Sell to Ukraine and Europe.
Ping.
The strategic oil reserve is literally a drop in the bucket of world demand - its totality doesn’t amount to enough to cause any Sultan to break a sweat. BUT, it’s strategic to the U.S. in the event of some unforeseeable catastrophic interruption in supply; even at that, it only amounts to a few days usage for the U.S., it’s not worth much as a weapon as you seem to see it.
Some Obama crony is about to get his/her payoff
No do not release the strategic oil reserve. It is trap to do so. Oil prices will rise. Do this release and suddenly the US does not have enough oil itself.
Not only no for the reasons listed above, but also, the SPR is low-quality crude, and therefore more expensive to refine.
Crimea has been absorbed back into Russia and that will not change. Russia won this match and there is nothing productive we can do to change the outcome.
Prepare for their next move (Why bother, Obama will fold anyways) is our only alternative at this time.
About the only thing we can gain out of this situation is to point out the weakness of the left in general and their incompetence on the world stage, but even that won't amount to much due to the ignorance and dependence of the majority of voters in this country.
Keep you powder dry and be prepared.
Dumbest crap ever. This is like saying empty the grain silos to eat, even destroying the grain kept for replanting.
We need an industry, a farm, a building of a keystone pipeline. We cannot do that easily if we burn up the oil reserves needed to produce that pipeline and give it to make money or to feed EBT looters.
George Soros recommended the same - so I guess Soros is short oil futures.
You forgot the “/S”
We need the reserve, more or less intact, but we should drop the term “strategic,” because on that front the whole initiative is pathetic.
For decades, OPEC countries have been richly rewarded every time there has been any risk of a supply disruption. Iran threatens to close shipping lanes, prices rise 30%, and Iran collects a windfall without ever having to carry out the threat. It is mystifying to me that Western nations abide this.
At every moment in time, I believe that the SPR should have long-term call options out for 10-20% of the SPR. These options would allow those who exercise them to purchase the oil at a price, let’s just say $110/barrel, that is set modestly above market prices. Doing this would shift the windfall from these threats to the U.S. Treasury and thereby serve two purposes — neutering OPEC threats and making a bit of coin for the SPR.
This is one of many instruments available to the US to counter Russian aggression in Crimea and elsewhere, and to bring OPEC to its knees. Freeing up energy markets, building pipelines, and even perhaps taxing oil/gasoline would all contribute, as well.
Really? You have a magic crystal ball and can tell the future? When will we need it and how will we replace, and at what cost before then?
The US imports nearly have the oil we refine today. While our domestic production is growing, it isn't anywhere near reaching what we consume.
If your goal is to lower the cost of energy and thus hurt the Russians, you need to remember it will ALSO hurt our own energy sector. They operate on a small margin and right now...all of these jobs are only there because there is a profit in it. If you take that away....it no longer becomes worth drilling...and people get laid off.
Its one of the down sides of putting a lot of your work force in energy. It's boom or bust. We saw this in Texas in the 80's. Cheap energy does come with a cost.