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(Reuters)   US plans release of oil from the Strategic Election Reserves   (reuters.com) divider line 77
    More: Silly, United States, Strategic Petroleum Reserve, International Energy Agency, economic recovery, South Sudan, Brent Crude, Energy Secretary Steven Chu, strategic reserve  
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1631 clicks; posted to Politics » on 15 Mar 2012 at 5:42 PM (3 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-03-15 02:09:41 PM  
Good.
 
2012-03-15 02:14:54 PM  
...but if you think that means the Petroleum industry and their wholly-owned political party will allow that to drop the price of gas you're crazy.
 
2012-03-15 02:15:36 PM  
This will work just like the last time it was tried by the past three presidents. Temporary relief, followed by a prolonged bump in prices, followed by more whining and claims of political hackery.

But in the meantime, I'm buying up barrels of gasoline.
 
2012-03-15 02:16:41 PM  
Yes, because the prices are due to oil supply, which is low considering we ceased all drilling in this country under Obama's watch.
 
2012-03-15 02:17:03 PM  
This is a stupid move IMHO.
 
2012-03-15 02:18:51 PM  
Limbaugh today: "This won't do anything! It's a myth that there's no oil! The US is EXPORTING gasoline!"

Ok... What is extra drilling going to accomplish then?
 
2012-03-15 02:19:19 PM  

mrshowrules: This is a stupid move IMHO.


I agree. And if the Koch's have their way, it will do nothing.
 
2012-03-15 02:31:33 PM  

impaler: Limbaugh today: "This won't do anything! It's a myth that there's no oil! The US is EXPORTING gasoline!"

Ok... What is extra drilling going to accomplish then?


Or extra refinery capacity. Or Keystone, or...
 
2012-03-15 02:39:20 PM  

Quasar: Yes, because the prices are due to oil supply, which is low considering we ceased all drilling in this country under Obama's watch.


not sure if serious.. but if you are

WRONG: Domestic production is up sharply since he took office (new window)
 
2012-03-15 02:42:34 PM  
republicans: WHY ISNT THE PRESIDENT DOING SOMETHING ABOUT HIGH GAS PRICES

president does something about high gas prices.

republicans: ZOMG!!! ELECTION-YEAR STUNT!!!!
 
2012-03-15 02:45:55 PM  

Kazan: not sure if serious


Not remotely.
 
2012-03-15 02:48:40 PM  
This means Jimmy Carter is president again, Nancy Pelosi is the new centerfold for Playboy.
 
2012-03-15 03:10:27 PM  
I don't see the big deal. Rush just said that we have a 200-year supply of oil under the United States.

//No, really. He said that.
 
2012-03-15 03:19:36 PM  

jehovahs witness protection: Nancy Pelosi is the new centerfold for Playboy


Gaaah!
Mind bleach!
 
2012-03-15 03:23:59 PM  

jehovahs witness protection: This means Jimmy Carter is president again, Nancy Pelosi is the new centerfold for Playboy.


I don't demonize Pelosi, but that mental image is just nasty
 
2012-03-15 03:27:33 PM  

MaudlinMutantMollusk: jehovahs witness protection: This means Jimmy Carter is president again, Nancy Pelosi is the new centerfold for Playboy.

I don't demonize Pelosi, but that mental image is just nasty


I have a theory that she was a real hottie in her prime.
 
2012-03-15 03:30:38 PM  

mrshowrules: I have a theory that she was a real hottie in her prime.


Quick result from GIS:

chicksontheright.com

No hate like liberal hate? Amirite?
 
2012-03-15 03:46:47 PM  

gimmegimme: I don't see the big deal. Rush just said that we have a 200-year supply of oil under the United States.

//No, really. He said that.


Yeah, about that (new window):

At current consumption rates in America, the entire SPR could be emptied out in 36 days or less.
 
2012-03-15 03:59:21 PM  

Carney said reports on U.S-Brit deal on petroleum reserves are "wrong and false." Said no such deal reached, or timetable on any move

- Darren Goode (@DarrenGoode) March 15, 2012
 
2012-03-15 04:02:20 PM  

impaler: mrshowrules: I have a theory that she was a real hottie in her prime.

Quick result from GIS:

[chicksontheright.com image 490x656]

No hate like liberal hate? Amirite?


I'd hit it. The only strong women Conservative's like, are strong women who know their place.
 
2012-03-15 04:12:18 PM  

unlikely: ...but if you think that means the Petroleum industry and their wholly-owned political party will allow that to drop the price of gas you're crazy.


I wouldn't be too surprised if they used to as an excuse to raise the price of gas.

