White House Forced to Cap Oil Reserve

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Monday, October 13, 2008 2:01:33 PM

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GasBuddy News Article

White House Forced to Cap Oil Reserve Saturday, May 17, 2008
Fox Business -- The Energy Department's announcement that it will cap taxpayer-funded additions to the federal Strategic Oil Reserve is a small first step, and a late one, said Consumer Watchdog. Even so, it is a symbolic move that could drop gasoline prices by several cents this summer. President Bush, in an abrupt about-face, was forced to act by Congressional votes to cap purchases for the reserve, and by oil prices that leaped today above $127 a barrel.
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JT Moderator	Message Posted: 5/17/2008 9:38:35 AM	Ignore JT Report Abuse
	Saturday, May 17, 2008 Fox Business -- The Energy Department's announcement that it will cap taxpayer-funded additions to the federal Strategic Oil Reserve is a small first step, and a late one, said Consumer Watchdog. Even so, it is a symbolic move that could drop gasoline prices by several cents this summer. President Bush, in an abrupt about-face, was forced to act by Congressional votes to cap purchases for the reserve, and by oil prices that leaped today above $127 a barrel. Visit Fox Business for full article

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POLELANE Champion Author Ohio Posts:1,931 Points:200,650 Joined:Mar 2008	Message Posted: 5/23/2008 8:50:26 AM	Ignore POLELANE Report Abuse
	i'll bet prices will go up; and they'll place the blame all around
MiJeff Champion Author Grand Rapids Posts:3,325 Points:816,800 Joined:May 2005	Message Posted: 5/23/2008 7:56:00 AM	Ignore MiJeff Report Abuse
	It won't change anything
bell05 All-Star Author Atlanta Posts:967 Points:227,500 Joined:Jun 2005	Message Posted: 5/19/2008 1:26:40 PM	Ignore bell05 Report Abuse
	Big deal. Why didn't this happen 3-4 months ago
tdn117 Rookie Author Twin Cities Posts:60 Points:220,110 Joined:May 2001	Message Posted: 5/19/2008 10:17:05 AM	Ignore tdn117 Report Abuse
	riddellr - "I really fail to follow your logic about the Reserve." That's because it's too complicated for you to follow . . .
tdn117 Rookie Author Twin Cities Posts:60 Points:220,110 Joined:May 2001	Message Posted: 5/19/2008 10:15:31 AM	Ignore tdn117 Report Abuse
	Drill on Bush's ranch . . . Bwaaaw haaaw haaaw haaaw - that's so FUNNY!
RC_RACER Champion Author Tacoma Posts:1,033 Points:234,300 Joined:Jun 2004	Message Posted: 5/19/2008 10:01:49 AM	Ignore RC_RACER Report Abuse
	bush's ranch, I like that one, he makes enough off big oil its the least he could do. but then again, does he really care?
CyanSquirrel All-Star Author Virginia Posts:538 Points:117,930 Joined:Jun 2004	Message Posted: 5/19/2008 9:46:21 AM	Ignore CyanSquirrel Report Abuse
	Drill on Bush's Ranch.
doulosx All-Star Author Columbus Posts:735 Points:397,555 Joined:Sep 2005	Message Posted: 5/19/2008 9:39:46 AM	Ignore doulosx Report Abuse
	Drill in Bleedin' ANWAR.
abfpat Champion Author Illinois Posts:19,816 Points:2,662,585 Joined:May 2001	Message Posted: 5/19/2008 9:35:26 AM	Ignore abfpat Report Abuse
	It's certainly about time. Why would they be purchasing oil when the prices are at a record high? Oh, to drive the prices even higher? You think?
