Agreed-sadly

[massgopguy]

Is he having a Heart Attack?

[y6162]

Best thing W can do is focus anger over high gas prices on the senate. To hell with the Republicans who join the Harry on blocking drilling.

Stopping purchase to the strategic oil reserve is a two-fer. W should slam Dems as terrorist collaborators.

I hope W takes off the gloves and sends Dick out to torture Nancy.

[mngran2]

Oh those democrats — anything to hurt America.

Sadly, it wasn't just those democrats, the vote was 97-1.

[Mike Darancette]

The oil going into the reserve is a percentage of oil pumped from Federal land as a royalty. The USA does not buy it. The higher the price of oil the more the reserve is worth. Jeeze.

[tobyhill]

The problem is that Bush isn't running again and the idiot McLame would just vote with the Rats.
The best we can hope on is that whoever wins goes ahead and wrecks everything they touch then the American people have enough and elect someone with common sense.

[RightWhale]

making it into gasoline is the problem

[RightWhale]

making it into gasoline is the problem

Want to buy a refinery? 220,000 barrels a day, 60% jet fuel, 175 employees. Makes gasoline, too. Chance of a lifetime.

[blam]

"and i ain’t your son, and if you WAS my daddy, I would run away from home... :)"

Well...you're both in the Joe family.

[happinesswithoutpeace]

From 2006:

"Bush seeks to curb oil tax breaks President also sets investigation into gouging, halts deposits to stockpile in bid to deal with soaring gasoline prices ."

"Bush also called for halting deposits to the nation's emergency stockpile of oil and a probe of potential price gouging."

http://money.cnn.com/2006/04/25/news/economy/bush_energy/index.htm

[joe fonebone]

SHhhhhhhhhh.........that is supposed to be a secret