/by the way, thanks for the month of TF
 
2012-03-15 04:39:54 PM  
I'm not suprised
Repost from 03-05-2012
US oil prices climb as Iran tension grows
Global oil prices have risen with US President Barack Obama saying a military strike against Iran is not ruled out.

Obama's day: Meeting Netanyahu
This morning, Obama meets with Israel Prime Minister Benjamin Netanyahu, and will urge him to forgo a preemptive attack against Iran's nuclear facilities and give sanctions more time to work.

On Sunday, Obama told a pro-Israel lobbying group that "loose talk" of war is only helping Iran by driving up oil prices, reports USA TODAY's Aamer Madhani.

Foreign Policy
When U.S. President Barack Obama enters his White House meeting with Israeli Prime Minister Benjamin Netanyahu on March 5 -- angling to dissuade Israel from attacking Iran's nuclear facilities -- there will be one seemingly mundane issue on his mind that he may be too uncomfortable to share with his guest: gasoline prices.

Will Bibi Have Barack Over a Barrel (of Oil)?
(IPS) - While Israeli leaders historically have enjoyed not insignificant influence with their U.S. counterparts, Prime Minister Benjamin "Bibi" Netanyahu will likely arrive at the White House next week with a little extra boost in his efforts to get President Barack Obama to toughen his already hard line against Iran.

----------------

Repost from Jan - Feb
January 15, 2012
You have an Obama administration who, just recently, expended a chunk of political capital on releasing oil from the strategic oil reserves to drive down prices to help boost the economy. In come the AIPAC sanctions, and Obama pleads to ease the impact of the penalties to avoid driving up oil prices. He loses. Oil prices go up over the nonsense that occurs afterwards, negatively affecting the US economy. Bonus? China Gets Cheaper Iran Oil as U.S. Pays for Hormuz Patrols. A varied group of other people, with the run up to the Iraq war fresh on their minds, arent too happy with this and with the televison media coverage. One example of this is from Robert Baer and Engel on Matthews. Baer is one of the very respected experts in the area. Another is from U.S. defense leaders that are increasingly concerned that Israel is preparing to take military action against Iran, over U.S. objections, and have stepped up contingency planning to safeguard U.S. facilities in the region in case of a conflict (fark doesn't like WSJ links, just google that sentence).

JTA
J Street has a dependable cadre of 40-50 members of the U.S. House of Representatives ready to heed its voting recommendations. Congressional insiders say J Street's green light in December for Iran sanctions nudged the bill from the super majority that traditional lobbying by the American Israel Public Affairs Committee usually turns out to officially "overwhelming": 412-12. That sent the Obama administration a clear message to hurry it on up, the insiders say.

NPR Dec 2011
The powerful pro-Israel lobby and a leading Jewish advocacy group on Wednesday endorsed tough sanctions on Iran's Central Bank as Congress wrestles with an Obama administration plea to ease the impact of the penalties to avoid driving up oil prices.

In a letter to lawmakers, the American Israel Public Affairs Committee said the sanctions would contribute to the U.S. effort to pressure Tehran economically and could dissuade Iran from pursuing a nuclear weapon. Separately, the American Jewish Committee wrote to Defense Secretary Leon Panetta backing the penalties that would target foreign financial institutions that do business with the Central Bank.

Last week, the Senate voted 100-0 for an amendment by Sens. Mark Kirk, R-Ill., and Bob Menendez, D-N.J., to add the sanctions to a broad defense bill. House and Senate negotiators are meeting this week to try to iron out the differences between their respective bills and produce a final version of the legislation for President Barack Obama's signature.


NJ Jewish News
Menendez said their opposition undermined a compromise he struck with Sen. Mark Kirk (R-Ill.) on legislation that was eventually passed in the Senate by a vote of 100-0.

The White House countered that the Kirk-Menendez amendment could actually help the Iranian economy if foreign banks resisted American unilateral efforts.

This week Menendez stood by his approach on sanctions, which he developed in consultation with the American Israel Public Affairs Committee.

More
 
2012-03-15 04:59:17 PM  

impaler: Limbaugh today: "This won't do anything! It's a myth that there's no oil! The US is EXPORTING gasoline!"


That's some hardcore cognitive dissonance going on there if you follow that claim through the entire thought process.

Impressive. Even for Limbaugh.
 
2012-03-15 05:17:57 PM  

gimmegimme: I don't see the big deal. Rush just said that we have a 200-year supply of oil under the United States.

//No, really. He said that.


Well, we do. If we cease drilling and limit production to one well.
 
2012-03-15 05:28:48 PM  
Using the SPR is a waste of time and oil, as it will do nothing to affect prices over the long term. The handful of speculators and/or the Koch brothers will simply invent more reasons to spook the market and drive the price right back up.

