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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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cheap59 Champion Author Michigan Posts:4,240 Points:982,520 Joined:May 2010	Message Posted: Feb 23, 2012 2:45:51 PM Ignore cheap59 Report Abuse Save the reserve for our use. The last time they sold our oil, the price of gas stayed the same!!
cloud23465 Champion Author Virginia Beach Posts:8,440 Points:1,643,700 Joined:Aug 2008	Message Posted: Feb 23, 2012 2:45:49 PM Ignore cloud23465 Report Abuse If we used/drilled for our own oil, we wouldn't be in this situation would we?
kwmcbrid Veteran Author Iowa Posts:262 Points:1,167,015 Joined:May 2008	Message Posted: Feb 23, 2012 2:45:45 PM Ignore kwmcbrid Report Abuse Not yet. Wait until gas is $4.95 and every speculator is fully invested. Then wholesale dump crude and ruin every speculator financially.
mfeldstein Champion Author Ottawa Posts:8,296 Points:1,955,255 Joined:Feb 2007	Message Posted: Feb 23, 2012 2:45:19 PM Ignore mfeldstein Report Abuse Could help. It did for a few days several months ago.
seabrz7 Champion Author California Posts:1,400 Points:224,810 Joined:Feb 2012	Message Posted: Feb 23, 2012 2:44:38 PM Ignore seabrz7 Report Abuse The Key word in that paragraph is ".... fear driving oil markets."
Gasazhunter Champion Author Phoenix Posts:4,346 Points:1,054,445 Joined:May 2010	Message Posted: Feb 23, 2012 2:42:48 PM Ignore Gasazhunter Report Abuse Ok.
MedicKirk1 Champion Author New Hampshire Posts:1,356 Points:820,820 Joined:May 2008	Message Posted: Feb 23, 2012 2:42:41 PM Ignore MedicKirk1 Report Abuse I thought that's why we have it.
ACTown Champion Author Oregon Posts:2,353 Points:1,450,050 Joined:Jun 2007	Message Posted: Feb 23, 2012 2:42:26 PM Ignore ACTown Report Abuse politics as usual, no result.
s6sputnik Champion Author Austin Posts:6,327 Points:1,332,670 Joined:Jun 2007	Message Posted: Feb 23, 2012 2:41:43 PM Ignore s6sputnik Report Abuse Strategically!
brother31 Rookie Author Texas Posts:64 Points:143,030 Joined:Oct 2006	Message Posted: Feb 23, 2012 2:41:30 PM Ignore brother31 Report Abuse BurntOrange, You must be one of those that the fuss is all about, one of them there speculators. And why do you think they are enlarging the Panama Canal. It's being done so that the oil supertankers have a shorter route to China.
julius1st4 Champion Author Ontario Posts:4,271 Points:1,198,755 Joined:Jul 2003	Message Posted: Feb 23, 2012 2:39:43 PM Ignore julius1st4 Report Abuse It would have very "Minimal" effect.
DCbeachbum Champion Author South Carolina Posts:2,667 Points:925,615 Joined:May 2010	Message Posted: Feb 23, 2012 2:38:10 PM Ignore DCbeachbum Report Abuse If the oil was taken from the SPR every time the price of gasoline goes up. The US would be tapping it every other month. Then when an emergency does occur we will be up the creek. So I for one say not to tap it.
jeffbone Champion Author Virginia Posts:1,408 Points:414,850 Joined:Mar 2011	Message Posted: Feb 23, 2012 2:35:27 PM Ignore jeffbone Report Abuse A totally ineffective and inappropriate use of the SPR...
khareabhishek All-Star Author Milwaukee Posts:812 Points:408,380 Joined:Feb 2010	Message Posted: Feb 23, 2012 2:34:04 PM Ignore khareabhishek Report Abuse Surely releasing the strategic reserves, just to control price would be a bad idea, but if govt. just ask the oil companies to stop making profit over speculation and show some corrective measures to industry about the iran issue, could simply do the work of controlling the prices.
