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(Reuters) - A third day of gasoline "panic buying" among storm-stricken motorists in the New York area and New Jersey prompted authorities to tap emergency oil reserves and ordered the military to dispatch fuel on Friday, while limited deliveries from pipelines and oil barges offered a glimmer of relief. Four days before the U.S. presidential election, the Obama administration made an all-out effort to ease the crisis, authorizing the Defense Logistics Agency to buy and deliver up to 22 million gallons of fuel for the region, waiving a rule barring foreign-flagged vessels transiting U.S. ports and loaning out diesel from...

10 Countries Sitting On Gigantic Piles Of Gold Mamta BadkarOct. 8, 2012, 6:44 AMAP Images Gold prices have been supported by central bank gold purchases. According to the World Gold Council (WGC), global central banks bought 157.5 tonnes of gold in the second quarter, up 63 percent quarter-over-quarter and up 137.9 percent year-over-year. In fact, there is a school of thought that suggests euro zone members use gold as collateral for sovereign debt issuance to keep bond yields. We put together a list of the countries with the biggest official gold holdings as reported by the WGC last week. We...

House Dems to Obama: Be ready to tap emergency oil reservesBy Andrew Restuccia - 02/22/12 03:20 PM ET Three House Democrats urged President Obama Wednesday to consider releasing oil from the country's emergency stockpiles in order to lower gas prices. The lawmakers warned that tapping the Strategic Petroleum Reserve (SPR), a 696-million-barrel stockpile of oil stored in salt caverns along the Gulf Coast, could soon be necessary to combat rising prices they say stem from market speculation. “It is essential that the United States have an aggressive strategy for releasing oil from the Strategic Petroleum Reserve to combat the speculators...

This morning police in Washington D.C. arrested Yonathan Melaku, a Muslim, for suspicious activity near Arlington National Cemetery and the Pentagon. The twenty-two-year-old Melaku is a naturalized U.S. citizen originally from Ethiopia that also serves in the Marine Corp Reserves. He was found carrying ammonium nitrate fertilizer and other materials making reference to Al Qaeda and the Taliban. The first reports I saw came from the Drudge Report and neither made reference to Malaku’s religion. Then I remembered the stories about Asan Akbar who killed two members of his platoon and wounded fifteen more and Hasan Nidal who killed thirteen...

Since the beginning of the 21st century, a fear has come to pervade the prospects for oil, fueling anxieties about the stability of global energy supplies. It has been stoked by rising prices and growing demand, especially as the people of China and other emerging economies have taken to the road. This specter goes by the name of "peak oil." Its advocates argue that the world is fast approaching (or has already reached) a point of maximum oil output. They warn that "an unprecedented crisis is just over the horizon." The result, it is said, will be "chaos," to say...

A new report that predictably found huge potential natural gas supplies in the U.S. also contained news its own writers found surprising - that oil is more abundant than they thought. "Contrary to conventional wisdom the North American oil resource base also could provide substantial supply for decades ahead," the report said.

he Israel Defense Forces are preparing for the possibility of Palestinian Authority Arab riots beginning September 20, when the PA will bring its statehood bid to the United Nations. Israel's military will begin to call up its reserves, probably starting this Sunday, September 18, sources said Thursday. Arutz Sheva has been informed that the residents of the Jewish towns in Judea and Samaria have warned the Arab residents of PA-controlled areas that if they approach the security fences surrounding their towns, the response will be “unequivocal.” The warning comes in the wake of threats by PA Arabs to march on...

North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation. A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil.

The old Cold War USA-USSR nuclear arms race has been replaced by the new East-West Central Bank battle to accumulate physical gold and physical silver reserves. While Western Central Banks and their puppet bullion banks have distracted and goaded private citizens with the invention of fraudulent bogus paper gold and paper silver derivative products, including ETFs more recently, and paper futures contracts for a much longer period of time, they themselves have been making sure to avoid the very fraudulent paper products they have invented and have been diving headfirst into real physical precious metals. As Central Banks continue to...

Siphoning oil from strategic reserve fails to cut pricesThe results are in from President Obama’s controversial decision last month to tap into the nation’s oil reserves to drive down gas prices: none. Like his futile efforts to revive the moribund U.S. economy by spending $1 trillion in borrowed money, the president’s release of 30 million barrels from the nation’s Strategic Petroleum Reserve produced nothing more than a brief pause in the steady rise in prices at the pump. Nearly three years into an energy policy designed to hector Americans into accepting pointless “green” alternatives, the president seems to have finally...

