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White House to release petroleum reserves
MSNBC ^ | August 31, 2005

Posted on 08/31/2005 4:33:08 AM PDT by BulletBobCo

WASHINGTON - Energy Secretary Samuel W. Bodman said Wednesday the Bush administration will release oil from petroleum reserves to help refiners affected by Hurricane Katrina. An announcement was expected later in the day.

The move is designed to give refineries in the Gulf Coast area a temporary supply of crude oil to take the place of interrupted shipments from tankers or offshore oil platforms affected by the storm.

(Excerpt) Read more at msnbc.msn.com ...


TOPICS: Breaking News; Government
KEYWORDS: anwar; dollarabarrel; envirowhackos; fixedprice; fueltax; futile; katrina; oil; oilyescaribouno; petroleumreserves; rationbook; screwthecaribou; startanwrdrillingnow; stupid
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To: billphx
Plans are moving forward to build a new refinery in Yuma AZ

That's the first I've heard of that. Do you have a source?

121 posted on 08/31/2005 7:22:59 AM PDT by Terabitten (God grant me the strength to live a life worthy of those who have gone before me.)
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To: Falcon4.0

____$3.00 a Gallon is the price you pay for ANWR!____


It'll be four in a few weeks It jumped 30 cents in a day because of this hurricane


122 posted on 08/31/2005 7:38:49 AM PDT by tallhappy (Juntos Podemos!)
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To: BulletBobCo

Bookmark


123 posted on 08/31/2005 7:54:33 AM PDT by KentTrappedInLiberalSeattle ("As a conservative site, Free Republic is pro-G-d, PRO-LIFE..." -- FR founder Jim Robinson)
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To: kittymyrib

BTTT


124 posted on 08/31/2005 7:58:01 AM PDT by afnamvet
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To: Trust but Verify

If their was a shortage there would be no gas to buy. I was in those gas lines in 1973. It wasn't pretty. 13% inflation, 18% interest rates too. We need more refineries, especially here in Calif. which requires a special formulation for gas, but enviro. wackos and NIMBYs block them. Regular gas now $2.86/gal. in SCal.


125 posted on 08/31/2005 8:09:17 AM PDT by gpapa (Boost FR Traffic! Make FR your home page!)
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To: ohioWfan

The SPR statute states that the reserve may be used when "there is a significant reduction in supply which ... (results in a) severe increase in the price of petroleum products ... likely to cause a major adverse impact on the national economy".

To me, "significant", "severe" and "major" would apply in a Persian Gulf shutdown situation, not a temporary supply reduction due to a hurricane.

If the Persian Gulf is shut down, then you see these adjectives satisified, not just a temporary $.25-.50 increase in gasoline prices as we are currently facing.


126 posted on 08/31/2005 8:16:03 AM PDT by tomahawk (Proud to be an enemy of Islam (check out www.prophetofdoom.net))
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To: steveegg

3.20 in Northern Indiana. Just spiked today from 3.72 yesterday.

Looking at commodity trading, we should keep the reserves alone, they are not doing anything to the market.


127 posted on 08/31/2005 8:19:16 AM PDT by southlake_hoosier (.... One Nation, Under God.......)
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To: southlake_hoosier

from 2.73 yesterday.


128 posted on 08/31/2005 8:19:48 AM PDT by southlake_hoosier (.... One Nation, Under God.......)
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To: gpapa

Ahhh.....Maybe it's me, nobody seems to be getting the point. Nevermind.


129 posted on 08/31/2005 8:20:37 AM PDT by Trust but Verify (Get over yourselves!)
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To: Falcon4.0

Great bumper sticker. I hope and pray that our Republican leaders are smart enough to point out that 50 years of leftist demorat eco nut extremism are the main factors behinds today's high fuel prices.


130 posted on 08/31/2005 8:23:38 AM PDT by AxelPaulsenJr (Pray Daily For Our Troops and President Bush)
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To: tomahawk
To me

Here are the operative words. It's only your opinion, not what the statute states.

I really don't like it when personal opinions are stated as facts.

There has been a 'significant reduction in supply' which already has resulted in a 'severe increase in the price of petroleum products.'

Obviously, the President and his cabinet don't share your personal opinion that the emergency need originate in the Persian Gulf (which is not, incidentally, stated in the statute), and have made a decision based on the state of emergency that the oil supply is currently in.

131 posted on 08/31/2005 8:25:26 AM PDT by ohioWfan (If my people which are called by my name will humble themselves and pray......)
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To: elcid1970
There was nothing left to do but vastly increase the amount of time spent in the bedroom. Don't start the car, start the ol' whoopee machine!

That won't work for me. I use a lot of oil there too...

132 posted on 08/31/2005 8:33:36 AM PDT by BlueMondaySkipper (The quickest way of ending a war is to lose it. - George Orwell)
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To: Labyrinthos

That too.


133 posted on 08/31/2005 8:42:40 AM PDT by Bombardier ("Religion of Peace" my butt.....sell that snakeoil to someone who'll buy it!)
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To: LibFreeUSA

I think you've made some good points.

But also, from a strategic perspective... what's really so wrong with burning foreign oil? Doesn't it make sense that if supplies are ever someday going to be truly tight: *burn theirs first*

That's not foolish. That's planning. :-)

With regard to the SPR, I'm not sure it makes much difference one way or the other. If there is a logistical interruption and it is useful to redirect the flow, then fine. Whatever is "borrowed" can be easily replaced later.


134 posted on 08/31/2005 8:43:26 AM PDT by Ramius (Blades for war fighters: http://freeper.the-hobbit-hole.net)
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To: BulletBobCo
LA recovery aid should include new money for additional refineries.
135 posted on 08/31/2005 8:44:50 AM PDT by wallcrawlr (http://www.bionicear.com)
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To: stevie_d_64
we can no longer "refine" the oil to gasoline products as fast as we are taking in the oil...

So get down to your banker and tell him you just had a great idea and want to borrow some money.

136 posted on 08/31/2005 8:49:08 AM PDT by RightWhale (Cloudy, 51 degrees, scattered showers, wind <5 knots in Fairbanks)
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To: watsonfellow

Sure! The last time this was done...all the oil released ended up over seas. The effect of this is purely symbolic.


137 posted on 08/31/2005 8:59:13 AM PDT by Revel
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To: Falcon4.0

Are you serious? ANWR won't produce a drop of oil for 7-10 years. There's 10 billion barrels up there. That will knock roughly 50 cents off the price of gas in 2015.

ANWR is a red herring for today's concerns.


138 posted on 08/31/2005 9:06:08 AM PDT by Rutles4Ever
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To: Revel
The effect of this is purely symbolic.

Except it will lower the federal deficit for this fiscal year.

139 posted on 08/31/2005 9:08:43 AM PDT by Raycpa
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To: stocksthatgoup

"...but will not allow price gouging..."

I work for a municipality in the FL panhandle and was just notified this morning that our next fuel delivery will cost us $3.37/gal and that we should expect a 30-45 day wait before our next delivery. This is the cost BEFORE price gouging! The economic ripple from Katrina will be felt for awhile.


140 posted on 08/31/2005 9:18:23 AM PDT by Icthus
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