Posted on 06/23/2011 6:11:22 PM PDT by Kaslin
Politics: With Democrats' poll numbers in the dumps, President Obama has decided to release some of the U.S. strategic petroleum reserves to cut prices at the pump. Problem is, its only real "strategic" purpose is politics.
The White House announced Thursday that for only the third time in history, the U.S. would release 30 million barrels of oil from the national stockpile.
America's 727 million barrel-strong reserve, buried deep in the salt domes of Texas and Louisiana, was created in the wake of the 1973 Arab oil embargo. It's always been meant to cushion the U.S. economy against shocks from sudden disruptions in oil supplies.
The spigots have been opened just twice — in 2005 by President Bush, who released 11 million barrels after disruptions from Hurricane Katrina, and in 1992 by President Bush Sr., who tapped 20 million barrels in the wake of the Gulf War. President Obama's release — which is far bigger than either of those two emergencies — is supposedly in response to disruptions from Libya, which isn't even a U.S. supplier. It isn't our crisis.
Instead, Obama has said this release is part of a "coordinated" effort by the International Energy Agency to lower world oil prices and "save" the global economy.
It's more than that, given that the IEA's 60 million barrel release amounts to twice Libya's daily lost output. This looks a lot more like a blatant effort to manipulate oil prices globally, using U.S. resources.
Frankly, the president doesn't have a right to do that.
The SPR is not and never has been an open-market mechanism for lowering world prices. It's an emergency supply for us alone, and so this release amounts to a misuse of American resources.
(Excerpt) Read more at investors.com ...
No, everything Obama does is a from the heart drive to do everything that he can to make our country a better, more free and content place for all to live.
Oh it quacks alright.
LOL Your sarcasm is heavy, grasshopper.
Editorial: Is Obama’s Oil Dump A Political Ploy?
Does Howdy Doody have a wooden butt?
The oil he is releasing will supply America for about a day and 1/2. It will take about 2 weeks to refine. Keep your eye on pump prices where you live and see what his adoring media has to say about this at the end of next week.
See if they say where it went and who distributed it. Remember Algore's ploy with this same stunt during his campaign against Bush? OUR oil was released through insider brokers and much of it went to Europe!
Desperate and Pathetic attempt to raise his negative polls.
agreed- fill your cars up tomorrow because by this time next week oil will be back up around $95/barrel....
“This looks a lot more like a blatant effort to manipulate oil prices globally, using U.S. resources.”
Who really benefits? I bet it will be the oil speculators who just happen to be big banks and, of course, the spooky dude. You watch, they will make Trillions when supply and demand return to normal market conditions. Inside trading anyone.
ROFL
[Zero] has decided to release some of the U.S. strategic petroleum reserves...Instead, the U.S. should be seizing control of the Arabian strategic petroleum reserves, and giving the bayonet to anyone and everyone who objects.
A real solution would be: Drill here, drill now; call off the EPA dogs on their C02 witchhunt; and get the Saudis to open up their spigots.
This is a 3-months-too-late pointless gesture.
Yes, certainly. BO is releasing the oil strictly for political purposes trying to save his own butt in the 2012 election.
Next question.
Do wild bears sleep in the woods?
The taxpayer’s being given the opportunity to purchase oil he’s already paid for at inflated prices. Then he will be taxed again for it at every point of delivery, exchange, processing, and consumption. When it comes time to refill the reserve, guess who gets the bill?
Looks like a comrade obama fund-raiser.
Absolutely!!
And Barry gets some credit for bringing oil prices down...even though they were already falling.
What a scam.
Gas prices have been dropping in Ohio, where I live.
So Obama’s action makes no sense to me. Unless Obama knows that gas prices are going to go down and he wants to do something to take credit for the price drop.
Do bears poop in the woods?
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