Results 1 to 6 of 6

Thread: White House considers tapping oil reserves

  1. #1
    Vulture of The Western World Eric's Avatar
    Join Date
    Jul 2006
    Location
    The Land of The Edentulites
    Posts
    22,743

    White House considers tapping oil reserves

    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.

  2. #2
    Staff
    Join Date
    Aug 2006
    Location
    Houston, TX
    Posts
    3,126
    They tried this in 2008. It did nothing to calm the oil markets.

  3. #3
    Vulture of The Western World Eric's Avatar
    Join Date
    Jul 2006
    Location
    The Land of The Edentulites
    Posts
    22,743
    Quote Originally Posted by swamprat View Post
    They tried this in 2008. It did nothing to calm the oil markets.
    Yeah. More smoke and mirrors from the government. What would actually help would be for them to quit printing Fed Funny Money.

  4. #4
    Senior Member
    Join Date
    Jul 2006
    Location
    Raleigh NC, USA
    Posts
    3,628
    OMG! We have to been seen as doing something!! Quick, someone do something!!

    Chip H.

  5. #5
    Why don't we resume drilling in the Gulf.....and start drilling in Alaska?

    Damn environmentalists.

  6. #6
    Senior Member eesquared's Avatar
    Join Date
    Jan 2011
    Location
    Texas
    Posts
    455
    Ummm....I have a suggestion. Open up Alaska, the Gulf of Mexico, and the coast of California to drilling.

    It's not rocket science, people. Do away with fed regs and let us drill our own reserves.

Similar Threads

  1. White 'Daddy'; White Mommy, Black Baby
    By RebelKnightCSA in forum Video clips
    Replies: 3
    Last Post: 07-18-2010, 04:10 PM
  2. Dems give White House ultimatum on auto bailout
    By Eric in forum Automotive News
    Replies: 0
    Last Post: 12-05-2008, 09:57 AM
  3. Replies: 7
    Last Post: 09-28-2008, 01:03 AM
  4. Replies: 5
    Last Post: 07-18-2008, 07:24 PM
  5. Replies: 6
    Last Post: 04-16-2008, 09:11 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •