Not Logged In Log In   Sign Up   Points Leaders
Follow Us    4:14 PM

GasBuddy News Article

36
votes
Exclusive: White House studying potential oil reserve release

Reuters -- The White House is "dusting off old plans" for a potential release of oil reserves to dampen rising gasoline prices and prevent high energy costs from undermining the success of Iran sanctions, a source with knowledge of the situation said on Thursday.

U.S. officials will monitor market conditions over the coming weeks, watching whether gasoline prices fall after the September 3 Labor Day holiday, as they historically do, the source said.

It was too early to say how big a drawdown would be from the U.S. Strategic Petroleum Reserve and, potentially, other international reserves if a decision to proceed was taken, the source said.

Oil prices have surged in recent weeks, with Brent crude prices closing in on $120 a barrel, up sharply from around $90 a barrel in July.


Read the Full Article

Submitted Aug 17, 2012 By: Mudsprings
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Exclusive: White House studying potential oil reserve release Back to Topics
REPLIES (newest first) Post a Reply
Profile Pic
LetemEatCake
Champion Author Oklahoma City

Posts:5,705
Points:1,360,915
Joined:Mar 2008
Message Posted: Aug 18, 2012 11:44:50 PM


Good article Mud..thanks for posting!
Profile Pic
GatorGuy
Champion Author Columbia

Posts:4,094
Points:1,831,570
Joined:Jan 2009
Message Posted: Aug 17, 2012 3:40:23 PM

Why don't they look at the root of the problem.
Profile Pic
FuelBarge
Champion Author Long Island

Posts:12,140
Points:2,766,725
Joined:Aug 2005
Message Posted: Aug 17, 2012 2:42:01 PM

Sorry, this is not a crisis. The only "crisis" is the possible loss of an election due to high energy prices.
Profile Pic
sydb7
Champion Author Atlanta

Posts:5,608
Points:2,516,620
Joined:Mar 2003
Message Posted: Aug 17, 2012 11:51:55 AM

Does the US government want to do something for the gouged drivers?
Profile Pic
Alfied
Champion Author Riverside

Posts:10,817
Points:2,443,835
Joined:Jun 2001
Message Posted: Aug 17, 2012 11:47:38 AM

What a waste.
Profile Pic
leemun
Champion Author Utah

Posts:8,487
Points:1,720,800
Joined:May 2010
Message Posted: Aug 17, 2012 11:41:44 AM

Use the reserve for political manipulation? Nein, danke.
Profile Pic
bston
Champion Author Oklahoma City

Posts:4,660
Points:1,330,925
Joined:Mar 2011
Message Posted: Aug 17, 2012 11:25:00 AM

Pure politics.
Profile Pic
bobsalwaysmt
Champion Author Long Island

Posts:5,838
Points:323,080
Joined:Oct 2007
Message Posted: Aug 17, 2012 10:53:23 AM

Pure election season maneuver. THIS IS NOT WHAT THE SPR if for.

Fire Obama!

Recall Congress!!
Profile Pic
BudsterMO
Champion Author Kansas City

Posts:6,506
Points:1,365,555
Joined:Aug 2009
Message Posted: Aug 17, 2012 10:24:29 AM

Why would the Federal government strongly consider releasing oil from the Strategic Petroleum Reserve to off set the run up in crude oil prices but do nothing to change the rules for buying oil futures contracts? Speculators cause the price of a gallon of gas and diesel to inflate by a third (1/3) to a half (1/2) at the pump. Could be they are afraid of the 1%ers pulling back on their "contributions".
Profile Pic
F81M
Champion Author Indiana

Posts:4,381
Points:1,470,280
Joined:Aug 2008
Message Posted: Aug 17, 2012 10:16:13 AM

More stupidity from Obama and company. Want 4 more years of this? I certainly don't!
Profile Pic
BCM1
Champion Author Pennsylvania

Posts:1,944
Points:1,131,695
Joined:Jun 2007
Message Posted: Aug 17, 2012 10:02:03 AM

There is no shortage. We have 12 million barrels over last years supply.
Profile Pic
indyjim
Champion Author Indianapolis

Posts:14,081
Points:3,010,030
Joined:Jul 2006
Message Posted: Aug 17, 2012 9:59:53 AM

More incompetency from the Obamatards............the real reason might be to temporarily lower gas prices long enough to make the "sheep" Democratic followers to think that Obama's failed efforts are finally working. If only they could think for themselves and see the danger that ensues with another Obama term.
Profile Pic
TAT36
Champion Author Florida

Posts:9,754
Points:1,981,090
Joined:Sep 2009
Message Posted: Aug 17, 2012 9:57:27 AM

It is election season. But it may be to close to the election to be of any benefit to the administration or have any relevancy in the election.
Profile Pic
PathTrack
Champion Author Twin Cities

Posts:1,435
Points:158,300
Joined:Jan 2005
Message Posted: Aug 17, 2012 9:53:42 AM