NissanGirl Veteran Author Oregon Posts:263 Points:143,785 Joined:Jan 2008	Message Posted: 5/19/2008 9:35:18 AM	Ignore NissanGirl Report Abuse
	Well, it's about time they did something.
soccermomPA Sophomore Author Pittsburgh Posts:176 Points:56,655 Joined:Apr 2008	Message Posted: 5/19/2008 9:31:35 AM	Ignore soccermomPA Report Abuse
	Well it's about time.
fairchildd All-Star Author Kansas City Posts:685 Points:327,410 Joined:Aug 2007	Message Posted: 5/19/2008 9:30:46 AM	Ignore fairchildd Report Abuse
	that would be nice
riddellr Rookie Author Illinois Posts:76 Points:214,645 Joined:Mar 2004	Message Posted: 5/19/2008 9:29:50 AM	Ignore riddellr Report Abuse
	tdn117; The Strategic Reserve is more like an emergency savings account. Do you have a savings account? If you do, would you spend it all because you don't think you'll ever need it? I doubt you would do that. The strategic reserve will help us protect ourselves in a time of war as well as to help prevent public panic in the event of a natural disaster that prevents us from importing or moving oil on our current infrastructure. I really fail to follow your logic about the Reserve.
spunky4443 All-Star Author Washington Posts:966 Points:419,305 Joined:May 2005	Message Posted: 5/19/2008 9:26:43 AM	Ignore spunky4443 Report Abuse
	About time Bush got off his Butt and did something, that's not the Republican way, they usually don't do anything.
ursidae3 All-Star Author Orlando Posts:815 Points:356,950 Joined:Sep 2005	Message Posted: 5/19/2008 9:22:28 AM	Ignore ursidae3 Report Abuse
	good/
The_WB Champion Author Detroit Posts:4,134 Points:446,300 Joined:Apr 2007	Message Posted: 5/19/2008 9:22:24 AM	Ignore The_WB Report Abuse
	No difference.
Somis1 Champion Author Ventura Posts:4,690 Points:1,030,125 Joined:Jul 2005	Message Posted: 5/19/2008 9:21:16 AM	Ignore Somis1 Report Abuse
	It always takes the site a while to get caught up after the weekend. Give 'em a break.
eaglev All-Star Author Oklahoma City Posts:783 Points:293,620 Joined:Jul 2005	Message Posted: 5/19/2008 9:19:33 AM	Ignore eaglev Report Abuse
	Won't make any difference
MELPNC Rookie Author Charlotte Posts:67 Points:8,340 Joined:Mar 2008	Message Posted: 5/19/2008 9:19:13 AM	Ignore MELPNC Report Abuse
	THE only thing to help our prices would be the traders on Wall Street.
tomok Champion Author Portland Posts:8,850 Points:680,810 Joined:Aug 2006	Message Posted: 5/19/2008 9:12:20 AM	Ignore tomok Report Abuse
	Stop filling - save for later
Elffriend Champion Author South Carolina Posts:1,987 Points:385,930 Joined:Nov 2005	Message Posted: 5/19/2008 9:08:44 AM	Ignore Elffriend Report Abuse
	Aren't we all proud of washington? They have stopped filling the strategic oil reserve that was 97% full and refused additional drilling. makes you feel good all under. Have you got the warm fuzzies yet. :(
pgerassi Champion Author Milwaukee Posts:2,379 Points:505,220 Joined:Apr 2007	Message Posted: 5/19/2008 9:07:37 AM	Ignore pgerassi Report Abuse
	Old news choking readers to death!
bug27 Champion Author Kentucky Posts:1,773 Points:1,135,875 Joined:Apr 2005	Message Posted: 5/19/2008 9:05:33 AM	Ignore bug27 Report Abuse
	Hello? GasBuddy? Anybody home? New stories please.
bicycler Champion Author Ontario Posts:5,980 Points:1,080,320 Joined:May 2005	Message Posted: 5/19/2008 9:05:25 AM	Ignore bicycler Report Abuse
	tdn117; Remember that you get more oil from Canada than from Hugo land.
gatj1025 Rookie Author Georgia Posts:92 Points:25,840 Joined:May 2008	Message Posted: 5/19/2008 9:01:55 AM	Ignore gatj1025 Report Abuse
	I don't see it making much difference since it will probably be short-lived and then we'll be right back where we are.
