Asked for 06/01/2011 - Don’t know if this ever became law, but now he doesn’t have to sell 5 million barrels.
http://www.reuters.com/article/2011/06/01/us-usa-budget-oil-idUSTRE75070W20110601
(Bill would allow $500 million emergency oil sale)
Right now the safe haven is FRNs. That would make the price of oil plummet and these fools in the Zero administration can't see it.
Releasing the oil reserves is stupidity itself because we will have to buy oil at a higher price later.
The Boy-Queen may be a consummate politician, but he is the worst president we've had yet.
Bush did it in 08 after too many hurricanes and of course was criticized. When Clinton and Obama do it; it is a GREAT idea to the media.
This won't save Obama though. Nothing will at this stage.
Yippee, we get a day’s supply for freeeee. Par-tay.
This is satire, right?
We should remember this the next time the left argues that any individual drilling site shouldn’t be drilled because it won’t solve our energy problems. Our response should always be that the President knows an increase in supply will effect overall prices because the President attempted to effect prices himself by tapping into the SOR.
We always let these clowns get away with this without holding them accountable over the long term.
Double-plus abject failure flaming moron alert. This is like calling 911 when your chicken McNugges were omitted from your McD order.
I wonder if this means we are about to become seriously involved in Libya.
That will add 2.7 bill to the coffers. Notice...right after the Fed Bond sale (or whatever) was eliminated.
A Dumb move by a Dummy,what would you expect?
This is moronic. Oil prices have been coming down in recent months, from a high of $115 per bbl to around $94 yesterday, and there were no signs that it was going to spike back up over $100 anytime soon. So he releases SPR when oil is nearly 20% off its recent highs? Why didn’t he release it when oil was $115?
The SPR was supposed to be an emergency supply in case we were at war and reserves were cut off. Now we’re squandering it with no real emergency (the small disruptions we’re seeing obviously were not even enough to keep it over $100 per bbl so that’s a load of bs.)
A months supply, which will take a month to reach the refineries of which we have a shortage of, no new ones since ‘67. And it will cost us double or triple the cost to replace the 30M barrels.
Are we going to replace those 30 million barrels? If so, where will we get it from?