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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.


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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
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LetemEatCake
Champion Author Oklahoma City

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Message Posted: Aug 18, 2012 9:44:50 PM


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

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Message Posted: Aug 17, 2012 1:40:23 PM

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

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Message Posted: Aug 17, 2012 12:42:01 PM

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

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Message Posted: Aug 17, 2012 9:51:55 AM

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

Posts:10,357
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Message Posted: Aug 17, 2012 9:47:38 AM

What a waste.
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leemun
Champion Author Utah

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Message Posted: Aug 17, 2012 9:41:44 AM

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

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Message Posted: Aug 17, 2012 9:25:00 AM

Pure politics.
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bobsalwaysmt
Champion Author Long Island

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Message Posted: Aug 17, 2012 8:53:23 AM

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

Fire Obama!

Recall Congress!!
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BudsterMO
Champion Author Kansas City

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Message Posted: Aug 17, 2012 8:24:29 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".
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F81M
Champion Author Indiana

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Message Posted: Aug 17, 2012 8:16:13 AM

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

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Message Posted: Aug 17, 2012 8:02:03 AM

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

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Message Posted: Aug 17, 2012 7:59:53 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.
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TAT36
Champion Author Florida

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Message Posted: Aug 17, 2012 7:57:27 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.
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PathTrack
Champion Author Twin Cities

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Message Posted: Aug 17, 2012 7:53:42 AM

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

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Message Posted: Aug 17, 2012 7:53:01 AM

how about releasing oil from our ground
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Fitwit
Champion Author Stockton

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Message Posted: Aug 17, 2012 7:51:22 AM

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

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Message Posted: Aug 17, 2012 7:50:33 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.
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hauler43
Champion Author Oakland

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Message Posted: Aug 17, 2012 7:48:14 AM

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

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Message Posted: Aug 17, 2012 7:47:42 AM

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

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Message Posted: Aug 17, 2012 7:47:15 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.
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Gasazhunter
Champion Author Phoenix

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Message Posted: Aug 17, 2012 7:47:03 AM

Do it.
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waterwerks
Veteran Author New Mexico

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Message Posted: Aug 17, 2012 7:45:42 AM

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

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Message Posted: Aug 17, 2012 7:45:13 AM

True porotito.
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Diesel_Ram
Champion Author Dallas

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Message Posted: Aug 17, 2012 7:44:40 AM

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

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Message Posted: Aug 17, 2012 7:44:25 AM

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

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Message Posted: Aug 17, 2012 7:44:02 AM

Band aid for an amputation.
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N4PIP
Champion Author Miami

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Message Posted: Aug 17, 2012 7:43:59 AM

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

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Message Posted: Aug 17, 2012 7:42:30 AM

Will the price go down, NO
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pa79th
Champion Author Pennsylvania

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Message Posted: Aug 17, 2012 7:41:57 AM

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

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Message Posted: Aug 17, 2012 7:40:19 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.
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darraghON
Sophomore Author Ontario

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Message Posted: Aug 17, 2012 7:39:54 AM

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

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Message Posted: Aug 17, 2012 7:39:00 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!
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naw62
Champion Author Maine

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Message Posted: Aug 17, 2012 7:38:55 AM

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

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Message Posted: Aug 17, 2012 7:38:42 AM

Political ploy.
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cj003
Champion Author Michigan

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Message Posted: Aug 17, 2012 7:38:22 AM

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

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Message Posted: Aug 17, 2012 7:37:57 AM

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

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Message Posted: Aug 17, 2012 7:37:31 AM

Buying votes is not a reason to release any SPR.



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

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Message Posted: Aug 17, 2012 7:37:31 AM

This won't buy my vote for you Obama.
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BANZAI56
Rookie Author Columbus

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Message Posted: Aug 17, 2012 7:37:20 AM

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

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Message Posted: Aug 17, 2012 7:36:44 AM

Right. Another lame attempt by Obama to buy votes.

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

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Message Posted: Aug 17, 2012 7:36:05 AM

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

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Message Posted: Aug 17, 2012 7:35:42 AM

oh
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toneOH
All-Star Author Ohio

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Message Posted: Aug 17, 2012 7:35:37 AM

ok
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donny47
Champion Author New Hampshire

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Message Posted: Aug 17, 2012 7:35:02 AM

leave reserve alone!
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keo
Champion Author Colorado

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Message Posted: Aug 17, 2012 7:34:37 AM

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

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Message Posted: Aug 17, 2012 7:33:06 AM

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

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Message Posted: Aug 17, 2012 7:32:45 AM

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

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Message Posted: Aug 17, 2012 7:32:20 AM

ok
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chyguy3
Champion Author Wyoming

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Message Posted: Aug 17, 2012 7:31:55 AM

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

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Message Posted: Aug 17, 2012 7:31:35 AM

Wow Obama, just in time to buy more votes!
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