Posted on 06/23/2011 7:04:26 AM PDT by markomalley
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 agency’s 28 member states. Negotiations for the coordinated response have been going on in secret for weeks, according to a person involved in the talks. Similar unified action was taken in 1991 at the outbreak of the first Persian Gulf War.
(Excerpt) Read more at nytimes.com ...
Once its gone, look for prices to go through the roof.
PING!
Well, its not like we’re fighting 3 wars or anything. Wait, what?
Got it.
This, too, will blow up in their faces.
Releasing some of the reserve oil would only work if done in coordination with a lot of other moves. In isolation it is a band aid placed over a cancerous lesion.
A better option is to allow drilling in Alaska and in the Gulf. But the environmentalist whacko’s have this admin in the palm of their hand. And the EPA is running a muck.
Is this the oil reserve we keep on hand thats only supposed to be tapped during emergencies or time of war??
What happens when the next crisis happens and we no longer have any energy reserves to fall back on, much like they've raided our financial reserves without a sound means for replacing them?
It won't take much of an unanticipated natural or man-made disaster to push the U.S. and the world into a massive depression that will make that of the 30s look like a mild recession.
What will happen is that the next major incident will cause blackouts, brownouts, and long fuel lines at the gasoline pumps with rationing of energy and food likely. The repercussions of such actions will most likely cause a pendulum shift demanded by the people, such that there will be a strong push for development of energy resources without reasonable environmental controls. The end result will be serious environmental harm in the U.S. and throughout the world. This will be the result of the law of unintended consequences.
obama and his minions have upset the delicate balance between competing interests by implementing his extreme measures by the Congress and by his illegal executive orders.
“it is a band aid placed over a cancerous lesion.”
Isn’t that what most government actions are?
From the DOE
The 727-million-barrel U.S. Strategic Petroleum Reserve is the largest stockpile of government-owned emergency crude oil in the world. Established in the aftermath of the 1973-74 oil embargo, the SPR provides the President with a powerful response option should a disruption in commercial oil supplies threaten the U.S. economy.
There isn't an embargo in place right now and there isn't a major disruption (like the 1973 embargo).
This is a misuse of those reserves that could easily be corrected by allowing our domestic sources to be used.
“The United States will release half of the total amount from the Strategic Petroleum Reserve,”
Uh.....WTF?!?!
POTUS Obama and the Democrat Party continue their planed and determined destruction of the American nation!!!
My post is incorrect. I’m sitting here, twisting in the wind, waiting for the Mods to remove it.
Wouldn’t it have been better to have released wind, solar or bio-fuel reserves?
Yeah, I read it wrong. Waiting on the Mods to remove it.
The Strategic Oil Reserves is not intended to be released to help the world.
It's supposed to be there in case we are at war and cannot get oil.
But Obama knows that already.
So we are going to release 363.25 MILLION BBLS!
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