Obama's Oil Hypocrisy

Investor's Business Daily ^ | March 7, 2011 | IBD staff

[raptor22]

Energy Policy: As the White House goes to court to defend its self-imposed drilling moratorium, it floats the idea of tapping our strategic petroleum reserve to lower rising prices. How about the oil offshore and in Alaska?

Listening to mainstream punditry, you'd think $4 gas is due solely to Mideast unrest and global demand. Those are factors, but so are our self-imposed restrictions on supply.

The administration at least acknowledges that the law of supply and demand exists, with White House Chief of Staff Bill Daley telling NBC's "Meet the Press" Sunday that the White House is considering tapping into the nation's strategic petroleum reserve to counteract upward price pressure caused by fear of supply disruptions from Mideast unrest.

"The issue of the reserves is one (option) we are considering," Daley said. All matters have to be on the table." All options? Does that include opening up the Arctic National Wildlife Refuge in Alaska, ending a de facto drilling moratorium in the Gulf of Mexico and lifting a seven-year ban on drilling off our coasts?

[FlyingEagle]

SPR is a 70 day import supply. Then its gone.

[raptor22]

ping

[Steely Tom]

Drilling off shore and in Alaska would only “reduce the price by a few pennies per gallon,” which would be dumb.

Withdrawing crude from the SPR would only reduce the price by a few pennies per gallon, but would be smart.

[Brad from Tennessee]

The public has shown little enthusiasm for electric cars and high-speed rail. The White House figures $7 a gallon gasoline might change that attitude.

[al_c]

Y’know, it’s situations like this one that make me think that maybe he DOES want to destroy this country. What happens if we’re at war, using our reserves, and we get cut off completely from mid-east oil? Our reserves will dry up, and with no new areas to drill and no new refineries in the past 3 decades, we’d be screwed.

[G Larry]

Hey Bill!

How about getting out of the way of OUR NATURAL RESERVES, in and around these UNITED STATES?!?!?!

If the cartels thought for a minute we were prepared to break their strangle hold, the prices would drop like a rock.

BUT, since Obama’s REAL AGENDA is the destruction of American industry, economy, and way of life, you’re not really interested in a solution, now, are you?

[beebuster2000]

tapping the strategic reserve is the dumbest idea of all time.
if we ever really need it, we will REALLY need it.

[Cobra64]

Drilling off shore and in Alaska would only “reduce the price by a few pennies per gallon,” which would be dumb.

Really? These charts from different sources show a different cause and effect with a mere announcement by Bush.

.

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[Steely Tom]

If you read my post really carefully, Cobra, you may be able to detect that I was being sarcastic.

[flat]

LET me get this straight ...a nation...THE UNITED STATES OF AMERICA...the nation who rose up, tooled up ....and in mere months challenged and crushed the Nazi/Japanese war machines despite their years head start.......now cannot save itself from opec tyranny by drawing out it's own oil from it's own territories even in the absence of hostile gunfire? HUH? whose sellin this drivil? We need leadership....tough leadership with pride and determination...we need...

SARAH WHO SAYS:

"DRILL BABY DRILL"...

[Rabin]

Steely,
Drilling (fill in Blank) would only reduce the price by a few pennies per gallon… dumb.

Draw-down on the SPR would only reduce the price by a few pennies per gallon… smart.

MmmmUm Uuum, yep “smart”, sure, um hum.

R.

[Steely Tom]

Arrgh.

I give up.

Rabin, you caught me. You caught me in a contradiction. How could I have missed it. Thank goodness there are smart people like you in this world, to save me from myself. You have every right to be smug.

(steely)

[fire and forget]

You missed Steely Tom’s sentiment but I really appreciate those charts. Had no idea Bush’s pronouncement corresponded with such a dramatic fall in the price of oil.

[thackney]

The SPR is not made to replace all our imports at the same time. Canada, Brazil, Mexico, North Sea, Nigeria, etc are not going to shut down due to a conflict in the Middle East.

The SPR contains 726.5 million barrels but can only supply 4.4 million barrels per day.

http://www.fe.doe.gov/programs/reserves/spr/spr-facts.html