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Dipping into US Strategic Oil Reserves: A Speculator's Bonanza

OilPrice.com -- The White House is keeping the rumor-mill afloat with hints that it may draw from US strategic oil and petroleum reserves, watching the market respond on the speculation with a slight fall in oil prices, but this is just a testing of the waters.

America has a 696-million barrel Strategic Petroleum Reserve stored away in underground salt caverns in two US states, Texas and Louisiana, in the event of an energy supply emergency. It may sound like a lot, but when you consider that the US imports over 300 million barrels of oil and petroleum products monthly, the buried reserves are meager.

So when mainstream media starts reporting about “anonymous White House sources” hinting that President Obama is considering releasing oil from the reserve, you have to wonder why.


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Submitted Aug 27, 2012 By: NOTSOGRN
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Dipping into US Strategic Oil Reserves: A Speculator's Bonanza Back to Topics
REPLIES (newest first) Post a Reply
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Hobby001
Champion Author Michigan

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Message Posted: Aug 29, 2012 9:08:46 AM

Clinton, who drained a lot of oil from the SPR to reduce his deficit, probably suggested it to Obama as a way to buy votes.
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roadrunnin
Champion Author Richmond

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Message Posted: Aug 29, 2012 8:16:03 AM

exactly the reason NOT to go into the reserves, unless the oil released will be kept here.
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sparky808
Champion Author Honolulu

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Message Posted: Aug 28, 2012 12:27:52 PM

Thank you for posting.
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Agarre
Champion Author Richmond

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Message Posted: Aug 28, 2012 12:10:39 PM

Okie
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mule38
Champion Author North Carolina

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Message Posted: Aug 28, 2012 10:15:06 AM

Politics and nothing more than how can we make a profit under the guise of helping the poor voters. smoke and mirrors. Not an emergency.
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me2too4c
Veteran Author New York

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Message Posted: Aug 28, 2012 9:41:48 AM

price will still go up because this oil wont be in the pipeline to offset the higher priced paid for the other oil. Big Oil has more reason to raise the price. Heck a bet you if a person in congress passes gas and the Big Oil companies smelt it they would raise the price lol

[Edited by: me2too4c at 8/28/2012 10:43:44 AM EST]
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10k
Champion Author North Carolina

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Message Posted: Aug 28, 2012 12:16:25 AM

nobama needs to go on an overseas vacation for 5-6 years, or even the rest of his lifetime, and leave the united states to those of us who care about her..
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TIGERPAW46
Champion Author Florida

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Message Posted: Aug 27, 2012 11:30:23 PM

This leadership has done too much hinting at this or that. One of their strategies for solving the recession was to keep saying the economy was improving so that people would believe & spend more thereby improving the economy. The population may be deceived sometimes but not all the time.
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jrsva
Champion Author Virginia

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Message Posted: Aug 27, 2012 11:10:47 PM


The SPR is for emergencies. We are not in an emergency situation at this time.
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menagerie1013
Champion Author San Diego

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Message Posted: Aug 27, 2012 11:09:57 PM

Because tapping into the reserves helped so much last time.
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mgune9
All-Star Author Dallas

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Message Posted: Aug 27, 2012 11:05:24 PM

stay out of the "reserves" -- this is not a good idea
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SteelPenny
Champion Author Dallas

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Message Posted: Aug 27, 2012 11:05:17 PM

Drill here - Drill now
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Toppers
Champion Author Atlanta

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Message Posted: Aug 27, 2012 11:04:21 PM

Dislike
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rahcat
Champion Author Grand Rapids

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Message Posted: Aug 27, 2012 11:04:09 PM

Blah....blah....blah....blah!
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SavALot
Champion Author Virginia Beach

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Message Posted: Aug 27, 2012 11:04:00 PM

Strategic in a sense that they are in reserve only for certain conditions
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tnfran
Champion Author Arizona

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Message Posted: Aug 27, 2012 11:03:53 PM

Yes again -- speculators dream.
Still not the right thing to do.

