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Democrats Urge Use of Stratgic Oil Reserve as Industry Backs Conservation

Bloomberg -- President Barack Obama should release crude from the Strategic Petroleum Reserve to stem rising gasoline prices, three U.S. House Democrats said, a move the energy industry opposes.

“This most-recent run-up in prices is primarily the result of fear driving oil markets,” Representatives Ed Markey of Massachusetts, Peter Welch of Vermont and Rosa DeLauro of Connecticut said today in a letter to Obama. “We urge you to consider again deploying oil” in the reserve “to combat the rapid price escalations resulting from speculation.” The administration declined to comment on the request.

The American Petroleum Institute, the biggest U.S. lobbying group for the industry, said releasing oil from about 696 million barrels held in the reserve might push prices lower for a short time, if at all.


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Submitted Feb 23, 2012 By: Mudsprings
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Democrats Urge Use of Stratgic Oil Reserve as Industry Backs Conservation Back to Topics
REPLIES (newest first) Post a Reply
highdesertman
Champion Author Albuquerque

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Message Posted: Feb 23, 2012 11:53:02 AM

Whether we actually release the oil from the reserve is not important. However, the willingness to do so can serve as enough of a threat that it should take the edge off of the speculative fever. It's all about the psychology that drives markets.
snakebitef22
All-Star Author Corpus Christi

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Points:64,985
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Message Posted: Feb 23, 2012 11:52:22 AM

Well Im driving a lot less so the supply of gas is going to pile up very high...whats going to happen then BIG DROP IN PRICE..
aarrrt
Champion Author San Diego

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Message Posted: Feb 23, 2012 11:49:26 AM

No. These are reserves are for emergencies. Instead cut down on our exports and keep the product in the US.
gasoutherneagle
Champion Author Georgia

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Message Posted: Feb 23, 2012 11:48:31 AM

Good and demand no more exporting of US produced oil!
AcuraTSX
Champion Author Ohio

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Message Posted: Feb 23, 2012 11:42:53 AM

Sell it all for short gain? Obama's reelection.
Easy way to legally buy votes.
lonewolf_947
Champion Author New Hampshire

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Message Posted: Feb 23, 2012 11:42:04 AM

Use the oil reserves for now....... price of oil will go down.... Iran will never close the strait of Hormuze, the other Arab countries will suffer also & won't let happen.....
BurntOrange
Champion Author Austin

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Message Posted: Feb 23, 2012 11:41:54 AM

NhLivefree wrote:

"The laws are in place and the Commission should be using them to help us rather than rabid speculators that can make money off this with no money down, no expenses, and no means to store the energy commodities they trade in. "

----------------------------------

Really?

Can you spell out exactly which laws are being broken?

Do these laws apply outside of the US, since most oil futures are traded in other countries?
badspots
Champion Author Houston

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Message Posted: Feb 23, 2012 11:41:30 AM

Ok.
Pede
Champion Author New Jersey

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Message Posted: Feb 23, 2012 11:39:37 AM

Make the oil co keep our oil here in the USA and not sell it on the Global market!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DickAAA
Champion Author St. Louis

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Message Posted: Feb 23, 2012 11:39:25 AM

Strategic means dire emergency not price hikes. Leave the strategic oil reserves alone.
dsaine
Champion Author North Carolina

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Message Posted: Feb 23, 2012 11:39:12 AM

Not good.
tutaw
Champion Author Kentucky

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Message Posted: Feb 23, 2012 11:38:20 AM

wish it would really help
slowtrain
Champion Author Georgia

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Message Posted: Feb 23, 2012 11:36:02 AM

Not a good idea.
cmsense
Champion Author Columbus

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Message Posted: Feb 23, 2012 11:35:46 AM

Not a long term answer,FORCE SPECULATORS TO TAKE DELIVERY ON THEIR OIL FUTURES-Then let's see what happens.
NHLiveFree
Champion Author New Hampshire

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Message Posted: Feb 23, 2012 11:34:46 AM