The only real solution is to severely handcuff or outright kill the current method of trading oil futures on the open market. One should never be allowed to place bets on what they THINK the price of a commodity will be in the future, especially when they can work the system to continually meet their guesses at every turn.
 
2012-03-15 05:29:12 PM  
so if we are exporting gasoline, um, maybe we should just ban gasoline exports?
lol

yes, I know that that wouldnt work, but would be funny and interesting
 
2012-03-15 05:41:33 PM  

namatad: so if we are exporting gasoline, um, maybe we should just ban gasoline exports?
lol

yes, I know that that wouldnt work, but would be funny and interesting


Oil companies will have none of it, especially considering that many of the oil companies drilling off our shores aren't even American firms to begin with. Forcing them to sell it here would hurt their bottom lines, as they can sell it elsewhere for a much higher margin.
 
2012-03-15 05:47:11 PM  
Releasing the oil could be viewed as a deficit reduction action. The oil was (theoretically) purchased when the oil was cheaper. Now, the US government is taking some profits off its investment. This helps the bottom line and reduces the deficit.
 
2012-03-15 05:50:09 PM  

Grand_Moff_Joseph: Using the SPR is a waste of time and oil, as it will do nothing to affect prices over the long term. The handful of speculators and/or the Koch brothers will simply invent more reasons to spook the market and drive the price right back up.

The only real solution is to severely handcuff or outright kill the current method of trading oil futures on the open market. One should never be allowed to place bets on what they THINK the price of a commodity will be in the future, especially when they can work the system to continually meet their guesses at every turn.


I disagree with part of your statement, and agree with another -

people should be allowed to buy and sell futures, its a powerful tool to allow people and companies to hedge their risk in a volatile market, and provide stability to their customers, employees and stockholders - (Southwest is a great example)

the part I agree with is that limits on leverage should be put in place so that it is not possible for such large bets to be made that it effectively skews the market and gives that party undue control over the results of that bet -
 
2012-03-15 05:55:20 PM  

Quasar: Yes, because the prices are due to oil supply, which is low considering we ceased all drilling in this country under Obama's watch.


With the fat, juicy worm skewered on his hook, he gently slides it into the cool, still waters of the thread. *shhhh* Let's watch...
 
2012-03-15 05:58:00 PM  

Grand_Moff_Joseph: namatad: so if we are exporting gasoline, um, maybe we should just ban gasoline exports?
lol

yes, I know that that wouldnt work, but would be funny and interesting

Oil companies will have none of it, especially considering that many of the oil companies drilling off our shores aren't even American firms to begin with. Forcing them to sell it here would hurt their bottom lines, as they can sell it elsewhere for a much higher margin.


Link (new window)

and yet the TARDS think that obama should do something to lower gasoline prices? bwhahahaahahha
 
2012-03-15 06:00:16 PM  

MisterBill: Releasing the oil could be viewed as a deficit reduction action. The oil was (theoretically) purchased when the oil was cheaper. Now, the US government is taking some profits off its investment. This helps the bottom line and reduces the deficit.


Is there a website that tracks the cost at release and the cost of replenishment....too lazy too google and I have to be at Tuchanka in 26 minutes.
 
2012-03-15 06:00:29 PM  
We are going over this again? It seems to happen about every 4 or 5 years anymore. It will never do much of anything but allow each side to get more press coverage.
 
2012-03-15 06:02:10 PM  

Kazan: Quasar: Yes, because the prices are due to oil supply, which is low considering we ceased all drilling in this country under Obama's watch.

not sure if serious.. but if you are

WRONG: Domestic production is up sharply since he took office (new window)


Yeah:
That is all pure BS, the exact opposite of the truth. As the Financial Times reported:
The revival of US production has been made possible by a rush of small and mid-sized companies into onshore regions such as the Bakken shale in North Dakota, the Permian Basin in west Texas and the Eagle Ford shale in south Texas.

And you know what, most of that new production is happening on non-Federal land. On one property the feds control, namely the Gulf, production is down 30+%, which is 500,000 barrels a day. So Obama can claim that production is up on his watch, but it's despite him and not because of him.
 
2012-03-15 06:16:29 PM  
I thought there was no silver bullet for high gas prices. So which is it?
 
2012-03-15 06:21:09 PM  

jjorsett: And you know what, most of that new production is happening on non-Federal land. On one property the feds control, namely the Gulf, production is down 30+%, which is 500,000 barrels a day. So Obama can claim that production is up on his watch, but it's despite him and not because of him.


So your saying the President does not have control over the price or production of oil so we can't blame him for the high prices.

Got it.
 
2012-03-15 06:27:17 PM  

jjorsett: And you know what, most of that new production is happening on non-Federal land. On one property the feds control, namely the Gulf, production is down 30+%, which is 500,000 barrels a day. So Obama can claim that production is up on his watch, but it's despite him and not because of him.