EricSorenW Rookie Author Florida Posts:80 Points:28,230 Joined:Jan 2012	Message Posted: Feb 23, 2012 2:33:01 PM Ignore EricSorenW Report Abuse At least some Dems are realizing Obama is clueless...
Z51Corvette Champion Author Austin Posts:8,602 Points:1,696,335 Joined:Jan 2008	Message Posted: Feb 23, 2012 2:32:31 PM Ignore Z51Corvette Report Abuse A definite band aid! The Democrats want this so the American people will be "happier with them". Their policies on energy got us to this place. It's time they faced the music!
oaksfarmer Veteran Author Toronto Posts:370 Points:437,225 Joined:Oct 2011	Message Posted: Feb 23, 2012 2:31:28 PM Ignore oaksfarmer Report Abuse The 696 million barrels represents the US requirements for about one month if an emergency arose.
unicornpmb Champion Author Buffalo Posts:8,626 Points:1,656,240 Joined:Sep 2005	Message Posted: Feb 23, 2012 2:30:28 PM Ignore unicornpmb Report Abuse Band-aid for a really big cut.
oldhillbillyAZ Champion Author Tucson Posts:4,487 Points:694,785 Joined:Dec 2009	Message Posted: Feb 23, 2012 2:28:17 PM Ignore oldhillbillyAZ Report Abuse KansasGunman says: Political BS, won't help one iota as there is plenty of oil...the oil companies are simply shipping the refined product to other countries where they can make more profit....."EXACTLY" Building the pipeline is like building a "Freeway" for getting the fuel out of this country. It won't lower the price of gas... It will just lower the cost to the oil companies..."more profit" Drill..baby.. drill...Every time I hear this it just goes to show how mentally challenged people are today. All our jobs have left the country because these "mentally challenged" people feel they can "get ahead" by buying cheaper Chinese products. Record numbers of unemployed...how many people have lost their homes...Now what we should do is allow the oil companies to "drill.. baby.. drill" and sell our natural resources to the highest bidder. We need to fix the problem not put a band-aid on it. Problem is... Republicans vs Democrats... Looser is the American people...
rpr77 Champion Author Philadelphia Posts:4,044 Points:794,985 Joined:Mar 2011	Message Posted: Feb 23, 2012 2:26:34 PM Ignore rpr77 Report Abuse ok
SOLONGCOLD Champion Author Ann Arbor Posts:1,156 Points:283,960 Joined:Nov 2010	Message Posted: Feb 23, 2012 2:24:31 PM Ignore SOLONGCOLD Report Abuse you said it !
LSU_TIGERS_dmb Champion Author Louisiana Posts:1,720 Points:644,165 Joined:May 2011	Message Posted: Feb 23, 2012 2:24:23 PM Ignore LSU_TIGERS_dmb Report Abuse Of course the do since it's their fault gas is so high. Hurry up nov
singlemom27 Champion Author Ventura Posts:3,248 Points:666,910 Joined:Apr 2011	Message Posted: Feb 23, 2012 2:23:58 PM Ignore singlemom27 Report Abuse take oil off the exchanges and we won't see these wild price swings and unsubstantiated increases.
MVP1 Champion Author New York Posts:1,457 Points:1,539,245 Joined:Apr 2006	Message Posted: Feb 23, 2012 2:23:53 PM Ignore MVP1 Report Abuse Stupidity at it's finest... the crisis might be that they are up for re-election.
3912 All-Star Author Virginia Beach Posts:599 Points:127,080 Joined:Aug 2009	Message Posted: Feb 23, 2012 2:22:50 PM Ignore 3912 Report Abuse Here's a novel idea...TAP THE OIL THAT'S IN THE GROUND!!! Just sayin' :)
bell05 Champion Author Atlanta Posts:9,401 Points:1,902,585 Joined:Jun 2005	Message Posted: Feb 23, 2012 2:21:49 PM Ignore bell05 Report Abuse You got that right INBwana and Skunk63. What good is one low day and it is back up the next?