Please note that the KXL to Valero's duty-free port on the Texas Gulf Coast will only help Royal Dutch Shell get their Alberta crude to China and any other world wide high bidders. None of this Canadian crude is allocated for or contractually obligated for use in the USA.
TedNC
Champion Author North Carolina

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Message Posted: Feb 23, 2012 11:34:41 AM

Johnny2000 is correct. Besides, why use our oil when we should be using other people's oil. That way when they run out, we'll still have oil. Like money. Never use your own money when you can use others.
gws2980
Champion Author Philadelphia

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Message Posted: Feb 23, 2012 11:34:40 AM

It didn't help before
NatureBoyKY
Champion Author Kentucky

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Message Posted: Feb 23, 2012 11:34:03 AM

The reserve is not for this; oil must stay there in case the strait of Hormuze is closed.
firechief
Champion Author New York

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Message Posted: Feb 23, 2012 11:32:53 AM

agreed, reserves are at thier highest ever
Edpap
Champion Author Pennsylvania

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Message Posted: Feb 23, 2012 11:32:29 AM

These 3 congressmen are an embarrassment to themselves and those whom they represent.
hallows
Champion Author St. Louis

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Message Posted: Feb 23, 2012 11:32:05 AM

I agree, johnnyg2000!
NHLiveFree
Champion Author New Hampshire

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Message Posted: Feb 23, 2012 11:31:36 AM


Little to no affect and too late. It is time to enforce the laws and regulations that control the unbridled SPECULATION going on in the commodities futures trading market. The laws are in place and the Commission should be using them to help us rather than rabid speculators that can make money off this with no money down, no expenses, and no means to store the energy commodities they trade in.
SUSANCK
Champion Author Chicago

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Message Posted: Feb 23, 2012 11:31:26 AM

They got to get that gas price down or obummer will not get relected.
fulldawg
Champion Author Georgia

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Message Posted: Feb 23, 2012 11:30:54 AM

Oil will go down right before we go vote
dbrnt
Veteran Author Illinois

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Message Posted: Feb 23, 2012 11:29:19 AM

Won't solve the problem.
humancry
Champion Author Michigan

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Message Posted: Feb 23, 2012 11:28:31 AM

lets drill more and allow our friend the Canadians to put the xl in place. As long as it fuel's us to and not overseas.
83stang
Veteran Author Ohio

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Message Posted: Feb 23, 2012 11:27:49 AM

all about the cash
mackconsult
Champion Author Portland

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Message Posted: Feb 23, 2012 11:27:11 AM

Let it all flush out onto the market.
northshoreMN
Champion Author Twin Cities

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Message Posted: Feb 23, 2012 11:25:19 AM

How about building Keystone to tap into the future #2 producer of oil, Canada? We are complete idiots to be turning our backs on getting more Canadian oil at a time when prices are going through the roof and we're beholden to Middle Eastern regimes. It's the biggest no-brainer EVER.
bbreff
Champion Author Atlanta

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Message Posted: Feb 23, 2012 11:21:02 AM



This is all hype for the Democrats.

JENNYHK
Champion Author Chicago

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Message Posted: Feb 23, 2012 11:20:50 AM

Democrates robbing our future to pay for play now!
thunderstruck
All-Star Author Chicago

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Message Posted: Feb 23, 2012 11:20:14 AM

Why, so Odumbo can get reelected? If it was GWB in office, they'd be totally against it.
mightyace
Champion Author Tennessee

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Message Posted: Feb 23, 2012 11:18:40 AM

Well, the last time they did that. The strategic reserve oil sold for MORE than the going rate...
humblepie
Champion Author Toledo

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Message Posted: Feb 23, 2012 11:15:37 AM

just more liberal stupidity
MightyDude
Champion Author Minnesota

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Message Posted: Feb 23, 2012 11:14:18 AM

dumb move cuz it treats the symptom NOT the cause; that being future traders and simple GREED
drish
All-Star Author Birmingham

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Message Posted: Feb 23, 2012 11:13:40 AM

Bad idea unless you're just trying to score voter points. There isn't enough there to make any significant difference over time and there isn't the refining capacity to process it if we did release it.