Since new post-BP standards were put into place last year the administration has approved 308 permits for deep water drilling (94 unique wells) in the Gulf and 113 permits for shallow water wells in the Gulf. We're permitting at levels before the oil spill, even with the new standards. So I'll go with because of him.
 
2012-03-15 06:28:01 PM  
Quasar
Yes, because the prices are due to oil supply, which is low considering we ceased all drilling in this country under Obama's watch.


There is well over one hundred drilling rigs running in Kansas alone...


http://www.iogsi.com/PDFs/Web%20Charts/KS%20Rig%20Count.pdf
 
2012-03-15 06:50:25 PM  
B b but Bush never did th....

Nevermind
 
2012-03-15 06:50:55 PM  
or......do something about speculators who add .50 - .75 to a gallon of gas.
 
2012-03-15 06:51:19 PM  
Just out of curiosity, has the "strategic" reserve every been used for anything other than to score political points in an election year?

What exactly are we fearing that we need to stockpile oil?

Where is it being kept, some gigantic oil purse in Omaha?

I know I could look all that up but I need to get in line for lower gas prices.
 
2012-03-15 07:07:13 PM  

FlashHarry: republicans: WHY ISNT THE PRESIDENT DOING SOMETHING ABOUT HIGH GAS PRICES

president does something about high gas prices.

republicans: ZOMG!!! ELECTION-YEAR STUNT!!!!

home.roadrunner.com
Came for this
 
2012-03-15 07:19:15 PM  

MBrady: Wanna lower and stabilize the price of gasoline?

1] take crude oil off the futures market of every stock exchange in the world.

2] change the law that if you buy crude oil you must pay in CASH, and take delivery.

Crude oil and gasoline will stabilize to whatever the level the market will bear. Prices may rise during expected peaks (fall for crude oil, spring/summer for gasoline), but nothing like they do now.

Why does every president think that releasing more strategic crude will make the price go down? Yes, normally it would (supply vs demand), but that is not what is causing the price spikes. Those arseholes are called speculators - and they should be shot.


I thought the president was gonna put together a task force or fact finding mission in regards to speculators.....
 
2012-03-15 07:35:10 PM  
The only way to curb speculation and still allow trading for companies to hedge their bottom line is to require that they take delivery and not just trade contracts.
 
2012-03-15 07:49:11 PM  

Knight of the Woeful Countenance: The only way to curb speculation and still allow trading for companies to hedge their bottom line is to require that they take delivery and not just trade contracts.


not sure that this would work, but you could require futures traders to always be an end user.
In order to buy corn futures, you must actually purchase corn in large enough quantities to qualify. (cereal, corn oil, etc)
So pretty much the only people allowed to trade crude oil futures would be refineries ...

plus, arent oil speculators buying and storing oil? I keep hearing that story ...
 
2012-03-15 07:51:25 PM  

MBrady: Wanna lower and stabilize the price of gasoline?

1] take crude oil off the futures market of every stock exchange in the world.

2] change the law that if you buy crude oil you must pay in CASH, and take delivery.

Crude oil and gasoline will stabilize to whatever the level the market will bear. Prices may rise during expected peaks (fall for crude oil, spring/summer for gasoline), but nothing like they do now.

Why does every president think that releasing more strategic crude will make the price go down? Yes, normally it would (supply vs demand), but that is not what is causing the price spikes. Those arseholes are called speculators - and they should be shot.


Exactly. There is no supply constraint. It is just speculators bidding the price up because A) it is a necessary commodity, B) War in the Middle East, C) the US and Asian markets will pay for it.
 
2012-03-15 07:51:53 PM  
A crude oil contango occurred again in January 2009, with arbitrageurs storing millions of barrels in tankers to profit from the contango (see oil-storage trade). But by the summer, that price curve had flattened considerably. The contango exhibited in Crude Oil in 2009 explains the discrepancy between the headline spot price increase (bottoming at $35 and topping $80 in the year) and the various tradeable instruments for Crude Oil (such as rolled contracts or longer-dated futures contracts) showing a much lower price increase.[6] The USO ETF also failed to replicate Crude Oil's spot price performance.
 
2012-03-15 07:59:10 PM  
This rampant speculation has been driving up prices and it is pure bullsh*t. Maybe this will slow it down a bit.
 
2012-03-15 08:06:11 PM  

MBrady: Why does every president think that releasing more strategic crude will make the price go down?


They dont, they just know enough sheeple will buy that they are "doing something about it".
 
2012-03-15 08:15:16 PM  
Orwell had it wrong. Not endless war, endless election...
 
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