These are the costs in a gallon of gasoline.
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 ...
I’m in the boonies with a 50K connect.
LOL... I called this a week ago!
I we had started to drill at ANWAR years ago, all this would be academic.
The Democrats sure know how to screw America - “Not on the left cheek, not on the right cheek, but right up the middle.”
Another great sense of leadership & principled outcry from the House & Senate Repukes! /sarc
1. drilling in the gulf, no...
2. Canadian pipeline access to U. S., no...
3. current supply vs demand balanced, no...
4. now is a good time to raid the strategic oil reserves...
Great time, if you want to expose the U. S. to energy blackmail in an even more dangerous way...
Use up the reserves..., then what?
Democrats are the enemy within, and given the push back they’re getting these days, they certainly are getting a lot of help.
Selling oil out of the SPR will lower gas prices, temporarily.
When the government stops selling the oil (either because it is empty, or getting too low for the intended purpose), it will go back up again.
The only thing that will lower prices for the long-term is to increase the long-term supply of oil. We are already at a low point in demand due to economic factors.
“It will all be sold abroad, just like last time.”
So,
Pumping oil from the reserves will go on the world market and pumping domestic oil will go on the world market.
Here is the problem. There are 40-50% of the US population that believes this crap.
The Strategic Petroleum Reserve is a failure as an economic tool.
It has a maximum drawdown capacity of 4.5 MBD (million barrels/day). The United States uses 21 MBD. The world uses 90 MBD.
If gasoline were to reach $5/gallon, the best that a drawdown could do is $3.92/gallon. And that would only happen if you could somehow keep all the SPR oil in the USA. But petroleum is fungible and the SPR oil would be dumped into the world supply - a drawdown would more likely drop $5 gas to $4.75.
And it could only do that for 34 days.
More oil is the solution if it buys him votes.
Absolutely sickening.
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