Political stunt in election year. We have more oil than last year at this time
Profile Pic
bojiway1
Champion Author Minnesota

Posts:4,845
Points:1,153,870
Joined:Dec 2011
Message Posted: Aug 17, 2012 9:53:01 AM

how about releasing oil from our ground
Profile Pic
Fitwit
Champion Author Stockton

Posts:9,176
Points:2,007,755
Joined:May 2009
Message Posted: Aug 17, 2012 9:51:22 AM

We the voters should have studied Obama's potential for evil before whoever voted for him did so. Get him out.
Profile Pic
letmathe
Champion Author Chicago

Posts:16,737
Points:3,755,100
Joined:May 2001
Message Posted: Aug 17, 2012 9:50:33 AM

Interesting how some in this thread are critical of Obama for using the reserve (it's a political ploy) while others condemn him for not doing so (it's a political ploy).

The problem is not in Washington but in the use of a resource that cannot be fully provided locally and is provided by firms whose primary purpose is making profits for shareholders.

Say what you want about Obama. You will be saying it about a Romney administration too because the underlying causes of high gas prices will not be changed by a pipeline or a presidential policy.
Profile Pic
hauler43
Champion Author Oakland

Posts:8,158
Points:2,597,850
Joined:Sep 2003
Message Posted: Aug 17, 2012 9:48:14 AM

Corp. greed is more too blame an speculators also.
Profile Pic
greenfog
Champion Author Illinois

Posts:9,358
Points:2,320,300
Joined:Feb 2008
Message Posted: Aug 17, 2012 9:47:42 AM

last time they did that it lasted about two days, all the speculators bought it up as soon as it was released.
Profile Pic
Insuremn
Champion Author Twin Cities

Posts:7,836
Points:1,716,195
Joined:May 2010
Message Posted: Aug 17, 2012 9:47:15 AM

Drill here now and put US citizens to work in the oil and gas industries. Stop sending our money to OPEC. Get rid of Obama.
Profile Pic
Gasazhunter
Champion Author Phoenix

Posts:7,012
Points:1,689,870
Joined:May 2010
Message Posted: Aug 17, 2012 9:47:03 AM

Do it.
Profile Pic
waterwerks
Veteran Author New Mexico

Posts:349
Points:185,930
Joined:Mar 2012
Message Posted: Aug 17, 2012 9:45:42 AM

and yet again the Obama administration is failing the public...more shadow games and lying about the actual cost! Sounds pretty familiar...
Profile Pic
scrossi
Champion Author Indiana

Posts:6,766
Points:1,733,465
Joined:Dec 2008
Message Posted: Aug 17, 2012 9:45:13 AM

True porotito.
Profile Pic
Diesel_Ram
Champion Author Dallas

Posts:9,247
Points:2,203,295
Joined:Jan 2009
Message Posted: Aug 17, 2012 9:44:40 AM

Stupid idea before and it's still a stupid idea today!
Profile Pic
deaconjones
Champion Author Cleveland

Posts:4,045
Points:412,405
Joined:May 2006
Message Posted: Aug 17, 2012 9:44:25 AM

THIS CRAP AGAIN.....APPROVE THE KEYSTONE PIPE LINE NOBAMA......
Profile Pic
lindact
Champion Author New Haven

Posts:11,465
Points:2,369,075
Joined:May 2008
Message Posted: Aug 17, 2012 9:44:02 AM

Band aid for an amputation.
Profile Pic
N4PIP
Champion Author Miami

Posts:2,881
Points:1,080,720
Joined:Jan 2012
Message Posted: Aug 17, 2012 9:43:59 AM

That would be a temporary band-aid solution. Bad idea. Go after the speculators and lets get some new refineries built.
Profile Pic
cardjcsk
Champion Author Toronto

Posts:4,388
Points:2,443,550
Joined:Feb 2007
Message Posted: Aug 17, 2012 9:42:30 AM

Will the price go down, NO
Profile Pic
pa79th
Champion Author Pennsylvania

Posts:4,656
Points:1,885,550
Joined:Jun 2007
Message Posted: Aug 17, 2012 9:41:57 AM

Just in time for a big nudge downward for election day. Way to buy votes, O!
Profile Pic
bluebird1
Champion Author Toronto

Posts:18,612
Points:3,772,600
Joined:May 2004
Message Posted: Aug 17, 2012 9:40:19 AM

Shows you what little the white house knows...gas prices have nothing to do with supply vs demand...unless talking paper bbls/gals perhaps.
Profile Pic
darraghON
Sophomore Author Ontario

Posts:174
Points:362,130
Joined:Sep 2011
Message Posted: Aug 17, 2012 9:39:54 AM

leave reserves alone, sh**t some future traders, oops I mean tell them to stop
Profile Pic
tomok
Champion Author Portland

Posts:44,940
Points:3,036,110
Joined:Aug 2006
Message Posted: Aug 17, 2012 9:39:00 AM

