60 Million barrels of gas to be released (Full Version)

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tazzygirl -> 60 Million barrels of gas to be released (6/26/2011 1:31:17 AM)

30 Million into the US market. Already this has driven crude gas prices to 91 dollars a barrel.

Good or bad decision?

http://articles.latimes.com/2011/jun/23/news/sc-dc-0624-obama-oil-release-20110623




Hippiekinkster -> RE: 60 Million gallons of gas to be released (6/26/2011 1:36:03 AM)


quote:

ORIGINAL: tazzygirl

30 Million into the US market. Already this has driven crude gas prices to 91 dollars a barrel.

Good or bad decision?

http://articles.latimes.com/2011/jun/23/news/sc-dc-0624-obama-oil-release-20110623
So about 1.45 days worth. Maybe this will shut the innumerate far-rightards up for, oh, about 1.45 days.




tazzygirl -> RE: 60 Million gallons of gas to be released (6/26/2011 1:40:38 AM)

I think they are basing that amount on this...

Fighting in Libya has caused a loss of about 1.5 million barrels of oil per day from global markets, according to the Energy Department. Despite the absence of Libyan oil, there is no shortage of oil in the world. But nervousness about unrest spreading to other Arab oil producers, speculative investment in the oil markets and the revival of the Chinese and Indian economies have pushed crude prices to painful levels.




luckydawg -> RE: 60 Million gallons of gas to be released (6/26/2011 5:23:02 AM)

This is a standard Democrat policy. Clinton dumped oil from the STRATEGIC reseres before his re-election and Gores failed bid.

Most conservatives think we should be PRODUCING more domestic oil (lowering both the price and improving our ballance of trade).


This is just vote buying.


Bush had to replace all the oil in the reserve after Clinton Gore drained it to buy votes.


Its wrong.

Though It does show that supply does have something to do with the price, which has been denied so many times by the left on here, it isn't even funny...






EternalHoH -> RE: 60 Million gallons of gas to be released (6/26/2011 5:25:25 AM)

I did cause the speculators in the futures markets (the people more responsible for high prices than Libya) to run for the exits, tho.




pahunkboy -> RE: 60 Million gallons of gas to be released (6/26/2011 5:48:59 AM)

My uneasiness with this- is what happens if there is a true emergency?


How many days of oil is that BTW?




OrionTheWolf -> RE: 60 Million barrels of gas to be released (6/26/2011 6:45:35 AM)

Personally I think it is a bad idea. We already have surplus oil, even with the Libyan amount being disrupted. Oil prices were already starting to drop, when the speculation of shortages was wrong yet again. Kuwait and SA have already said they will increase production, so that more than makes up for any interuption the Libyan issue may cause. We will need to replace that oil at some point, and likely at a higher price than we originally paid for it, even including any mark up made.

It really seems like more political theater, that we the citizens accept by either supporting those that use these stunts, or defending their actions.

Just more distractions.




Louve00 -> RE: 60 Million gallons of gas to be released (6/26/2011 7:12:25 AM)

The U.S. has 3% of the world's oil supply and as a nation we consume more than 20% of the world supply. We could drill every drop of oil within our borders and we will still be dependent on foreign oil. That's a fact of geology, not politics. No one would love to see us continue to chase every drop of domestic oil as long as possible than Saudi Arabia and other OPEC nations. They know it just strengthens and lengthens our addiction and we're playing right into their hands.

Face it folks, we need to get the oil monkey off our backs.  We can say how "forever" that will take us to do that, but if we did way back when that notion was introduced to us a decade ago, think how much less dependent on oil we would be today. 

I'm dead set against off-shore drilling until we do the proper R&D to know what we're doing, but drilling at all isn't going to satisfy our energy needs.  We need to think of other options.  Releasing a pittance of our reserves doesn't bring us very far or helps our problem.  It could have been a political move, and it could have been a ploy to get the consumers to open their purse strings for the summer.  Has anyone ever checked out what the Netherlands depend on for energy?

http://www.bergermeergasstorage.com/gasopslag_bergermeer/whygasstorage

http://english.minlnv.nl/txmpub/files/?p_file_id=2200989

Not once is the word oil mentioned in either of these links.  In the second link though, they do mention nuclear energy.  Since we are a nation of shortcuts and cow-towing to the rich and the huge corporations, we may not be able to be trusted with nuclear energy.  But we need to investigate our alternatives and think outside of the box a bit.  Instead of constantly defaulting to what we know isn't going to serve our purpose they way we need it served.




tazzygirl -> RE: 60 Million gallons of gas to be released (6/26/2011 7:52:21 AM)


quote:

ORIGINAL: luckydawg

This is a standard Democrat policy. Clinton dumped oil from the STRATEGIC reseres before his re-election and Gores failed bid.