[Edited by: drish at 2/23/2012 2:14:04 PM EST]
bullfrog42
All-Star Author Texas

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Message Posted: Feb 23, 2012 11:13:03 AM

The oil companies are the ones raising the prices by sending america oil to china and making more profits.
frugalking
Champion Author Twin Cities

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Message Posted: Feb 23, 2012 11:12:08 AM

Sick. President Dumbo needs to okay the Keystone XL pipeline as well as allow more oil drilling on public lands. Granted....oil might not be available immediately but the speculators probably would not view the current situation as a profit feeding frenzy opportunity and the prices at the pump would go down !!!
nemoFL
Champion Author Florida

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Message Posted: Feb 23, 2012 11:09:41 AM

out of control
MBAcura
Champion Author Orlando

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Message Posted: Feb 23, 2012 11:09:20 AM

IT won't stop speculation. That is what is driving the prices. The only way to combat futures speculation is to curb the appetite. Ride your bike.
johnnyg1200
Champion Author St. Louis

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Message Posted: Feb 23, 2012 11:07:18 AM

Bush was wrong to do it and Obummer would be wrong to do it. It has almost no effect on prices at the pump. The strategic oil reserve is for national security not to gain points with voters. We are looking at the possibility of conflict in one of the biggest oil producing parts of the world. Iran does have the means to mess up oil exports from that part of the world if they are willing to pay the price.
Keep the reserve for what it is for.
Alfied
Champion Author Riverside

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Message Posted: Feb 23, 2012 10:59:35 AM

There's plenty of oil.
INBwana
Champion Author Indiana

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Message Posted: Feb 23, 2012 10:52:24 AM


This is not the solution. It will only be a temporary fix, and then up up and away! Let us do a permanent fix, build refineries, build pipelines, drill, do away with the EPA and un-elect OBozzo!
sammy518
Champion Author Austin

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Message Posted: Feb 23, 2012 10:43:44 AM

??
greenfog
Champion Author Illinois

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Message Posted: Feb 23, 2012 10:37:16 AM

releasing the reserve helped for one day last time, why bother now.
bridgerunner
Champion Author Virginia

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Message Posted: Feb 23, 2012 10:34:00 AM

I could drop it lower without touching the SPR.
drpepperTX
Champion Author Texas

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Message Posted: Feb 23, 2012 10:28:14 AM

If they wanted to drop the price immediately by $.184 and $.244 per gallon of gasoline and diesel respectfully, they'd suspend the federal fuel tax right now.
19sheldon43
Champion Author Los Angeles

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Message Posted: Feb 23, 2012 10:18:28 AM

They tried this last year (if my memory servies me right) it did't happen
Edpap
Champion Author Pennsylvania

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Message Posted: Feb 23, 2012 10:13:51 AM

Is there something in the water in New England that we should all be worried about?
Where do they find these clowns to elect to the US congress?
They don't have a clue as to what is going on in the real world but they are representing the hundreds of thousands of democrats who elected them, and unfortunately, thousands from the other parties that didn't elect them.
sailormon
Champion Author Michigan

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Message Posted: Feb 23, 2012 10:13:15 AM

Ok, after reading some comments, I want to through this out...
It is not a supply problem. We have lots of oil and gasoline here in the USA. What it is a speculation/fear campaign by those who really control the price of commodities. So drilling in ANWAR would not help. More oil would most likely be selling overseas to where the DEMAND is! You can't drill your way out of this.
skillama
Rookie Author Arizona

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Points:470
Joined:Mar 2011
Message Posted: Feb 23, 2012 10:12:16 AM

Our gas is being shipped for sale to China. They buy at rock bottom prices which takes from our supply. If export taxes were raised the oil companys will release more back into our country, thus returning supply to the pumps.
txkrb
Champion Author Texas

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Message Posted: Feb 23, 2012 10:12:04 AM

The strategic oil reserve is for supply problems (emergency use)
Not a political toy for short term price relief
Oil inventories have increased for the last 3 weeks


[Edited by: txkrb at 2/23/2012 1:13:06 PM EST]
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