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Dipping into US Strategic Oil Reserves: A Speculator's Bonanza

OilPrice.com -- The White House is keeping the rumor-mill afloat with hints that it may draw from US strategic oil and petroleum reserves, watching the market respond on the speculation with a slight fall in oil prices, but this is just a testing of the waters.

America has a 696-million barrel Strategic Petroleum Reserve stored away in underground salt caverns in two US states, Texas and Louisiana, in the event of an energy supply emergency. It may sound like a lot, but when you consider that the US imports over 300 million barrels of oil and petroleum products monthly, the buried reserves are meager.

So when mainstream media starts reporting about “anonymous White House sources” hinting that President Obama is considering releasing oil from the reserve, you have to wonder why.

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Submitted Aug 27, 2012 By: NOTSOGRN
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Dipping into US Strategic Oil Reserves: A Speculator's Bonanza Post a Reply Back to Topics
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Hobby001
Champion Author Michigan

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Message Posted: Aug 29, 2012 7:08:46 AM
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Clinton, who drained a lot of oil from the SPR to reduce his deficit, probably suggested it to Obama as a way to buy votes.
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roadrunnin
Champion Author Richmond

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Message Posted: Aug 29, 2012 6:16:03 AM
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exactly the reason NOT to go into the reserves, unless the oil released will be kept here.
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sparky808
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Thank you for posting.
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Agarre
Champion Author Richmond

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Okie
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mule38
All-Star Author North Carolina

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Message Posted: Aug 28, 2012 8:15:06 AM
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Politics and nothing more than how can we make a profit under the guise of helping the poor voters. smoke and mirrors. Not an emergency.
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me2too4c
Veteran Author New York

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Message Posted: Aug 28, 2012 7:41:48 AM
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price will still go up because this oil wont be in the pipeline to offset the higher priced paid for the other oil. Big Oil has more reason to raise the price. Heck a bet you if a person in congress passes gas and the Big Oil companies smelt it they would raise the price lol

[Edited by: me2too4c at 8/28/2012 10:43:44 AM EST]
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10k
Champion Author North Carolina

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Message Posted: Aug 27, 2012 10:16:25 PM
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nobama needs to go on an overseas vacation for 5-6 years, or even the rest of his lifetime, and leave the united states to those of us who care about her..
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TIGERPAW46
Champion Author Florida

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Message Posted: Aug 27, 2012 9:30:23 PM
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This leadership has done too much hinting at this or that. One of their strategies for solving the recession was to keep saying the economy was improving so that people would believe & spend more thereby improving the economy. The population may be deceived sometimes but not all the time.
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jrsva
Champion Author Virginia

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Message Posted: Aug 27, 2012 9:10:47 PM
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The SPR is for emergencies. We are not in an emergency situation at this time.
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menagerie1013
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Message Posted: Aug 27, 2012 9:09:57 PM
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Because tapping into the reserves helped so much last time.
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mgune9
All-Star Author Dallas

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Message Posted: Aug 27, 2012 9:05:24 PM
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stay out of the "reserves" -- this is not a good idea
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SteelPenny
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Message Posted: Aug 27, 2012 9:05:17 PM
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Drill here - Drill now
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Toppers
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Dislike
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rahcat
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Blah....blah....blah....blah!
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SavALot
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Message Posted: Aug 27, 2012 9:04:00 PM
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Strategic in a sense that they are in reserve only for certain conditions
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tnfran
Champion Author Arizona

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Message Posted: Aug 27, 2012 9:03:53 PM
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Yes again -- speculators dream.
Still not the right thing to do.

[Edited by: tnfran at 8/28/2012 12:04:42 AM EST]
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alaric76
Champion Author New Jersey

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Message Posted: Aug 27, 2012 9:03:19 PM
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it is a stupid move. This is not an emergency.
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regout
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Message Posted: Aug 27, 2012 9:02:44 PM
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Oh yes...
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rippinusoff
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politics
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Ticoman54
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Message Posted: Aug 27, 2012 8:58:46 PM
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Sadly, Obama's only answer. I can't wait for November!!!
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ron98146
Champion Author Seattle

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Message Posted: Aug 27, 2012 8:56:09 PM
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we need to tap our reserves underground. drill now.
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Jeeputtputt
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Message Posted: Aug 27, 2012 8:55:58 PM
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same old.......
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cokezero
All-Star Author Philadelphia

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Message Posted: Aug 27, 2012 8:49:56 PM
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ok
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pgerassi
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OK
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LucsPapa
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Message Posted: Aug 27, 2012 8:40:33 PM
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Down with the speculators!!!
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1970vette
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Message Posted: Aug 27, 2012 8:38:20 PM
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but of course
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mstearno
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Message Posted: Aug 27, 2012 8:36:22 PM
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another dumb Nobama idea
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Blue48
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Message Posted: Aug 27, 2012 8:36:16 PM
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WHY...IT'S AN ELECTION YEAR!
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Darwin00
All-Star Author Mississippi

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Message Posted: Aug 27, 2012 8:35:35 PM
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Speculation.
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jbrad4
All-Star Author Dallas

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Message Posted: Aug 27, 2012 8:34:02 PM
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Yeah it's political, but it will help keep the cost of gas down for a little while.
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rjoeh
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Message Posted: Aug 27, 2012 8:33:47 PM
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Its the real oil reseerves that Obama and the EPA are not letting America tap into that is really keeping oil prices up and as noted in the article... the reserve is just a drop in the bucket of what we really use and need.
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mcmonsta
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Message Posted: Aug 27, 2012 8:32:53 PM
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the speculators don't really care
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abacus44
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Message Posted: Aug 27, 2012 8:32:43 PM
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Purely aq political move so of course it will be done.
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kcboy
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Need to get rid of speculators.
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gasaholicNC
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Election Day's approahing......Time To Lower Gas Prices....
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wcp3rd
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ok
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RevDrCBJ
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Message Posted: Aug 27, 2012 8:16:03 PM
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Isn't that like breaking the piggy bank?
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wayoung56
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Maybe the government needs to regulate prices, they seem to be able to do anything they want these days...
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WIPACKERFAN
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THanks Mr Obama for helping the speculators.
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chillyman3
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Message Posted: Aug 27, 2012 8:12:37 PM
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so what happen to the surplus in May June and July?
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serrog
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Message Posted: Aug 27, 2012 8:10:18 PM
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greed
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jwalkerh
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Message Posted: Aug 27, 2012 8:06:43 PM
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This may get worst with the approaching storm...
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paisho6
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ok
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Lukus
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Change the rules on the spectulators.
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unicornIL
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sure they will
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bonzoonfmb
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Message Posted: Aug 27, 2012 8:01:13 PM
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Don't touch the US strategic oil and petroleum reserves - there is plenty of supply.

Making available some of the reserves would temporarily lower prices but would ultimately make prices less stable because of speculation and the chance of more draw-downs of the reserve.
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seahawks
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we need a change in 2012!!!
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rf6480
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it's scarey but Obama is possibly the lesser of 2 evils. Hopefully we'll still have another choice after tomorrow.
Go Ron Paul
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us4usa
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Looking for votes???
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mobil1MN
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for sure
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