LA Times: Hands off the oil reserve

Los Angeles Times ^ | March 8, 2011 | Editorial Staff

[Oldeconomybuyer]

Whenever gasoline prices spike, it's a pretty good bet that politicians are going to propose tapping the Strategic Petroleum Reserve. On Sunday, White House Chief of Staff William Daley said on NBC's "Meet the Press" that the Obama administration is "considering" dipping into the reserve.

We hope this idea doesn't get past the talking stages. There is no compelling reason for the U.S. to draw upon its emergency oil supplies.

The reserve was created in response to the 1973 Arab oil embargo, as a hedge against serious disruptions in the oil market.

There may come a time when turmoil in the Middle East leads to a crisis that would justify tapping the reserve. But that time hasn't yet arrived.

[Oldeconomybuyer]

[treetopsandroofs]

The Weather Channel spent quite some time this morning trying to convince me of the same thing before I muted them. They went on and on why it was bad, had some “expert” (on the weather channel) say the same thing, and THEN posted a poll asking if we thought it was bad, too. I remember less than 3 years ago Big Media was screaming for Bush to do ANYTHING that would reduce prices.

Stupid O-holes.

[NRG1973]

I read, yesterday, that some Asian nations (China,India and others) are preparing for the “Day of Rage” in Saudi Arabia by hoarding crude oil. They are purchasing crude on the “spot market” and are using it to fill up their strategic reserves. That tells me they feel things in the KSA might get hairy for a while and the “Day of Rage” will probably last longer than a day.

In that light I don’t think the USA should be releasing crude from the SPRO...we should hold off to see how serious the situation gets.

[Izzy Dunne]

I don't know, it's fair for talk of such things to be on the table, the same as it's fair for contingency plans for the military invasion of Saskatchewan to be on the table.

But having shown minimal responsibility about the thing in the past (Nanzi wanted to pop the cork after Katrina, didn't she?), they've shown absolutely zero responsibility about it here (The ones calling for it to be opened, I mean, not the Pres__ent).

[glorgau]

Excellent! They are also calling for drilling off the California coast?

[G Larry]

Broken clock alert!

[jacob allen]

Is Odumbo going to thank George Bush for filling up our oil reserve??

[FreeAtlanta]

I am surprised the La Times isn’t supporting whatever Obama wants. Tapping the emergency reserves is stupid, unless we have a way to refill those reserves quickly when the price of oil is lower.

Unless, we drill here and drill now, I don’t see how we can get those reserves quickly refilled at a reasonable money making price.

Personally, I don’t care how much the feds could make by selling oil at the higher price. It is for war or extreme emergencies and it should be left alone.

[Don@VB]

Conservatives and People of Common Sense should vocally oppose tapping any oil from the Reserve. Obama et al should be called upon to explain why they need this product after thwarting each and every attempt to replenish domestic production. This is a monumental act of Democrat Hypocrisy.

[dawn53]

There may come a time when turmoil in the Middle East leads to a crisis that would justify tapping the reserve. But that time hasn't yet arrived

When I read the last paragraph, I think the author was borrowing from the spirit of Aragorn's speech to his men before the Black Gate.

Sons of Gondor! Of Rohan! My brothers. I see in your eyes the same fear that would take the heart of me. A day may come when the courage of Men fails, when we forsake our friends and break all bonds of fellowship, but it is not this day. An hour of wolves and shattered shields when the Age of Men comes crashing down, but it is not this day! This day we fight! By all that you hold dear on this good earth, I bid you stand, Men of the West!

[dawn53]

There may come a time when turmoil in the Middle East leads to a crisis that would justify tapping the reserve. But that time hasn't yet arrived

When I read the last paragraph, I think the author was borrowing from the spirit of Aragorn's speech to his men before the Black Gate.

Sons of Gondor! Of Rohan! My brothers. I see in your eyes the same fear that would take the heart of me. A day may come when the courage of Men fails, when we forsake our friends and break all bonds of fellowship, but it is not this day. An hour of wolves and shattered shields when the Age of Men comes crashing down, but it is not this day! This day we fight! By all that you hold dear on this good earth, I bid you stand, Men of the West!