Posted on 02/25/2012 5:03:50 PM PST by Sub-Driver
Democrats to Obama: Tap strategic oil reserve
By: Darren Goode February 25, 2012 06:26 PM EST
Gasoline prices are on a dramatic rise, and everybody's got advice for the White House.
No surprise, Republicans are reviving their "Drill, Baby Drill" catcalls from 2008, but liberals in Washington are getting nervous and asking President Barack Obama to tap into the Strategic Petroleum Reserve as a potential panacea for escalating gasoline prices.
Picking up on the themes of a speech he gave Thursday at the University of Miami, Obama used his weekly radio address Saturday to remind Americans of his view that if prices at the pump rise as expected in the coming months, “there are no quick fixes to this problem, and you know we can’t just drill our way to lower gas prices.”
He also warned that rising gas prices could hurt any economic recovery. While there is “no silver bullet that will bring down gas prices or reduce our dependence on foreign oil overnight … what we can do is get our priorities straight, and make a sustained, serious effort to tackle this problem,” Obama said.
The potential danger to the economy — and the president's reelection chances — have liberals urging the White House to unleash the SPR now, before it's too late. The national average for a gallon of unleaded gasoline was $3.65 on Friday, according to AAA.
“Selling reserve oil on the open market is the one step that we know will reduce oil and gasoline prices in the immediate term,” said Daniel Weiss of the Center for American Progress Action Fund. “Every time we sold reserve oil it has lowered oil and gasoline prices. We know it works.”
(Excerpt) Read more at politico.com ...
'strategic petroleum reserve' keyword search at Democrats.com
Why Skyrocketing Oil Prices Are Largely Bush's Fault
27-Sep-04
Even the most fanatical Bushie "expert" can't deny that skyrocketing oil prices are driven by dangerously low stockpiles. Why are they so low? Reuters reports: "Political tensions in the Middle East and violence in Iraq have undermined traders' confidence in security of supply from the region, which pumps a third of the world's oil; Iraqi exports have been repeatedly hit by sabotage attacks, keeping its supplies BELOW pre-war volumes; Traders fear Islamic militants could target oil infrastructure in OPEC's biggest producer Saudi Arabia; Oil production in Venezuela, a big supplier to the US," is still suffering reduced oil output due to a strike believed by Hugo Chavez to have been instigated by Bush operatives. ALL these factors can be traced to Bush's inflammatory, destabilizing global policies. In addition, Bush insisted on transferring oil to the SPR at a time when stockpiles were at their lowest in THIRTY YEARS.
Just as we Predicted! 5 Weeks before Election Day, NOW Bush Proposes Tapping SPR
23-Sep-04
Since 2002, Bush has been removing oil that would have gone onto the market and diverting it to the Strategic Petroleum Reserve. Even after levels were sufficiently high, he continued to divert oil, a move which energy experts said drove oil prices up - Philip Verleger estimated that Bush's move added $8.00 per barrel. The only winners? Oil futures speculators like Goldman Sachs and the oil barons with the SPR contracts - among whom are Bush's top donors. We predicted that after artificially inflating oil prices to astronomical levels, Bush would then "play hero" by artificially driving them down again right before the election by releasing SPR oil. Now, it seems, that very plan may be unfolding - oh, so predictably.
Bush's Strategic Petroleum Reserve Policy Helped Drive Oil Prices Thru the Ceiling
23-Sep-04
Since 2001, Bush has been filling the SPR, against experts' advice and the pleas of Congressfolk. A Congressional report found that the policy "added to the price of oil in world markets." Philip Verleger, internationally known energy expert and economist, estimated that the SPR fill policy had raised crude oil prices between $5-10 per barrel by the end of 2003 (nearly 30% of the price per barrel). A March 2003 study found that there was indeed a relationship between SPR fill policy and oil prices and that the addition of 25 million barrels to the SPR during late 2001 and early 2002 had added substantially to oil prices. The study predicted that if the administration continued its policy, oil prices would continue to climb. They did indeed, hitting an historic $50/barrel at one point this year.