No release from the SPR is necessary at this time. A release will Not lower the cost of fuel at the pump and the reserves are needed for 'just in case' (Justin Case?).
Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost.
The price of fuel at the pump is too high!
12/22/2012!
Profile Pic
naw62
Champion Author Maine

Posts:12,078
Points:2,820,025
Joined:Sep 2006
Message Posted: Aug 17, 2012 9:38:55 AM

They haven't een taslking about riasing crude prices
Profile Pic
dad2two
Champion Author Dallas

Posts:5,953
Points:1,321,815
Joined:May 2010
Message Posted: Aug 17, 2012 9:38:42 AM

Political ploy.
Profile Pic
cj003
Champion Author Michigan

Posts:2,324
Points:1,287,105
Joined:Mar 2006
Message Posted: Aug 17, 2012 9:38:22 AM

just in time for the election in Nov. no doubt?
Profile Pic
Black Wagon
Champion Author Illinois

Posts:9,986
Points:2,409,840
Joined:Mar 2004
Message Posted: Aug 17, 2012 9:37:57 AM

BOTH POLITICIANS AND DIAPERS NEED TO BE CHANGED OFTEN AND FOR THE SAME REASON!.
Profile Pic
Prov1322
Champion Author Atlanta

Posts:3,222
Points:1,075,545
Joined:Nov 2011
Message Posted: Aug 17, 2012 9:37:31 AM

Buying votes is not a reason to release any SPR.



[Edited by: Prov1322 at 8/17/2012 10:39:03 AM EST]
Profile Pic
dlzastera
Champion Author Minnesota

Posts:7,273
Points:1,690,995
Joined:Mar 2006
Message Posted: Aug 17, 2012 9:37:31 AM

This won't buy my vote for you Obama.
Profile Pic
BANZAI56
Sophomore Author Columbus

Posts:100
Points:989,525
Joined:Jun 2005
Message Posted: Aug 17, 2012 9:37:20 AM

Just in time for the election no doubt...
Profile Pic
MTM
Champion Author Mobile

Posts:55,812
Points:3,761,985
Joined:Oct 2004
Message Posted: Aug 17, 2012 9:36:44 AM

Right. Another lame attempt by Obama to buy votes.

Won't help us or him.
Profile Pic
tarheelcoastie
Champion Author Greensboro

Posts:8,097
Points:1,796,690
Joined:Jan 2009
Message Posted: Aug 17, 2012 9:36:05 AM

a purely political move that has no effect on gas prices!
Profile Pic
tdmedan
All-Star Author Colorado

Posts:581
Points:149,715
Joined:May 2012
Message Posted: Aug 17, 2012 9:35:42 AM

oh
Profile Pic
toneOH
All-Star Author Ohio

Posts:577
Points:34,025
Joined:May 2011
Message Posted: Aug 17, 2012 9:35:37 AM

ok
Profile Pic
donny47
Champion Author New Hampshire

Posts:5,261
Points:1,617,685
Joined:Feb 2009
Message Posted: Aug 17, 2012 9:35:02 AM

leave reserve alone!
Profile Pic
keo
Champion Author Colorado

Posts:13,036
Points:2,712,335
Joined:May 2004
Message Posted: Aug 17, 2012 9:34:37 AM

...oh, and this is just a way to see what the public reaction would be, since he never makes his own decisions.
Profile Pic
porotito
Champion Author Houston

Posts:2,276
Points:615,055
Joined:Dec 2010
Message Posted: Aug 17, 2012 9:33:06 AM

Do it...that's why it's there...
Profile Pic
keo
Champion Author Colorado

Posts:13,036
Points:2,712,335
Joined:May 2004
Message Posted: Aug 17, 2012 9:32:45 AM

Just another ObamACORN tactic that proves he is clueless and has no leadership skills.
Profile Pic
BWJM
Champion Author KW

Posts:1,113
Points:303,780
Joined:Oct 2011
Message Posted: Aug 17, 2012 9:32:20 AM

ok
Profile Pic
chyguy3
Champion Author Wyoming

Posts:2,855
Points:941,240
Joined:Sep 2006
Message Posted: Aug 17, 2012 9:31:55 AM

Leave it alone for "strategic" uses
Profile Pic
traumer
Champion Author Twin Cities

Posts:8,310
Points:2,023,580
Joined:Aug 2006
Message Posted: Aug 17, 2012 9:31:35 AM

Wow Obama, just in time to buy more votes!
Profile Pic
Ticobird
Champion Author Huntsville

Posts:5,170
Points:1,703,065
Joined:Oct 2009
Message Posted: Aug 17, 2012 9:30:22 AM

The present White House administration gives me the impression they have no idea how important the Strategic Oil Reserve is to US security. To even think about using it to simply reduce gas prices is idiocy tinged with deceitful intentions. I might even be tempted to describe releases for any other reason but short supply to be a reckless and possibly traitorous action.
Post a reply Back to Topics