Most conservatives think we should be PRODUCING more domestic oil (lowering both the price and improving our ballance of trade).


This is just vote buying.


Bush had to replace all the oil in the reserve after Clinton Gore drained it to buy votes.


Its wrong.

Though It does show that supply does have something to do with the price, which has been denied so many times by the left on here, it isn't even funny...





I never denied it.

And I agree, those damn Democrats... they should not have tapped the reserve in 2005.




tazzygirl -> RE: 60 Million barrels of gas to be released (6/26/2011 7:54:25 AM)

Im curious as to why we have 700 Million barrels in reserve.




Hillwilliam -> RE: 60 Million gallons of gas to be released (6/26/2011 7:57:05 AM)

Serious question.

The reserve is a cold war relic intended to keep the military functioning for WWIII with the old USSR. What purpose does it really serve today?

I mean, is this move worse than when Dubya actually BOUGHT oil on the open market as it was already reaching record highs driving the price up more? That move made me honestly wonder how much money he was making for his buddies in the AWWWWWWWWWL BIDNESS back in TX.




mnottertail -> RE: 60 Million gallons of gas to be released (6/26/2011 7:58:39 AM)

Bush I released strategic reserve after desert storm.
Bush II released strategig reserve after Katrina.

The hue and cry, deafening.




OrionTheWolf -> RE: 60 Million gallons of gas to be released (6/26/2011 8:02:26 AM)

What were the reasons for tapping it in 2005 again? I recall our problems then were from refineries being shut down, along with oil production in the Gulf of Mexico being stopped. If I remember correctly, it was the refinery issues that caused a reduction in gasoline. I suppose that was just a political move to give people a "feel good" that the government was actually doing something.

Those damn politicians, and us sheep that follow them ;)




mnottertail -> RE: 60 Million gallons of gas to be released (6/26/2011 8:03:35 AM)

Hurricane Katrina.




OrionTheWolf -> RE: 60 Million barrels of gas to be released (6/26/2011 8:10:39 AM)

That is actually about 300 million short of what the Energy Policy and Conservation Act calls for. The reason is a preventive measure to stop disruption in oil consumption. The problem again is in the area of refining. How much we have or release will always be limited by our refining capacity.


quote:

ORIGINAL: tazzygirl

Im curious as to why we have 700 Million barrels in reserve.





OrionTheWolf -> RE: 60 Million gallons of gas to be released (6/26/2011 8:11:48 AM)

Thats right, I just decided to be lazy and ask instead of look it up. Thanks Ron.


quote:

ORIGINAL: mnottertail

Hurricane Katrina.





tazzygirl -> RE: 60 Million gallons of gas to be released (6/26/2011 8:12:41 AM)

And Clinton had Hurricane Ivan.




mnottertail -> RE: 60 Million gallons of gas to be released (6/26/2011 8:57:23 AM)

Actually the strategic petroleum reserve was a Jerry Ford deal about '74-'75. 

It would seem a strategic move being good for America, strategic doesnt always mean war or natural disaster, or end of the world) to depress gas prices in the sluggish economy and dampen usurous speculation.   Now maybe he can hit the commodities guys a little.

After all the gas and food is far and away the big costs not helping us back to recovery.




mnottertail -> RE: 60 Million gallons of gas to be released (6/26/2011 8:59:43 AM)

quote:

ORIGINAL: OrionTheWolf

Thats right, I just decided to be lazy and ask instead of look it up. Thanks Ron.


quote:

ORIGINAL: mnottertail

Hurricane Katrina.




Tal Orion,

LOL.  Talk about lazy....I pwn lazy.  I just happened to know it off the top of my head, or you would still be waiting...in fact, I almost didn't type it. But I got this surge of .... never mind, its gone now....

Hup 




ThatDaveGuy69 -> RE: 60 Million gallons of gas to be released (6/26/2011 9:04:49 AM)

I do not feel this was done to buy votes - it is too long before the next election and oil prices will rise & fall several times before then.

I think it was done to get some of the oil speculators out of the market - they are the ones who have been driving the price of oil up through the roof. The political aspect is because the Cons won't pass any meassure that would help the American public while Obama is in office. There are several steps that could be taken by Congress to stop these price run-ups but non will ever see the light of day so long as we're trapped in this gridlock.




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