Bush Manipulating the Strategic Oil Reserves for Corporate Gain
04-Mar-04
The Strategic Petroleum Reserve was designed to be available when the nation faces unforeseen shortages or supply line disruptions. The reserve is supposed to be kept at a suggested minimum level and replenished when prices are low and drawn down when oil prices are highest. Clinton made great progress in reducing the deficit and global oil prices by buying oil for the reserve when prices were low. Bush, by contrast, allowed the reserve to unnecessarily dive to its lowest point in three decades, then recently began replenishing the supply when oil prices hit their highest level in months, driving prices even higher for US consumers. Guess who benefits on this deal? Yep! His pals in the oil industry. This is not just a fraud against taxpayers, this is downright TREASONOUS! Read more about the SPR at http://www.ncseonline.org/NLE/CRSreports/energy/eng-23.cfm#_1_1
Obama: There is NO Silver bullet for gas prices
Dems: Pumping our strategic reserves is a Silver bullet.
This IS a STRATEGIC need. It’s part of his campaign STRATEGY. Nothing more.
Democrats to Obama: We're Melting! LOL
Everybody saw this coming from miles away. The SOR cannot save the dollar and neither can a marxist in the WH.
No kidding. It’s not like we will need any oil after the idiot bombs Iran.
The risk here is that you will be deprived of understanding what I was trying to say, so I’ll put it in other words.
Nothing about liberal policy is other than made up. Therefore, anything having to do with oil is, in their made-up world, a potential oil spill.
So if they’re going to call for tapping into the oil reserves, they need to remember that such a plan is subject to the same nonsensical logic as any of their claims about oil.
It's sad. There is no real leadership in DC to be found on either side. Green energy companies going down taking our money with them. I'm not an economics major but I saw that one coming. Out POTUS thinks Algae is the fuel of the future. Our congress lacks the moral conviction to abandon their M.E. friends and demand drill hear drill now refineries here refineries now. We've gone from men on the moon to becoming subjects being forced to buy Chevy Volts or worse from government motors.
With his faults which any POTUS has had I do miss Reagan. The last man in the White House who put America's interest first on most issues. I miss knowing there was a competent and respected even by our enemies POTUS sitting in the Oval Office. The rest sinc 1989 have been China's business brokers and M.E. hand holders.
It’s now 4.00 out on long Island NY.
4.00 is the threshold where we see dramatic habit changes. Many fewer cars will be on the road tomorrow. This means layoffs by end of march.
Middle East has turned into a powder keg. Then add the fact that Obama has been printing money. Gas is just catching up with the groceries. When you borrow 6 trillion an piss it away, shit like this happens.
Obama will destroy America in his quest to destroy a free society. He literally could care less about history or future.
“Again with the strategic oil reserves? Do Dems ever have any new ideas, or even any old ideas that work?”
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For that matter, did dems ever fill it back up from last time, or is it now half-full from the last time they pulled this political bullcarp?
Do they plan to just draw down all the reserves, in addition to blocking drilling?
/rhetorical question.
I agree that he is trying. The man and his handlers want to see the world burn.
That is exactly the plan! To further weaken the USA. We are literally being destroyed from within.
This guy was going to lower the sea levels.
WTF can’t He lower the price of gasoline?
They drained 30 million barrels out of the reserve, trying to cushion any price spike from the Libyan affair.
The reserve is still 30 million barrels short.
They started this fire and they need to answer. Keep his admin under fire for all the BS and death they are responsible for. The left has absolutely no argument right now as their policy has utterly FAILED!
NOW is the time to expose everything they have destroyed and all RINO’s that are part and parcel.
Putting the post-its on gas pumps reaches the lessor informed.
2008=1.89 2012=3.60
According to his disciples he can but Bush and the Republicans raise it again.
He is of the world that government drives innovation. He forgot about free enterprise and the consumer. Westinghouse himself would have been rid of this fool in short order.
Never fear. You’ll still have the strategic algae reserve. Just add 350 gallons of water, and—voila! One gallon of gasoline, one day soon, if only they spend enough money on it.
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