White House to release petroleum reserves

MSNBC ^ | August 31, 2005

[BulletBobCo]

WASHINGTON - Energy Secretary Samuel W. Bodman said Wednesday the Bush administration will release oil from petroleum reserves to help refiners affected by Hurricane Katrina. An announcement was expected later in the day.

The move is designed to give refineries in the Gulf Coast area a temporary supply of crude oil to take the place of interrupted shipments from tankers or offshore oil platforms affected by the storm.

[OldFriend]

No comment.

[Falcon4.0]

Here's my new bumper sticker.

$3.00 a Gallon is the price you pay for ANWR!
Start drilling or Stop Whinning!

[watsonfellow]

I think this is a great call.

There were many leftists and their media allies who were screaming for the President to do this when gas prices went up (as if that qualified for depletion of our emergency reserves)...

However clearly this is an emergency.

[kittymyrib]

You can't put crude oil in your gas tank. The problem is refineries are down. This may cool the vultures in the commodities trading pit for a day or two, but it won't have much effect on the pump price. Every driver in the country needs to find ways to cut back on fuel use. That would help stretch supplies.

[mewzilla]

Sigh. If there are going to be long term production shortfalls, I can see it, making up for lost production. I just hope nothing else goes wrong.

[dakine]

Taxpayers paid ~$27.50 a barrel, I hope the selling price to the refiners is the going rate: $70.00 a barrel....

[stocksthatgoup]

pipeline and power to be reconstituted.

[Happy2BMe]

There is no oil shortage.

There is however a huge money net between the American consumer and the oil companies.

Plenty of oil in the Middle East, Canada, Alaska, Mexico, Venezuela.

Doesn't anybody wonder why this country has less than five major oil refineries?

HINT: Limit product availability, raise prices, perpetually gouge the consumer and cash in at the bank.

[stocksthatgoup]

reporters asking about national price cap. Whitehouse spokesman says no real push for this but will not allow price gouging. Instances will be referred to FTC. Problem is not only the Souths but is whole country's
SEc of Energy.....says no to price caps.

[stocksthatgoup]

Bush taking proper steps.

[Labyrinthos]

How about "$3.00 a gallon is the price you pay for NIMBY! If you want cheap gas, then build refineries."

[mtbopfuyn]

You can't put crude oil in your gas tank.

Exactly. No way it's going to help at the pump, not to mention what we pay at the pump isn't helping NO. I've been saying it would be a dumb move, but Bush caved to the pressure.

[mewzilla]

If the pols really want to do something and do it PDQ, why don't they just lower federal gas taxes?

[WoodstockCat]

too smart by half you are.

[Huck]

Weren't they already saying they were gonna do this before the hurricane?

[Dutch Boy]

More like no one is willing to spend $billions on court costs fighting the enviro's law suits went they try to build a new refinery.

[mewzilla]

Chuckie Schumer's been agitating for it for years. Sigh.

[bored at work]

before or after it reaches $4.00 / gal?

[IrishGOP]

$3.00 a Gallon is the price you pay for ANWR! Start drilling or Stop Whinning!

I've been telling that to all the people that whine to me about gas prices. Start drilling for oil in our own country, build refinieries. Until officials are elected who will do so, shut up and pay the piper!