Obama, GOP Want To Sell Off 40 Percent Of US Strategic Oil Reserves To Fund Gov’t Programs

Daily Caller News Foundation ^ | 10/28/2015 | Michael Bastasch

[tanknetter]

With oil prices at historic lows, now is the time to sell?

When you're close to bankrupt, there's not a lot to lose by selling off assets at a loss. Even a significant one.

Given the expansion of known oil reserves in the US, even if they aren't currently being exploited (including because the price of oil doesn't support doing so), I do wonder about the value of the strategic reserve. It was supposed to exist as a hedge against having outside oil sources, such as from the Middle East, cut off.

If those sources are cut off, today, it seems like we've reached a point where we can quickly enough replace them using domestic sources. If that's the case, then the strategic reserve is an unnecessary redundancy.

Given that, my big issue here is HOW the money from them will be used. Plowing them into new government spending, particularly spending on things that will have to be maintained, at some cost, once the initial "investment" is made, is stupid. Much better to use any sales to reign in the deficits towards the point where we can start paying down debt, or meet the massive unfunded obligations this nation has racked up.

[Red in Blue PA]

If you or I ran our (or our company’s) finances like the government runs theirs, we would be in jail.

[Jim Robinson]

Shutter the government “programs.” They’re unconstitutional anyway.

[VTenigma]

$23 billion over ten years. You could sweep that much up off the House floor. Idiotic.

[Red in Blue PA]

I am sure the Republican’s will stop him.

/s

[4rcane]

I think this is actually their attempt to push oil price down because their diplomacy with Saudi Arabia to push the oil price down to hurt Russia failed

[Slyfox]

When Detroit began to have its money problems, there was talk of the city selling of all its art work in the museum.

[Paladin2]

Apparently 90% of the DIA art holdings sit in the warehouse. Keep the best stuff and sell the rest. Buncha horders...

[SkyDancer]

0bama throwing Jell-O to see what sticks.

[Paladin2]

The Blood Broz (Rinse Prius and Paul Ryno - childhood buddies) are part of the cabal behind this?

[glorgau]

Buy high sell low.

This is just like unloading the 401K when the market dips.

[hsmomx3]

I think they would do it..BO hates the American people and just another slap in our faces. We are in deep crap if we should need that at some time.

[samtheman]

Buy high, sell low. Another weakening of US.

---

The art of the Steal.

We have our own Merkel, and he is a muslim.

[tumblindice]

http://energy.gov/fe/services/petroleum-reserves

“The mission of the OPR is to protect the United States from severe petroleum supply interruptions through the acquisition, storage, distribution and management of emergency petroleum stocks and to carry out U.S. obligations under the International Energy Program.”

Won’t that mission be a little difficult to accomplish if Obama has sold the reserves? Isn’t the whole point of the OPR is have the reserves available in the event we need them, not to pay for Obama’s final Christmas lists?

Oh yeah, I keep forgetting. Uniparty allows Obama to whatever the hell he wants.

[kjam22]

They probably filled those reserves at $100 per barrel and now they’re gonna sell it for $50. Brilliant.

[Smokin' Joe]

Buy high, sell low--into an already full market.

There can only be one reason, really. That being to glut the domestic market and remove as much of the 'loose' money from a dying oil boom from play during an election year.

Funny how oil prices 'crash' on Presidential election years or the runup to the election.

It keeps a Conservative industry from donating to candidates.

[chris37]

Seems really super duper SMRT and really prudent!

I’m so glad we have the best and the brightest rule us.

Whatever would we do without those masterminds!?

[RKBA Democrat]

The political class would sell our body parts to the highest bidder if they thought they could get away with it.

[Ancesthntr]

We should be buying now, with oil being very cheap. Here’s a hint: if Obama wants to do something, go the opposite way as hard and fast as possible.

[BBell]

This ought to be grounds for treason.