White House considers tapping oil reserves

[lostinblue 1,989]

WASHINGTON (Reuters) – White House Chief of Staff Bill Daley said on Sunday the Obama administration is considering tapping into the U.S. strategic oil reserve as one way to help ease soaring oil prices.

Speaking on NBC television's "Meet the Press," Daley said: "We are looking at the options. The issue of the reserves is one we are considering. ... All matters have to be on the table."

There has been support among Senate Democrats for tapping the reserves. Senator Jay Rockefeller on Thursday became the third Democrat to ask President Barack Obama to tap America's emergency oil supply to cool prices that have risen past $100 a barrel on the strife in Libya.

In a letter to Obama, Rockefeller said a "limited draw-down" from the nation's 727-million-barrel Strategic Petroleum Reserve "can protect our national security by preventing or reducing the adverse impact of an oil shortage."

On Wednesday, U.S. Energy Secretary Steven Chu ruled out releasing oil from the reserve, saying ramped up oil production in Saudi Arabia should lower the crude price.

"That's going to mitigate the price increase," he told reporters on Wednesday. "We're hoping market forces will take care of this."

Treasury Secretary Timothy Geithner said on Thursday the United States and other major economies could tap strategic reserves to keep oil prices from derailing a global recovery.

Geithner said high food and oil prices were causing hardships in many parts of the world. But he said Americans were feeling less impact.

http://news.yahoo.com/s/nm/20110306/ts_nm/us_usa_energy_reserves_3

(Reporting by Jackie Frank; Editing by Eric Beech)

We need to open up drilling in this country.

[Gary and Alla 3,694]

Why not just announce new drilling opportunities in the Gulf?

[peejay 327]

I thought the Strategic Oil Reserve was for emergencies? Where is the emergency?

[Mr. Big Dog 10,747]

Why not just announce new drilling opportunities in the Gulf?

Why drill? There are millions of barrels of oil still floating in it.

I thought the Strategic Oil Reserve was for emergencies? Where is the emergency?

My thoughts exactly. $100/barrel oil is hardly an emergency.

[lostinblue 1,989]

[mawilson 2,133]

My thoughts exactly. $100/barrel oil is hardly an emergency.

Can't have any pain, God forbid. Why not borrow another trillion dollars to ease the pain?

[Gary and Alla 3,694]

Why drill? There are millions of barrels of oil still floating in it.

My thoughts exactly. $100/barrel oil is hardly an emergency.

Why drill indeed. It wouldn't be necessary to actually drill, just SAY you will allow drilling.

Funny that NOW it is not an "emergency" but in 2006 when the oil was far less expensive and gas was $2+ per gallon it WAS an emergency requiring the election od Democrats to "fix it" Now? So what?

The wars were an emergency before Obama was elected. What ever happened to the war protests? The daily body counts? Why is Gitmo still open?

Oh well. At least we fixed global warming by electing Republicans to defund it and allowing Obama's environmental Czar to just quit and not be replaced.

[Obama 2012 1,714]

Why drill indeed. It wouldn't be necessary to actually drill, just SAY you will allow drilling.

Funny that NOW it is not an "emergency" but in 2006 when the oil was far less expensive and gas was $2+ per gallon it WAS an emergency requiring the election od Democrats to "fix it" Now? So what?

The wars were an emergency before Obama was elected. What ever happened to the war protests? The daily body counts? Why is Gitmo still open?

Oh well. At least we fixed global warming by electing Republicans to defund it and allowing Obama's environmental Czar to just quit and not be replaced.

Since the left made such a big deal out of the "Phony Soldiers" comment by Rush Limbaugh, it would be fitting in your context above to say that all we really have these days is "Phony Liberals!"

[Bad_Daddy 2,209]

LOL @ the White House.

Prudhoe Bay has more wells capped off than is being pumped. The only time there is a shortage of oil is when the oil company's want it that way.

When oil dropped below $30 a barrel a few years back, the Prudhoe Bay (BP) and Kaparuk (Conoco Phillips) oil fields up on Alaska's North Slope started shutting down wells and laying off workers faster than you can say "hose me"

Edited March 7, 2011 by Why_Me