Skip to comments.Exclusive: U.S., Britain to agree emergency oil stocks release
Posted on 03/15/2012 8:56:46 AM PDT by mojito
Britain has decided to cooperate with the United States in a bilateral agreement to release strategic oil stocks, two British sources said, in an effort to prevent high fuel prices derailing economic growth in an election year.
A formal request from the United States to the UK to join forces in a release of oil from government-controlled reserves is expected "shortly" following a meeting on Wednesday in Washington between President Barack Obama and Prime Minister David Cameron, who discussed the issue, one source said.
Britain would respond positively, the two sources said.
(Excerpt) Read more at reuters.com ...
The wholesale gasoline price in Great Britain is pretty much exactly the same price as it is in the US. The retail price in Britain is considerably higher because they tax it at about $8 a gallon.
Socialist countries do not like people driving about on their own. They want everyone in cattle cars so that they can go where the government wants them to go and when the government allows them to go.
Obama would just love it if gasoline were $12 a gallon here in the US. That would force Americans out of their cars and into the buses and trains that are run by the government.
Yes, P-M. The price of crude is roughly the same worldwide. The process to refine is the same. Transportation is the same. The equipment price is roughly the same.
There is only one reason for Europe’s gasoline to be double and triple the price of US gasoline.
While liberals want everyone in mass transportation, they refuse to acknowledge the huge differences between US and Europe with its densely populated countries.
I guarantee you that if it were profitable to be running a passenger service between Cincy and Cleveland, then some businessman would be doing it.
Rush just said that if we went after our oil we 1.2 to 1.4 trillion Barrels of oil enough to last 200 or more years without us ever importing anymore oil!
Maybe some updated obama speeches to upload to the Queen’s ipod, or a moochelle obama exercise video
Rush just said that if we went after our oil we have 1.2 to 1.4 trillion Barrels of oil enough to last 200 or more years without us ever importing anymore oil!
Does Great Britain even HAVE strategic petroleum reserves?
We do. Easy to forget that we are an oil producing country too, though we do produce more natural gas.
If so how much and where?
About five to fifteen years worth, in various locations. The strategic reserve is handled by the War Office - they are not terribly forthcoming with details.
Why is this a joint decision?
Bloody good question. I’d like to know that too - how can your POTUS dictate that WE release some of our stratigic reserve to cover his a**.
Here is Fox news report on that,
White House pushes back on report of deal with Britain to tap oil reserve
not only removed from office.....they need to be wearing stripes and breaking rocks all day in the hot sun for the rest of their lives.
“LOL. Never saw that coming. You would ALMOST think this is purely a political move during an election year.”
Coming next (after gas prices continue to climb):
- price controls, and/or
The latter in particular if prices zoom skyward after the Israelis attack Iran.
“LIBERALISM IS A DOMESTIC ENEMY OF THE CONSTITUTION. THESE PEOPLE MUST BE REMOVED FROM PUBLIC OFFICE, STARTING AT THE TOP.”
All well and good.
But what happens when the voters elect an entirely new batch of liberals to face those very vacancies?
“The fault, dear Brutus, is not in our stars [or our elected representatives], but in ourselves [who elect those very representatives]”.
(Apologies to Mr. Shakespeare....)
I thought more oil wouldn’t solve the problem?
I specifically remember Obama saying that.
“Every president since the reserve was created has released oil for the wrong reasons: To affect the price of crude on the market. It was meant to provide a short-term buffer if the Arabs get another wild hair, as they did in ‘73.”
And that’s where we went astray, in 1973.
The western world’s first response to the OPEC embargo should have been the barrels of guns — LOTS of guns, with the simple admonition to the countries involved, “you WILL NOT continue with this, or else.”
And then we should have done what needed to be done, right then and there.
We would force someone to sell to us by threat of an armed attack? I am afraid that’s not a reasonable course of action.
Now, it’s beginning to make more sense. Obama doesn’t want the oil for the US, he wants to export it to Europe.
Hey, there is money in those reserves, where there is money, there is feeding congress critters.
“We would force someone to sell to us by threat of an armed attack? I am afraid thats not a reasonable course of action.”
We “forced” the Indians to give up North America using “armed attack”, and in many cases, it wasn’t even a “sale” — they got next to nothing in return.
Was -that- a “reasonable course of action”?
BTW, I have no problems with that, and think it was indeed.
