Posted on 04/25/2006 7:29:28 AM PDT by kellynla
WASHINGTON (Reuters) - President Bush will direct the U.S. Energy Department on Tuesday to temporarily halt deliveries of oil to a strategic reserve in order to get more fuel on the market and help reduce rising gasoline prices, a senior administration official said.
The official said Bush in a morning energy speech, will tell the Energy Department to suspend deliveries this summer while supplies are tight "and defer the deposits until the fall, and then you have more oil on the market."
(Excerpt) Read more at money.cnn.com ...
Yep-er-ooo.
And they're not all fixed yet from last season.
Innnnnnnnn Commmming....
Perhaps we'll all be lucky and all the huricanes this season will just camp out over Cuba and expire there.
I saw the China President left here to go to Saudi Arabia and a few other places to shore up more oil for China and also saw a guy on CNN who has gone to a motorized bicycle to get to work, and was struck with the juxtaposition of this: The Chinese used to ride bikes and we drove cars, now they drive cars and some of our population are back to bikes.
buckets of water in the ocean
He's speaking now on FNC.
LIVE coverage.
Bump that too.
He'd have to go against JEB , and that's a definite "no, no"..
sw
We need to start drilling in ANWR, we need more refining capacity, we need to push alternative fuels and business and government together need to seriously push hybrid veichles.
So, we're apparently going to allow the Iranian Mullahs to have nukes, as we need a full SPR if we're going to hit their nukes facilities.
SHORT-SIGHTED AS USUAL!!!
Oil futures are GLOBAL. Manipulation is people buying more future contracts for delivery of oil at a specific date. When they see the Iran / Iraq situation, they think that the oil they need to run their refineries (all over the world, the largest of which are outside the US) will be scarce so they are trying to buy the oil that they need to keep operation.
Such an investigation would be a waste of time and effort.
I wish the oil bubble would burst like the dot com bubble did.
BFD. Without additional refining capacity, the move is illusory. If he really wants to do something that will have an immediate imapct on the price of oil, and hopefully the price of gas, then increase the margin requirements for futures contracts so that the increased cost and risk of speculation discourages the practice in the first place.
Our president is still giving the speech.
He has mentioned far more than just the strategic petroleum reserve.
Other immediate actions include legal action to determine if there is gouging going on, easing of environmental standards, and looking at a reduction of all the boutique mixtues standards in different areas.
The ethanol solution is the best solution for long-term, imho, and he hit it with support for the flex engine that can use up to 85% ethanol.
Hopefully, the speech will shortly be posted.
Good short term decision... should also make the oil companies commit percentage of profits to alternative energy development.... my money is on hydrogen being the fuel of choice in the future... turn the arab lands back into deserts full of poor nomads.... also drilling the ANWR and Gulf along with more refineries to help with the transition to hydrogen technology wouldn't hurt either...
blah, blah, blah...
the clowns in D.C. have been sitting on their hands for decades...until new refineries are built, more drilling in Alaska and off shore and alternative fuels are developed; we will continue to pay higher prices.
I made a decision in 1979, ceased commuting and started working out of my home and never looked back.
No slaves in this country. How bout and executive order waiving paperwork, instead?
Smoke and mirrors but at least he didn't re-write the tax withholding tables (not the tax itself) and say the economy's fixed like his Pop did. I kind of lost respect at that point in Sr's term.
Stupid move, W.
Drop all the goobermint taxes from gas — 50¢ to 60¢ / gal — and things will instantly get better.
Get the damned goobermint out of the gas-taxing business!
Absolutely correct.
We need more refineries and now.
there isn't much in the reserve anyway ... enough to run the US for one day or so
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