Posted on 05/16/2008 10:19:25 AM PDT by Sub-Driver
US will stop sending oil into strategic reserves
By H. JOSEF HEBERT, Associated Press Writer 16 minutes ago
The Energy Department says it has canceled oil shipments into the Strategic Petroleum Reserve beginning in July when the current purchase contract expires.
The move came days after Congress passed legislation requiring the president to suspend the shipment into the reserve in hopes of lowering gasoline prices.
The Energy Department said it will not sign contracts for new shipments of 76,000 barrels of oil a day for the six-month period beginning July 1. President Bush had opposed halting the shipments, arguing that such a relatively small amount of oil would not influence prices. Current shipments will continue. The reserve is 97 percent full, holding 701 million barrels of crude.
That is true and remains true to some extent. However, in the case of a signifcant emergency - oil drawn from the reserves would be prioritized to the military and related industries and infrastructure.
Look at the bright side with appreciation for the Polar Bear is protected and guaranteed a fulfilling life on earth via Washington dictate.
Heh, I just planned a 1500 mile trip to Pa, along with another 1500+ trip back though Ken-tuc-ee.
Your concept is meaningless in the entire realm of affairs.
No disrespect intended.
The next sad fact of this is the US doesn't have to buy the oil put in the reserves.
We get the oil free in the form of royalties from drilling on public land.
You can be sure that if we get the $$ instead it wont be at $127 bbl and the RATS will just waste it on worthless pork.
You expect the price of crude to drop? I don't. It's as cheap as it's going to be right now.
Dolts! But it looks like the American Sheeple are going to get what they are screaming for if you believe the polls on issues from the economy to healthcare. Trouble it's going to hurt us that are thinking with our heads instead of our wants.
Indeed it would. Military needs would also be met easily by rationing civilian use since the USA produces eight million barrels a day on its own. Barring Democrat resistance in Congress to restricting civilian use of petroleum products in time of war (yes, they would try that.)
Further weakening our national security. The Dems are trying to destroy us.
I wonder if the true motivation is to make the thought of attacking Iran more remote?
The lunacy does however have a MAJOR effect on the market. (a free market)
“It’s SHOOOOOOOOOOOWTIIIIIIME!” from a trailor of a movie I never saw starring Jim Carey when he seemed to be popular years ago.
The point being that Congress is scraping the bottom in the polls as rightfully they should be. This ridiculous action on the part of this ridiculous Congress is so obviously a show of trying to do something, anything to appease the publics perception of them rather than actually doing what needs to be done.
The usual list please; ANWR, OFFSHORE DRILLING, NUCLEAR etc.
I believe the elitist Congressional leadership thinks we are as children, naive, lacking sufficient intelligence to see through their game.
Pull the chain. Flush the Congressional bowl in Nov., and keep pulling the chain the next several elections until it’s cleared.
Newt Gingrich suggested doing this because the price of gas would drop 5 cents a gallon. I have no idea what he thought we would all do with the extra $1.25 we’d have in our pockets though.
Until we need it again....
Yours is the second comment along those lines I've read today. The first was even more direct - come November, vote out every incumbent, regardless of party.
Explain this concept to me for I lack understanding of it. /MAJOR sarcasm
OK, you got me there. Just call me Captain Obvious. LOL
Once again, Bush wins.
Pelosi and the other rats were hoping that if the US didn’t have oil in its reserve, we couldn’t go to war with Iran even if they attacked *us*. Cowardly dogs.
Well, by the time this contract runs out, that reserve will be so close to 100% that it won’t matter.
In the meantime, Bush and Cheney have probably been talking with the domestic oil producers and refineries, to be able to quickly increase production from existing oilfields and to refine at peak capacity.
Bill, I know. You are a respectful person. No harm, no foul.
Oil is a supply and demand commodity.
76,000 bbls a day is not much in the grand scheme of things.
But if you had one well that produced 76,000 bbls a day, would you shut it down because, gosh, it’s only a fraction of a thousand percent of the US daily consumption?
The Dems shoot down every chance to drill saying, oh it is not going to effect the daily numbers. Well, no one well or field ever does. The markets consists of many producers large and small.
My point was that each one of us can do something about high gas prices—use less. Less demand, the price goes down.
My cancelling a fifteen hundred mile trip thus makes one of your trips possible, with no change in overall demand. But 100 million drivers cutting back effects the market in profound ways.Each alone makes no noticeable difference.
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