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As gas prices surge, White House hints it may tap oil reserve

LA Times -- As rising gasoline prices threaten to put a drag on the already sluggish economic recovery, the Obama administration is leaving open the possibility that it could draw from the nation's emergency reserve in an attempt to reverse the trajectory.

"There's a case for the use of the reserve in some circumstances, and we'll continue to look at those and evaluate that carefully," Treasury Secretary Timothy F. Geithner told CNBC on Friday.

The secretary's hedged remarks echoed those coming from the White House all week, as gas prices surged amid market jitters over Iran's nuclear program.

Administration officials have left on the table the option of releasing Strategic Petroleum Reserve oil but have declined to give details about what circumstances would prompt such a move.

The administration


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Submitted Feb 25, 2012 By: skb69sa
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: As gas prices surge, White House hints it may tap oil reserve Back to Topics
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

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Message Posted: Feb 28, 2012 6:00:01 AM

and epf: the US is NOT a net OIL exporter, but a net DISTILLATE exporter. We import oil, refine and export the refined products.
Hobby001
Champion Author Michigan

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Message Posted: Feb 27, 2012 6:30:59 AM

And Clinton sold a lot of the oil, leaving Bush the job and expense of refilling it.
honda0105
Champion Author Tallahassee

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Message Posted: Feb 27, 2012 6:01:41 AM

Hobby: the SPR existed for a long time.
Hobby001
Champion Author Michigan

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Message Posted: Feb 26, 2012 8:10:43 AM

That would be a stupid response, AND would mean they admit George Bush was right to fill the SPR.
numbers
Champion Author North Dakota

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Message Posted: Feb 26, 2012 7:30:56 AM

Not a solution
epf
Champion Author Grand Rapids

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Message Posted: Feb 26, 2012 6:31:47 AM

As long as we are a net oil exporter there is no reason to sustain the SPR.
Mark8601
Champion Author Bakersfield

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Message Posted: Feb 26, 2012 4:55:19 AM

LostAgain2009 has got it right!
chuckwthompson
Champion Author Charlotte

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Message Posted: Feb 26, 2012 3:47:51 AM

Mr. Obama; Is that the best you can do? Tap our oil reserves? Are you serious? Really? Well, that will fix everything!

You voted for Obama in 2008 to prove you were not a racist.
Now vote for someone else in 2012 to prove you are not an idiot!
tomok
Champion Author Portland

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Message Posted: Feb 26, 2012 3:06:17 AM

As gas prices surge, White House hints it may tap oil reserve. Tap the oil reserves?, another smart move on the part of the White House, along with many other blunders made over the past years. When you tap the reserves too much, there are no reserves to get when the reserves are ‘really needed.’ The last time they tapped the Strategic Oil Reserves, the oil companies sold it on the world market for profit and the price of oil at the pump did not go down.
Barry could care less about the price of fuel at the pump. With Big oil selling fuel and natural gas on the world market for higher prices, there will be NO price reduction for the cost of fuel or natural gas IN the US. Barry will support natural gas and oil production for sale on the world market to pay for his ‘spending gone wild’ addiction. The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! Speculators, manipulators and the banks continue to unfairly and unjustly make the driving public pay higher prices at the pump for their benefit.
Whatever the size or shape of the vehicle is, Produce and ‘Drive’ vehicles with high MPG, are very reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using ‘other’ forms of transportation to help lower your cost.
The price of fuel at the pump is too high!
12/22/2012!
wild3bill
Champion Author New York

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Message Posted: Feb 26, 2012 1:01:12 AM

Obozo is dumb enough to do that. If our reserve is tapped when there is no real problem with crude supplies, the refined products may be exported with no help for US gas & Diesel prices UNLESS the excize taxes= ROAD tax is collected on the crude so the product would have Road tax already paid, and can not be exported.
Note: booze produced in the US which is sold out of the country has No tax stamps on the bottles. Excize tax is at least $20 per 100º proof gallon Is not paid on Booze exported
edamp04
Champion Author Fort Worth