[Edited by: tnfran at 8/28/2012 12:04:42 AM EST]
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alaric76
Champion Author New Jersey

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Message Posted: Aug 27, 2012 11:03:19 PM

it is a stupid move. This is not an emergency.
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regout
Champion Author Quebec

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Message Posted: Aug 27, 2012 11:02:44 PM

Oh yes...
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rippinusoff
Champion Author Lexington

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Message Posted: Aug 27, 2012 11:02:08 PM

politics
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Ticoman54
Champion Author Miami

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Message Posted: Aug 27, 2012 10:58:46 PM

Sadly, Obama's only answer. I can't wait for November!!!
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ron98146
Champion Author Seattle

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Message Posted: Aug 27, 2012 10:56:09 PM

we need to tap our reserves underground. drill now.
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Jeeputtputt
Champion Author Ohio

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Message Posted: Aug 27, 2012 10:55:58 PM

same old.......
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cokezero
All-Star Author Philadelphia

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Message Posted: Aug 27, 2012 10:49:56 PM

ok
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pgerassi
Champion Author Milwaukee

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Message Posted: Aug 27, 2012 10:42:41 PM

OK
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LucsPapa
Champion Author New Brunswick

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Message Posted: Aug 27, 2012 10:40:33 PM

Down with the speculators!!!
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1970vette
Veteran Author Nevada

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Message Posted: Aug 27, 2012 10:38:20 PM

but of course
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mstearno
Champion Author Dayton

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Message Posted: Aug 27, 2012 10:36:22 PM

another dumb Nobama idea
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Blue48
Champion Author Illinois

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Message Posted: Aug 27, 2012 10:36:16 PM

WHY...IT'S AN ELECTION YEAR!
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Darwin00
Champion Author Mississippi

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Message Posted: Aug 27, 2012 10:35:35 PM

Speculation.
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jbrad4
All-Star Author Dallas

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Message Posted: Aug 27, 2012 10:34:02 PM

Yeah it's political, but it will help keep the cost of gas down for a little while.
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rjoeh
Champion Author Michigan

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Message Posted: Aug 27, 2012 10:33:47 PM

Its the real oil reseerves that Obama and the EPA are not letting America tap into that is really keeping oil prices up and as noted in the article... the reserve is just a drop in the bucket of what we really use and need.
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mcmonsta
Champion Author Honolulu

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Message Posted: Aug 27, 2012 10:32:53 PM

the speculators don't really care
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abacus44
Champion Author Toms River

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Message Posted: Aug 27, 2012 10:32:43 PM

Purely aq political move so of course it will be done.
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kcboy
Champion Author Utah

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Message Posted: Aug 27, 2012 10:31:26 PM

Need to get rid of speculators.
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gasaholicNC
Champion Author North Carolina

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Message Posted: Aug 27, 2012 10:20:23 PM

Election Day's approahing......Time To Lower Gas Prices....
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wcp3rd
All-Star Author New Jersey

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Message Posted: Aug 27, 2012 10:17:30 PM

ok
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RevDrCBJ
Veteran Author Ann Arbor

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Message Posted: Aug 27, 2012 10:16:03 PM

Isn't that like breaking the piggy bank?
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wayoung56
Champion Author Alabama

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Message Posted: Aug 27, 2012 10:14:29 PM

Maybe the government needs to regulate prices, they seem to be able to do anything they want these days...
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WIPACKERFAN
Champion Author Chicago

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Message Posted: Aug 27, 2012 10:12:55 PM

THanks Mr Obama for helping the speculators.
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chillyman3
Champion Author Illinois

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Message Posted: Aug 27, 2012 10:12:37 PM

so what happen to the surplus in May June and July?
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serrog
Champion Author Nova Scotia

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Message Posted: Aug 27, 2012 10:10:18 PM

greed
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jwalkerh
Champion Author Louisiana

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Message Posted: Aug 27, 2012 10:06:43 PM

This may get worst with the approaching storm...
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paisho6
Veteran Author Oakland

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Message Posted: Aug 27, 2012 10:03:51 PM

ok
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Lukus
Champion Author Halifax

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Message Posted: Aug 27, 2012 10:03:42 PM

Change the rules on the spectulators.
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unicornIL
All-Star Author Chicago

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Message Posted: Aug 27, 2012 10:03:32 PM

sure they will
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bonzoonfmb
Champion Author Florida

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Message Posted: Aug 27, 2012 10:01:13 PM

Don't touch the US strategic oil and petroleum reserves - there is plenty of supply.

Making available some of the reserves would temporarily lower prices but would ultimately make prices less stable because of speculation and the chance of more draw-downs of the reserve.
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seahawks
Champion Author Washington

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Message Posted: Aug 27, 2012 9:59:29 PM

we need a change in 2012!!!
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rf6480
Champion Author Miami

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Message Posted: Aug 27, 2012 9:58:05 PM

it's scarey but Obama is possibly the lesser of 2 evils. Hopefully we'll still have another choice after tomorrow.
Go Ron Paul
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us4usa
Champion Author Missouri

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Message Posted: Aug 27, 2012 9:57:33 PM

Looking for votes???
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mobil1MN
All-Star Author Minnesota

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Message Posted: Aug 27, 2012 9:56:56 PM

for sure
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