Posted on 06/23/2011 3:10:50 PM PDT by tobyhill
Within minutes of the Obama administration's surprise announcement it would release 30 million barrels of oil from the Strategic Petroleum Reserve, House Speaker John Boehner's office took a shot at the White House's energy policy.
"WH plan to release oil from SPR is clear acknowledgment more supply needed, yet it continues to block more American energy production," Boehner spokesman Kevin Smith tweeted Thursday morning.
House Republicans have passed several bills already this year that would encourage new offshore oil drilling, including one Wednesday to limit the amount of time the EPA can spend reviewing drilling permits.
Some questioned whether the current scenario constituted an emergency.
"Frankly I'm surprised coming now several months after the disruption and with prices that appear to be moderating," said Guy Caruso, who headed the Energy Information Administration in the Bush administration and is now with the Center for Strategic and International Studies. "I don't see clamoring from U.S. refiners."
The actual result on prices will be determined by how much of the 30 million barrels the U.S. will be able to sell and whether OPEC countries end up curbing their supply and reduce any net supply on the global market, he said.
(Excerpt) Read more at politico.com ...
I have a theory. I suspect that if Obama started doing everything right for the economy, that people would still reject him in 2012. They’d do so because his doing things right would seem like he was condescendingly doing us a big favor by not destroying the economy.
Tweeted! Where is the yelling and screaming?
GAIA..., known as Earth or Mother Earth (the Greek common noun for ‘land’ is ge or ga). She was an early earth goddess and it is written that ...
www.pantheon.org › ... › Mythology › Europe › Greek mythology
I have been saying here and at other sites for several months that Obama should talk about a drawdown from the SPR. I’m so glad he heard me.;-) I figured that even if he just said it, it would drive some of the speculators out of the market and lower the barrel price. In the past weeks the price has been drifting down from around 100 to 95 or 96. I just looked at NYMEX and the price today has fallen down by 4 to 90 or 91. See, I was right!! Can’t wait to see what happens in the next week. :)
Imagine if he pledged to refill it with oil from Alaska or the gulf or Texas.
BWAHAHAHAHAHAHAHAHAHAHA! and F*** Yeah!!!
I heard this evening that other countries are going to supply an equivalent amount to ours, thus doubling the extra supply. Does anyone know where this other 50% is coming from? While drilling in more places would eventually have an effect, it takes a number of years (I have heard figures ranging from 4 to 10) to get new sources on line. I doubt that more permissive drilling would have a very large effect unless significant large new deposits were found, which would take a while, and at this point is uncertain.
I don’t think it will matter much were the oil comes from. Actually, it might come from Cushing, OK, where oil gets mixed up in the huge storage tanks. Is it segregated by point of origin?? What is more important is how much it costs when it is rebought. If he sells it at $85 to $90 and refills it at $70 to $80, then we probably make a profit to apply to the national debt or something like that. Here is a link to Thursday’s NYMEX crude prices.
http://futures.tradingcharts.com/marketquotes/index.php3?market=CL
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