rjb21760 All-Star Author Chicago Posts:793 Points:406,635 Joined:Oct 2006	Message Posted: 5/19/2008 9:01:47 AM	Ignore rjb21760 Report Abuse
	Hopefully the strategic oil reserves are only added to with domestic oil where it shouldn't cost $127 a barrel.
tdn117 Rookie Author Twin Cities Posts:60 Points:220,110 Joined:May 2001	Message Posted: 5/19/2008 9:01:21 AM	Ignore tdn117 Report Abuse
	Thanks KellysDad. I still think we could do away with the Reserve, because I don't think there would be one disruption that would cause us to not get the oil we need, including the Military. Hugo might cut us off, for example, but we'd get it from other sources to fill the void.
Lovelee Champion Author Detroit Posts:1,574 Points:414,250 Joined:Mar 2007	Message Posted: 5/19/2008 9:00:43 AM	Ignore Lovelee Report Abuse
	Old news
r651981 Veteran Author Columbus Posts:480 Points:406,060 Joined:May 2006	Message Posted: 5/19/2008 8:56:55 AM	Ignore r651981 Report Abuse
	Minimal impact, but not a bad idea!
KellysDad Champion Author Jackson Posts:1,098 Points:369,095 Joined:May 2007	Message Posted: 5/19/2008 8:56:41 AM	Ignore KellysDad Report Abuse
	tdn117, The Strategic Reserve is kept to supply our military in emergency situations when oil supplies are disrupted by "unfriendly" nations. It's not a political football like it was used to "make the public feel better".
Tamas2evil Champion Author Maryland Posts:2,545 Points:488,845 Joined:Sep 2006	Message Posted: 5/19/2008 8:54:59 AM	Ignore Tamas2evil Report Abuse
	I agree with RONDOBBS how will we see a difference??
jaxco Champion Author South Carolina Posts:1,455 Points:288,230 Joined:May 2006	Message Posted: 5/19/2008 8:52:39 AM	Ignore jaxco Report Abuse
	7K barrels a day.... drop in the bucket...
FuelPump Champion Author Los Angeles Posts:11,738 Points:1,752,215 Joined:Apr 2003	Message Posted: 5/19/2008 8:49:49 AM	Ignore FuelPump Report Abuse
	It was already 97% filled to capacity, so it wasn't all that much of a sacrifice, but it will make little if any difference in the cost of gasoline at the pump. [Edited by: FuelPump at 5/19/2008 9:50:30 AM EST]
tdn117 Rookie Author Twin Cities Posts:60 Points:220,110 Joined:May 2001	Message Posted: 5/19/2008 8:48:46 AM	Ignore tdn117 Report Abuse
	The U.S. Strategic Petroleum Reserve supposedly holds 727 million barrels of oil. I also understand it's close to being filled. I also assume it took quite a while to fill up the reserve, so that means we (the government) filled it at lower prices than what it's being filled for today. Why wouldn't the U.S. be selling into this high priced market? We could then be buying futures contracts for purchases down the road at lower prices? I don't think we need to be keeping this reserve anymore. The market will take care of this problem eventually. In fact, I think it's already happening. With the price as high as it is today, where ever there is oil someone will try to get it, even in areas at one point thought to be too expensive to extract (tar sands, rigs outside LA, etc.). If our government would get out of the way and let the market work (allow drilling in ANWR and off the CA and FL coast), oil prices would come back down again . . . [Edited by: tdn117 at 5/19/2008 9:49:22 AM EST]
ArboretumCop Champion Author Richmond Posts:1,075 Points:975,530 Joined:Sep 2005	Message Posted: 5/19/2008 8:48:31 AM	Ignore ArboretumCop Report Abuse
	Good thing!!