Skunk63 Champion Author Phoenix Posts:2,687 Points:585,000 Joined:Oct 2011	Message Posted: Feb 23, 2012 2:19:58 PM Ignore Skunk63 Report Abuse The point of that reserve is basically to serve as emergency supply during a time of war. I don't think this really qualifies as an emergency.
boatcrazyinme Champion Author Maine Posts:1,925 Points:552,860 Joined:Apr 2010	Message Posted: Feb 23, 2012 2:17:28 PM Ignore boatcrazyinme Report Abuse we need lower prices.
2011dmax2500hd Rookie Author North Carolina Posts:15 Points:73,690 Joined:Feb 2012	Message Posted: Feb 23, 2012 2:17:05 PM Ignore 2011dmax2500hd Report Abuse why we will just have to fill it back up later
BigBillMI All-Star Author Detroit Posts:616 Points:248,930 Joined:Feb 2012	Message Posted: Feb 23, 2012 2:16:01 PM Ignore BigBillMI Report Abuse blah blah .....
gasman50 Champion Author Portland Posts:8,978 Points:2,436,190 Joined:Nov 2005	Message Posted: Feb 23, 2012 2:15:47 PM Ignore gasman50 Report Abuse What a dumb idea
humblepie Champion Author Toledo Posts:35,292 Points:2,398,095 Joined:Mar 2006	Message Posted: Feb 23, 2012 2:15:39 PM Ignore humblepie Report Abuse more foolishness, omg 2012............
Fhuang66 Champion Author Cleveland Posts:1,376 Points:936,840 Joined:Oct 2005	Message Posted: Feb 23, 2012 2:15:25 PM Ignore Fhuang66 Report Abuse Sure, sale for a profit for the US government. not just the oil company can make money.
DRJ Champion Author Columbus Posts:6,194 Points:1,217,680 Joined:Jul 2004	Message Posted: Feb 23, 2012 2:13:55 PM Ignore DRJ Report Abuse Or you could....I dunnno....MAYBE APPROVE THE KEYSTONE PIPELINE!!!!!!!!!!!
bigoilscamsus Champion Author Lansing Posts:1,058 Points:48,265 Joined:Nov 2011	Message Posted: Feb 23, 2012 2:13:46 PM Ignore bigoilscamsus Report Abuse Protest high gas prices!! Picket the 15 highest priced gas stations in your area!! Join the gas price protest at the WALK ON WASHINGTON and at all the other State Capitals on Friday June 1st , 2012!! Bring your gas price protest signs and show Big Oil what you think of the obscene profits that Big Oil has been making at the American consumers expense!!!
h2ojumper Champion Author Austin Posts:2,695 Points:734,135 Joined:Feb 2011	Message Posted: Feb 23, 2012 2:13:43 PM Ignore h2ojumper Report Abuse ok
gatekeepertwo Veteran Author Wilmington Posts:389 Points:187,120 Joined:Mar 2011	Message Posted: Feb 23, 2012 2:13:36 PM Ignore gatekeepertwo Report Abuse can anyone remember that President Nixon froze prices at the pump? Why can't we do that again?
big_mac64 Champion Author Tennessee Posts:10,600 Points:1,490,130 Joined:May 2005	Message Posted: Feb 23, 2012 2:06:51 PM Ignore big_mac64 Report Abuse ok
Yankee829 Champion Author Dallas Posts:2,344 Points:586,315 Joined:Sep 2010	Message Posted: Feb 23, 2012 2:06:11 PM Ignore Yankee829 Report Abuse Hype and more hype
4TIGERDOG Sophomore Author Phoenix Posts:238 Points:319,685 Joined:Feb 2011	Message Posted: Feb 23, 2012 2:05:54 PM Ignore 4TIGERDOG Report Abuse GET EM OUT
gils Champion Author Ohio Posts:1,711 Points:646,975 Joined:Feb 2011	Message Posted: Feb 23, 2012 2:05:06 PM Ignore gils Report Abuse Why? get rid of the spectulators who are causing this.