I guess we’ll just have to disagree. About both actions.
On Fox Business noon to 1:00 they reported it and then said they found out it was not true. BUT, you never know with Obama.
For whatever it is worth. Liar in chief denies.
White House Denies Report On Oil Reserve Release
Let them. Further devaluing the currency will just send the prices of oil and gas higher still.
The traitorous maggots have even abandoned the pretense of hiding it.
If you're out of food and come to my house threatening to take mine, I will kill you.
It will end up raising the price of gas. They’ll have to refill next week which will increase demand.
Right but combine that with faked employment reports out of the labor dept etc, and the phony polls from MSM, this will probably be a plus somehow for Obama?
We won’t need that oil reserve should war break out in the Middle East? Although misery loves company, why is Odumbo working with the Brits on this? I would think the Brits would be smarter than to spend their reserve with sabers rattling in the middle east. Oil supplies could be wrecked pretty easily by Iran and the Muslim Brotherhood over there.
Bush did this in 2006 and it worked and brought the prices down significantly. I can’t believe it took this long for Obama to announce this. Worst President ever. He is not quick on his toes. He should have announced this AT LEAST a week ago.
It’s already helping here. Gas went up 14 cents overnight. /sarcasm
Is there enough in the SPR to last through Nov 6, 2012?
This only brought down prices a few cents last year when he pulled this.
It will have virtually no impact.
I didn’t like it much when Bush did it, and he wasn’t simultaneously trying to torpedo domestic oil production. This is just plain asinine.
$4 a gallon US gas IS a strategic crisis for Britain, but more importantly $8 a gallon British gas is a strategic crisis for Britain. They fear that rising gas prices will affect everything else in the economy, as the cost of just about everything else is dependent on gas prices, somewhere along the line. Flooding the market with gas from the strategic reserve should reduce its price, and therefore prevent economic problems. Presumably the option of simply lowering the tax they place on oil didn't occur to them.
I think its probably unfair to suggest this is being done solely to help re-elect Obama, but let's just say the needs of the economy and of Obama's re-election campaign dovetail very nicely here. Of course, its a very bad way of going about things. The problem with releasing the strategic reserve is that it is a finite commodity. Once gone, it cant be used again, and prices will rise. Skyrocket actually, as the producer nations know we have no option but to buy it. I would hope most people will see through this ploy, but given the current level of political consciousness in both Britain and the US I very much doubt they will. Most people will be only too happy to take the slightly reduced price at the pumps and shower Obama with credit for it.
I did not realize that was a Dick Marcinko-ism.
I thought it was a Squantos-ism.
Seemed appropriate, given the situation. ;-)
I understand why the Queen invited Barry and Moochelle over last spring and treated them like Lord and Lady Obama (to which they embarrassed her and us)- white guilt and compensation prize for her grandson William having enough spine to ban these partying Brit-hating grifters from his wedding.
But Cameron? The press today says obama met with a “conservative” leader to bolster his creds as a “moderate”
Barry even took Davie up to Wall Street to meet his (Barrys) handlers at Goldman Sachs.
Good God, men, stay home and let this incompetent ideologue sink in the poo of his own making among the US voters. Euro socialists already helped foist this psychologically, intellectually and emotionally stunted disaster of a human on us in 2008. I thought you guys were allies?
Oh and batten down the hatches for the coming time when this incompetent US administration finally miscalculates fatally, loses control and things start to pop in the middle east and SWA, and the world financial markets implode.
WHAT "ECONOMIC GROWTH"? and what's with this "election year" crap? In my opinion NO YEAR is a good year for 'high' fuel prices.
Actually a world war two’ism....
Marcinko just writes it down like I do an many others do as well.....
I’m not a fan of marcinko ....thus I never quote him.
You might think so! /s
Bush vetoed a measure by Pelosi & Reid to halt stop of the Strategic Petroleum Reserve and his veto was overridden. This '08 article about that override says it would amount to as little as 1 penny per gallon difference. It also says an GOP measure to increase drilling on federal lands failed. CNN assigned the motivation only to Republicans of being concerned over "their re-election" chances. Democrats are never motivated by electioneering or politics. /s
This piece from July 2000 is about "skyrocketing prices" because it had broken the $2/gallon price ceiling in Chicago and Detroit. Clinton/Gore demanded a FTC probe into "price gouging."