TheThing All-Star Author Quebec Posts:745 Points:185,900 Joined:Mar 2008	Message Posted: 5/19/2008 8:45:25 AM	Ignore TheThing Report Abuse
	Hmmm
rondobbs Champion Author Mobile Posts:4,072 Points:1,350,145 Joined:Apr 2004	Message Posted: 5/19/2008 8:44:55 AM	Ignore rondobbs Report Abuse
	Need to do way more than this. Just like the gas tax. It might go up so much no one will notice any reductions
WillyG Champion Author Cincinnati Posts:1,288 Points:453,560 Joined:Aug 2005	Message Posted: 5/19/2008 8:44:32 AM	Ignore WillyG Report Abuse
	Let's see what good that's going to do
AC-302 Champion Author Los Angeles Posts:7,923 Points:1,278,830 Joined:Aug 2004	Message Posted: 5/19/2008 8:42:43 AM	Ignore AC-302 Report Abuse
	Actually, I think this is a good move. They are, in effect, saying the price of oil is too high. So as a consequence, they're not going to spend public money to buy any more. That sounds fiscally responsible to me. In addition, it allows for more oil to be on the market. In turn this should loosen supply. OK, it's a good move..
tazdriver Champion Author Alabama Posts:2,122 Points:533,960 Joined:Jan 2007	Message Posted: 5/19/2008 8:40:29 AM	Ignore tazdriver Report Abuse
	How does this help.
lleddirj All-Star Author Michigan Posts:840 Points:565,500 Joined:May 2005	Message Posted: 5/19/2008 8:39:49 AM	Ignore lleddirj Report Abuse
	A political ploy that makes no difference.
rogerparry Champion Author Florida Posts:1,153 Points:254,425 Joined:Jan 2008	Message Posted: 5/19/2008 8:33:31 AM	Ignore rogerparry Report Abuse
	too little too late
MASHBY Rookie Author South Carolina Posts:92 Points:23,105 Joined:May 2008	Message Posted: 5/19/2008 8:33:03 AM	Ignore MASHBY Report Abuse
	they lie
rod1965 All-Star Author Portland Posts:501 Points:72,200 Joined:Jul 2007	Message Posted: 5/19/2008 8:32:53 AM	Ignore rod1965 Report Abuse
	good, next step force the big oil companies to take a hit in their pocketbook and leave ours alone.
MASHBY Rookie Author South Carolina Posts:92 Points:23,105 Joined:May 2008	Message Posted: 5/19/2008 8:32:49 AM	Ignore MASHBY Report Abuse
	bull crap
txyankee Champion Author Milwaukee Posts:4,047 Points:698,975 Joined:Sep 2005	Message Posted: 5/19/2008 8:31:44 AM	Ignore txyankee Report Abuse
	Thanks to the democrate congress we will not be allowed to drill anwar. The Democate party has a strong hold on the special interest groups essp. environmitalist...
Magnum0829 Champion Author Jackson Posts:1,331 Points:435,840 Joined:Oct 2005	Message Posted: 5/19/2008 8:31:37 AM	Ignore Magnum0829 Report Abuse
	old
Fencemaker All-Star Author Pittsburgh Posts:825 Points:193,725 Joined:Sep 2006	Message Posted: 5/19/2008 8:28:21 AM	Ignore Fencemaker Report Abuse
	Sealer - exactly who are our "enemies" that are currently "waging war against us" that will be influenced by a decision to stop purchasing oil for the Strategic Oil Reserve? If you think it's Al Queada, you are wrong.
Sealer Champion Author Charleston Posts:2,342 Points:262,555 Joined:Jan 2008	Message Posted: 5/19/2008 8:26:45 AM	Ignore Sealer Report Abuse
	This is a symbolic gesture. THe trouble is that symbolic gestrures send a message. The message to our enemies who are waging war against us is that we value a few pennies on the gas price above our national security.
glazarides All-Star Author Akron Posts:501 Points:354,665 Joined:Jul 2006	Message Posted: 5/19/2008 8:26:09 AM	Ignore glazarides Report Abuse
	This is just for show, it won't help us.