BurntOrange Champion Author Austin Posts:8,875 Points:1,609,740 Joined:Nov 2007	Message Posted: Feb 23, 2012 2:04:17 PM Ignore BurntOrange Report Abuse Remain calm. 3 members of Congress, in an election year, wrote a letter to the president. There are no plans, or even serious suggestions, to release oil from the strategic reserve. This is political theater.
INBwana Champion Author Indiana Posts:5,702 Points:722,710 Joined:Apr 2011	Message Posted: Feb 23, 2012 2:03:36 PM Ignore INBwana Report Abuse This is not the solution. It will only be a temporary day 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!
MG_Sputnik Champion Author Philadelphia Posts:7,432 Points:1,986,680 Joined:Apr 2006	Message Posted: Feb 23, 2012 2:02:47 PM Ignore MG_Sputnik Report Abuse That won't do a damn thing. We have too much oil. That's why we're exporting it. Supply and demand DO NOT affect prices anymore.
Cuzilla Champion Author Indianapolis Posts:12,265 Points:2,364,310 Joined:Sep 2005	Message Posted: Feb 23, 2012 2:01:18 PM Ignore Cuzilla Report Abuse I thought the reserve was supposed to be used for EMERGENCIES, not for Obama's political machinations to get re-elected!
30mpg80 Champion Author Lexington Posts:10,260 Points:1,513,605 Joined:Nov 2008	Message Posted: Feb 23, 2012 1:59:57 PM Ignore 30mpg80 Report Abuse Not now! We have price discomfort, not a supply emergency.
Bill68Prius Champion Author Maryland Posts:9,548 Points:1,763,635 Joined:Jan 2008	Message Posted: Feb 23, 2012 1:57:05 PM Ignore Bill68Prius Report Abuse No don't do it. The last time USA used strategic oil reserve prices went up. Learn from our history. [Edited by: Bill68Prius at 2/23/2012 2:57:43 PM EST]
BurntOrange Champion Author Austin Posts:8,875 Points:1,609,740 Joined:Nov 2007	Message Posted: Feb 23, 2012 1:56:04 PM Ignore BurntOrange Report Abuse NHlivefree wrote: "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." -------------------- 1) The US imports about 1/2 the crude we use. There are no plans to export crude. 2) It would be impractical to export crude (or refined products--which is what will actually be exported) to China from the Texas Gulf coast. Grab a world map and take a look. 3) Although a fraction of the products refined from the Alberta oil would be exported, there are no plans to export 100% of the refined products. Refining oil results in a number of different products. Breakdown of products refined from a barrel of oil Since the US tends to favor gasoline for transportation, we export more diesel and other refined products than gasoline, even though gasoline makes up about half of the refined product derived from crude. Latest Government report on US imports and exports of oil and refined products.
NuffSed Rookie Author California Posts:1 Points:170 Joined:Feb 2012	Message Posted: Feb 23, 2012 1:55:50 PM Ignore NuffSed Report Abuse Democrats/Republicans or whatever, the Strategic Petroleum Reserve was never set up to reduce gas costs, it is intended to be used in the event of a National emergency such as severe curtailment of our crude oil imports originating external to the US. Use it now and be sorry when those who don't like us either cut back on what they will allow us to have or REALLY raise prices on international crude. We are vulnerable and have no position to bargain now, without the Reserve our goose is cooked. If I didn't like this country, I would love to see the US "WASTE" the Reserve. And, wouldn't it be great if those who theoretically "REPRESENT" us had the intelligence to make good decisions? I never cease to be astounded by the stupidity or the calculated damaging things politicians will do for a vote.
snakebitef22 Veteran Author Corpus Christi Posts:456 Points:32,450 Joined:Mar 2009	Message Posted: Feb 23, 2012 1:55:14 PM Ignore snakebitef22 Report Abuse Obama just regulate the price they did it in the 70 and gas drop like a rock.....YOU CAN DO IT ....
Alaydown Champion Author Los Angeles Posts:5,249 Points:846,840 Joined:May 2007	Message Posted: Feb 23, 2012 1:55:01 PM 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:2,623 Points:1,743,830 Joined:Mar 2005	Message Posted: Feb 23, 2012 1:53:02 PM 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.