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 ...
A waste of time but it shows you the power of the MSM. They love this useless trick.
Because we will need as large a stockpile as possible for the inevitable time comes when there is no oil to had any price.
I read the other day that Brazil is also going nuclear. I remember the discussions years ago about Brazil being a future world superpower. They are definitely making some good, long-term decisions. (And some lousy political ones every now and then.)
Our president laid out a clear agenda for energy independence.
This should be a national goal and it should be the ultimate stake in the heart of the terrorists because they thrive on the western world having to kowtow to the islamo-fascists who own so much oil.
Get off of oil.
Get off of it now.
That’s a start, but we still need more refineries, and also ease the fuel additive restrictions throughout the country. The many different varieties of gas that must be refined to fulfill each States tough restrictions are putting a tight squeeze on the capacity of these refineries. There are just too many formulas of gas now, and it’s slowing the inventory turn rate of these refineries dramatically.
Bush has expanded the SPR dramatically. The last I heard (and that was probably a year ago) I believe it was up to around 700 million barrels. He has grown the SPR by several hundred percent since he came into office which I think is a very smart thing. At present domestic usage rates that translates to well over a month's supply.
Given the instability in most of the crude exporting regions this build in the SPR seems a wise thing.
Envirimemtalists like the members of the Sierra Club are just plain nuts. I saw a documentary on the building of the Golden Gate bridge. They tried to stop that. Their efforts can serve a good purpose, such as breaking development, but they really have no alternatives.
The last time they promised investigations and prosecutions our gas locally went straight down. Fast too! Just the mere mention physcalogically (never could spell that right) speaking of the word sends the price down.
Logically that would lead me to think that there is lots of gouging. Otherwise, why would the price go down?
I've seen the price rise and fall by 10-25 cents all in a few hours. That's the same gas in the pumps..What's up with that if it isn't price fixing.
My daughter used to work for a local gas station. Every morning she was told to drive around and price check all the other stations in town and then they'd come back and fix their price to match other stations. That's price fixing.
Bull... this line of hogwash shows such absolute ignorance of futures trading its rediculous. Fed studies have repeatatively found that the futures energy markets are easily manipulated... and recommended repeatedly better oversight of them.
Iran/Iraq have NOTHING to do with current prices, in fact there is MORE OIL AVAILABLE TODAY TO THE US THAN THERE WAS IN 2003... Remember a little thing called Embargo against Iraq? We couldn't even buy Iraq oil in '03... now their pipelines are online.
There is more CRUDE globally available today than there was in 2000, demand, is actually not increasing, but has decreased slightly in recent months. We have tankers sitting in harbors that can't unload not only in the US, but in Japan and other places because there is literally NO STORAGE AVAILABLE TO PUT IT.
The cost to extract the oil has not changed much, there is a worldwide glut of oil at the moment... Saudi Arabia can't even sell all of its daily production... its producing at a daily surplus relative to its sales.
Futures market speculation and manipulation are why oil is $70+ a barrel. When in reality its a $35-$40 a bbl product. You can keep on regurgitating the same old hack knee rhetoric, but its just not reality. Futures are very easily manipulated... and that's all that's going on now.
Nothing different between Oil Futures right now and tech stocks in 99... In 99 Clinton told the SEC look the other way, don't you dare investigate the corruption... today, Bush is basically doing the same thing on oil as far as I'm concerned that he and bubba both did until recently on Immigration... which was "Don't you dare enforce the law".
IF a true investigation into the futures market games was launched, you would see the futures price of a bbl of oil drop by 25-33% virtually overnight.
By doing nothing, Bush angers liberals and conservatives. He should at least do SOMETHING so one of those groups will be placated. Obviously pleasing conservatives is easiest.
Considering there are 39 oil producing states and millions of people either directly or indirectly involved and employed in the business. I have to ask why you would wish such a thing. I wonder what you felt when oil was down to 8.30 a barrel and hundreds of thousands of people whose jobs were either cut back or discontinued. In West TX we had to shut down schools and bus them to larger towns.
What we need is for congress to rescind its prior legislation mandating the use of ethanol, and for congress to cut the EPA's power to restrict expansion of refining capacity.
You want bush to take the lead on this? He hasn't taken the lead on ANYTHING!
He will sit back and let the rats steer the country.
No matter what the President does here, there will be plenty people pissed off, oh well, that just comes with the territory of being a leader.
According to an article last week almost every place in the world to store oil is full. I'll try to find it.
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