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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

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Alaydown Champion Author Los Angeles Posts:5,098 Points:820,470 Joined:May 2007	Message Posted: Feb 23, 2012 11:55:01 AM Ignore Alaydown Report Abuse As is typical with most DemocRAT proposals, this one accomplishes nothing except that it wastes the use of our Strategic Petroleum Reserve (SPR) and it forces us to refill it with higher priced oil. The SPR is for emergency use only. Contrary to what Obama and the DemocRATS think, getting them reelected is NOT an emergency. If they want to do anything to lower the price of gasoline, they should do what Bush did in July 2008 to lower gasoline prices. He announced that he would suspend the moratorium on drilling off the coasts, and then immediately follow through with increasing the number of drilling leases and permits. That had an immediate effect by causing prices to plummet to a low of $1.61 per gallon. The price of gasoline when Obama took office was $1.79 per gallon. He has obstructed domestic production ever since, and the price is climbing to new highs. So don't expect that it will return to what it was before he was elected until after he is voted out of office. For a small temporary decrease in price, they could also suspend the federal tax on gasoline. But the best way to reduce the price long term is what I stated above. Voting for anyone but Obama in 2012 will also lower the price.
highdesertman Champion Author Albuquerque Posts:2,469 Points:1,714,605 Joined:Mar 2005	Message Posted: Feb 23, 2012 11:53:02 AM Ignore highdesertman Report Abuse 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 Veteran Author Corpus Christi Posts:445 Points:31,255 Joined:Mar 2009	Message Posted: Feb 23, 2012 11:52:22 AM Ignore snakebitef22 Report Abuse 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 Posts:7,260 Points:1,649,600 Joined:May 2008	Message Posted: Feb 23, 2012 11:49:26 AM Ignore aarrrt Report Abuse No. These are reserves are for emergencies. Instead cut down on our exports and keep the product in the US.
gasoutherneagle Champion Author Georgia Posts:2,249 Points:737,410 Joined:Sep 2008	Message Posted: Feb 23, 2012 11:48:31 AM Ignore gasoutherneagle Report Abuse Good and demand no more exporting of US produced oil!
AcuraTSX Champion Author Ohio Posts:5,478 Points:2,179,205 Joined:Dec 2005	Message Posted: Feb 23, 2012 11:42:53 AM Ignore AcuraTSX Report Abuse Sell it all for short gain? Obama's reelection. Easy way to legally buy votes.
lonewolf_947 Champion Author New Hampshire Posts:1,267 Points:572,860 Joined:Mar 2011	Message Posted: Feb 23, 2012 11:42:04 AM Ignore lonewolf_947 Report Abuse 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 Posts:8,707 Points:1,579,930 Joined:Nov 2007	Message Posted: Feb 23, 2012 11:41:54 AM Ignore BurntOrange Report Abuse 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 Posts:2,079 Points:673,445 Joined:Feb 2011	Message Posted: Feb 23, 2012 11:41:30 AM Ignore badspots Report Abuse Ok.
Pede Champion Author New Jersey Posts:4,396 Points:669,375 Joined:Apr 2007	Message Posted: Feb 23, 2012 11:39:37 AM Ignore Pede Report Abuse Make the oil co keep our oil here in the USA and not sell it on the Global market!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DickAAA Champion Author St. Louis Posts:2,263 Points:1,360,875 Joined:Jan 2005	Message Posted: Feb 23, 2012 11:39:25 AM Ignore DickAAA Report Abuse Strategic means dire emergency not price hikes. Leave the strategic oil reserves alone.
dsaine Champion Author North Carolina Posts:2,982 Points:629,570 Joined:May 2011	Message Posted: Feb 23, 2012 11:39:12 AM Ignore dsaine Report Abuse Not good.
tutaw Champion Author Kentucky Posts:3,585 Points:839,820 Joined:Sep 2008	Message Posted: Feb 23, 2012 11:38:20 AM Ignore tutaw Report Abuse wish it would really help
slowtrain Champion Author Georgia Posts:3,652 Points:945,975 Joined:Aug 2008	Message Posted: Feb 23, 2012 11:36:02 AM Ignore slowtrain Report Abuse Not a good idea.