The sway that non-OPEC governments had over oil and gasoline prices petered out in less than a week. Benchmark crude hit $95.21 per barrel Wednesday on the New York Mercantile Exchange. Over two days, oil has recovered the loss from last Thursday when the U.S. and other oil-importing countries said they'd dump emergency oil supplies onto the market. Brent crude, which is used to price many international oil varieties, also rebounded. Although at $111.95 per barrel, it's still about 2 percent below where it was last week. The swift rebound in oil means that motorists won't see as big of...

Do you support the decision to release the oil? No. That oil is for a real emergency. Maybe. I know many people have been hit hard by rising gas prices but they were already starting to come down. Yes. This will help a lot of folks this summer . Other (post a comment).

Obama Flip Flops on tapping Strategic Oil Reserve - FAIL « on: Today at 10:05:48 AM » Quote Modify Remove -------------------------------------------------------------------------------- Obama flip flops on Strategic Petroleum Reserve posted at 2:50 pm on August 4, 2008 by Ed Morrissey http://hotair.com/archives/2008/08/04/obama-flip-flops-on-strategic-petroleum-reserve Via Jim Geraghty, who caught this even while on vacation. In August 2005, Obama agreed with George Bush’s decision to release oil from the Strategic Petroleum Reserve in order to buffer the economy from the effects of Hurricane Katrina. However, Obama warned that such actions should only take place in times of real emergency (emphases mine): I agree with the...

Energy Secretary Steven Chu announced Thursday that the U.S. and its partners in the International Energy Agency will release 60 million barrels of oil onto the world market over the next 30 days to offset the disruption in the oil supply caused by unrest in the Middle East. The U.S. will release 30 million barrels of oil from the nation’s Strategic Petroleum Reserve. The SPR is currently at a historically high level with 727 million barrels, according to the Energy Department. “We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in...

The daughter of a prominent New York lawyer has told of her amazing transformation from sheltered, society girl to seasoned combat veteran. Former Manhattan jetsetter Jane Blair swapped her pampered life in New York to become one of the first women on the frontline in Iraq. In her new memoir Hesitation Kills, Mrs Blair, now a 38-year-old captain in the Marine Reserves, recalls the moment that changed her life. She said: 'I grew up in this environment where I never had to work for a living. My dad told me, "I will always take care of you".' She was in...

Gold has given up much of yesterday’s modest gains and is marginally lower in all currencies except the Swiss franc. The euro has stabilized despite continuing contagion concerns and an existential threat to the euro currency itself. Gold remains close to record nominal highs in all major currencies but media coverage in the UK, Ireland and Europe remains minimal and skeptical. Focus continues to be almost exclusively on bond, equity and currency markets – with little or no coverage of gold. The ramifications of contagion and a euro currency crisis which would lead to the price of gold in euros...

NEW YORK — The next big question on the federal debt limit could be whether to start selling the government’s holdings of gold at Fort Knox — and at least one presidential contender, Ron Paul, has told The New York Sun he thinks it would be a good move. The question has been ricocheting around the policy circles today. An analyst at the Heritage Foundation, Ron Utt, told the Washington Post that the gold holdings of the government are “just sort of sitting there.” He added: “Given the high price it is now, and the tremendous debt problem we now...

Presidents and politicians of all political affiliations have said for decades the U.S. must find an energy source that can serve as a viable alternative to crude oil imports from foreign nations -- a fair number of which aren't exactly gushing supporters of the red, white and blue.

St. Louis - Rising demand for corn from ethanol producers is pushing U.S. reserves to the lowest point in 15 years, a trend that could lead to higher grain and food prices this year. The Agriculture Department on Friday left its estimate for corn reserves unchanged from the previous month. The reserves are projected to fall to 675 million bushels in late August, when the harvest begins, or roughly 5 percent of all corn consumed in the United States. That would be the lowest surplus level since 1996.The limited supply is chiefly because of increasing demand from ethanol makers, which

The Issue:  Authorizing Veteran Status for National Guard and Reserve Members Entitled to Reserve Retirement Pay Immediate Action Required: Contact your Senators and Representative and ask them to support H.R.1025 and S.491. These bills would authorize National Guard and Reserve members entitled to Reserve retirement pay the honor of claiming "Veteran" status. On March 4, 2011, Sen. Mark Pryor introduced S.491, Honor America's Guard-Reserve Retirees Act of 2011. On March 10, 2011, Rep. Tim Walz introduced H.R.1025, co-sponsored by Rep's Tom Latham and Jon Runyan, to amend Title 38 to recognize service in the Reserve Components by honoring them with status...