cmsense Champion Author Columbus Posts:1,358 Points:165,345 Joined:Jan 2012	Message Posted: Feb 23, 2012 11:35:46 AM Ignore cmsense Report Abuse 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 Posts:11,070 Points:1,619,180 Joined:Jun 2008	Message Posted: Feb 23, 2012 11:34:46 AM Ignore NHLiveFree Report Abuse 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 All-Star Author North Carolina Posts:985 Points:224,900 Joined:May 2011	Message Posted: Feb 23, 2012 11:34:41 AM Ignore TedNC Report Abuse 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 Posts:2,176 Points:498,640 Joined:Oct 2010	Message Posted: Feb 23, 2012 11:34:40 AM Ignore gws2980 Report Abuse It didn't help before
NatureBoyKY Champion Author Kentucky Posts:3,348 Points:1,293,210 Joined:Jan 2008	Message Posted: Feb 23, 2012 11:34:03 AM Ignore NatureBoyKY Report Abuse The reserve is not for this; oil must stay there in case the strait of Hormuze is closed.
firechief Champion Author New York Posts:3,431 Points:2,064,200 Joined:Mar 2004	Message Posted: Feb 23, 2012 11:32:53 AM Ignore firechief Report Abuse agreed, reserves are at thier highest ever
Edpap Champion Author Pennsylvania Posts:4,310 Points:504,000 Joined:Oct 2011	Message Posted: Feb 23, 2012 11:32:29 AM Ignore Edpap Report Abuse These 3 congressmen are an embarrassment to themselves and those whom they represent.
hallows Champion Author St. Louis Posts:4,681 Points:2,801,655 Joined:Jun 2004	Message Posted: Feb 23, 2012 11:32:05 AM Ignore hallows Report Abuse I agree, johnnyg2000!
NHLiveFree Champion Author New Hampshire Posts:11,070 Points:1,619,180 Joined:Jun 2008	Message Posted: Feb 23, 2012 11:31:36 AM Ignore NHLiveFree Report Abuse 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 Posts:3,627 Points:706,280 Joined:Apr 2011	Message Posted: Feb 23, 2012 11:31:26 AM Ignore SUSANCK Report Abuse They got to get that gas price down or obummer will not get relected.
fulldawg Champion Author Georgia Posts:7,113 Points:951,210 Joined:Jun 2004	Message Posted: Feb 23, 2012 11:30:54 AM Ignore fulldawg Report Abuse Oil will go down right before we go vote
dbrnt Sophomore Author Illinois Posts:162 Points:422,315 Joined:Jan 2011	Message Posted: Feb 23, 2012 11:29:19 AM Ignore dbrnt Report Abuse Won't solve the problem.
humancry Champion Author Michigan Posts:4,618 Points:1,002,455 Joined:Nov 2006	Message Posted: Feb 23, 2012 11:28:31 AM Ignore humancry Report Abuse 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 Posts:334 Points:219,895 Joined:Jul 2008	Message Posted: Feb 23, 2012 11:27:49 AM Ignore 83stang Report Abuse all about the cash
mackconsult Champion Author Portland Posts:5,304 Points:864,030 Joined:Jan 2009	Message Posted: Feb 23, 2012 11:27:11 AM Ignore mackconsult Report Abuse Let it all flush out onto the market.
northshoreMN Rookie Author Twin Cities Posts:11 Points:40,020 Joined:Jul 2009	Message Posted: Feb 23, 2012 11:25:19 AM Ignore northshoreMN Report Abuse 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 Posts:9,833 Points:2,565,490 Joined:Jun 2005	Message Posted: Feb 23, 2012 11:21:02 AM Ignore bbreff Report Abuse This is all hype for the Democrats.
JENNYHK Champion Author Chicago Posts:3,626 Points:710,620 Joined:Apr 2011	Message Posted: Feb 23, 2012 11:20:50 AM Ignore JENNYHK Report Abuse Democrates robbing our future to pay for play now!
thunderstruck All-Star Author Chicago Posts:706 Points:731,475 Joined:Apr 2005	Message Posted: Feb 23, 2012 11:20:14 AM Ignore thunderstruck Report Abuse Why, so Odumbo can get reelected? If it was GWB in office, they'd be totally against it.
mightyace Champion Author Tennessee Posts:4,258 Points:842,160 Joined:Jan 2011	Message Posted: Feb 23, 2012 11:18:40 AM Ignore mightyace Report Abuse Well, the last time they did that. The strategic reserve oil sold for MORE than the going rate...
humblepie Champion Author Toledo Posts:34,095 Points:2,368,445 Joined:Mar 2006	Message Posted: Feb 23, 2012 11:15:37 AM Ignore humblepie Report Abuse just more liberal stupidity
MightyDude Champion Author Minnesota Posts:10,335 Points:2,645,820 Joined:Mar 2003	Message Posted: Feb 23, 2012 11:14:18 AM Ignore MightyDude Report Abuse dumb move cuz it treats the symptom NOT the cause; that being future traders and simple GREED
drish All-Star Author Birmingham Posts:578 Points:970,715 Joined:Jun 2004	Message Posted: Feb 23, 2012 11:13:40 AM Ignore drish Report Abuse 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 Posts:841 Points:169,890 Joined:May 2011	Message Posted: Feb 23, 2012 11:13:03 AM Ignore bullfrog42 Report Abuse The oil companies are the ones raising the prices by sending america oil to china and making more profits.
frugalking Champion Author Twin Cities Posts:1,067 Points:218,445 Joined:Mar 2010	Message Posted: Feb 23, 2012 11:12:08 AM Ignore frugalking Report Abuse 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 Posts:8,786 Points:1,607,350 Joined:Oct 2008	Message Posted: Feb 23, 2012 11:09:41 AM Ignore nemoFL Report Abuse out of control
MBAcura Champion Author Orlando Posts:2,355 Points:665,590 Joined:Apr 2011	Message Posted: Feb 23, 2012 11:09:20 AM Ignore MBAcura Report Abuse 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 Posts:4,113 Points:641,520 Joined:May 2011	Message Posted: Feb 23, 2012 11:07:18 AM Ignore johnnyg1200 Report Abuse 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 Posts:7,925 Points:1,753,335 Joined:Jun 2001	Message Posted: Feb 23, 2012 10:59:35 AM Ignore Alfied Report Abuse There's plenty of oil.
INBwana Champion Author Indiana Posts:5,425 Points:693,060 Joined:Apr 2011	Message Posted: Feb 23, 2012 10:52:24 AM Ignore INBwana Report Abuse 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 Posts:2,589 Points:539,790 Joined:Dec 2010	Message Posted: Feb 23, 2012 10:43:44 AM Ignore sammy518 Report Abuse ??
greenfog Champion Author Illinois Posts:6,475 Points:1,636,095 Joined:Feb 2008	Message Posted: Feb 23, 2012 10:37:16 AM Ignore greenfog Report Abuse releasing the reserve helped for one day last time, why bother now.
bridgerunner Champion Author Virginia Posts:4,772 Points:1,003,910 Joined:Jul 2009	Message Posted: Feb 23, 2012 10:34:00 AM Ignore bridgerunner Report Abuse I could drop it lower without touching the SPR.
drpepperTX Champion Author Texas Posts:8,929 Points:749,935 Joined:Apr 2011	Message Posted: Feb 23, 2012 10:28:14 AM Ignore drpepperTX Report Abuse 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 Posts:3,979 Points:843,010 Joined:Jul 2009	Message Posted: Feb 23, 2012 10:18:28 AM Ignore 19sheldon43 Report Abuse They tried this last year (if my memory servies me right) it did't happen
Edpap Champion Author Pennsylvania Posts:4,310 Points:504,000 Joined:Oct 2011	Message Posted: Feb 23, 2012 10:13:51 AM Ignore Edpap Report Abuse 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 Posts:3,595 Points:809,210 Joined:Jul 2007	Message Posted: Feb 23, 2012 10:13:15 AM Ignore sailormon Report Abuse 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 Posts:1 Points:470 Joined:Mar 2011	Message Posted: Feb 23, 2012 10:12:16 AM Ignore skillama Report Abuse 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.