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Message Posted: Feb 26, 2012 12:10:21 AM

Always talked about in an election year
esquared
Champion Author Oklahoma City

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Message Posted: Feb 26, 2012 12:09:11 AM

It's not a matter of supply and demand anymore -- it's the unrestrained, virtually unregulated commodities speculators. Rein 'em in!
RAKARWOWSKI
Champion Author Chicago

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Message Posted: Feb 26, 2012 12:05:56 AM

obummer will sell his mothers grave for votes.
hamdriver
Champion Author Lansing

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Message Posted: Feb 26, 2012 12:02:27 AM

Go
eswi
Champion Author Madison

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Message Posted: Feb 26, 2012 12:01:43 AM

OK
us4usa
Champion Author Missouri

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Message Posted: Feb 26, 2012 12:00:42 AM

Remember the last time Uncle Sam tapped the SPR prices went even higher...
Throroughbred
Champion Author Cleveland

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Message Posted: Feb 25, 2012 11:56:49 PM

This president once again is showing how little he knows about anything he is doing. He did this before and it had NO impact! It's TOO short term to have any impact on gas prices. If drilling were allowed to expand and EPA regs were withdrawn and curbed, and refining capacity were expanded, then that would have an immediate effect that would last because it would be long term to increase supply. Just like what has happened to natural gas in this country as drilling and processing has driven the prices down as supplies have gone way up!!! Obama please wake up and find something else to do besides mess up our great nation with with your failed socialist agenda....we have no desire to be like Russia was and European countries have became....please stop trashing our great nation and constitution and free enterprise system. Handing out money and favors to all your cronies and buying votes with more spending and hand out programs may work for you in Chicago, but not in our national best interest. Go back to Chicago now or move to your European buddies!!!
LostAgain2009
Champion Author New Mexico

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Message Posted: Feb 25, 2012 11:54:26 PM

there's no reason to tap the SPR because there's no oil/gas shortages. This spike is entirely due to the money grubbers imagining new Mid-East troubles. Even were the world to lose all exports from Iran it would barely have an effect on international supplies.
tippybuddy
Champion Author Ontario

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Message Posted: Feb 25, 2012 11:52:53 PM

stop the speculators
SparkieMi
Champion Author Kalamazoo

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Message Posted: Feb 25, 2012 11:52:12 PM

Good post VetteFan...
PoohMcGoo
Champion Author Alabama

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Message Posted: Feb 25, 2012 11:50:59 PM

I thought there was no "silver bullet".. Don't have to open the reserve, just stop exporting it.. Besides, it seems like the refineries are more of a problem than the oil..
Cuzilla
Champion Author Indianapolis

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Message Posted: Feb 25, 2012 11:48:52 PM

If Obama really thought it was the speculators, he would never agree to use the oil reserve! Wise-up, my brothers and sisters!
jrsva
Champion Author Virginia

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Message Posted: Feb 25, 2012 11:47:47 PM


The SPR is for emergency use only; $4 gas is not quite an emergency.
Besides, taking oil from the SPR would have little effect on pricing anyway.
gd83goldwinger
Champion Author South Bend

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Message Posted: Feb 25, 2012 11:46:48 PM

LETS STOP OR FINE THE SPECULATORS FIRST.
egd
Champion Author Twin Cities

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Message Posted: Feb 25, 2012 11:45:52 PM

not a good choice
carman11
Champion Author North Carolina

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Message Posted: Feb 25, 2012 11:42:37 PM

SPR is not designed to manage prices but really to support markets when there is an interruption of supply," said J. Robinson West, chief executive of PFC Energy, an oil and gas consulting firm. "An uncoordinated U.S. release will do very little to dispel high prices."
raj_fl
Champion Author Trenton

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Message Posted: Feb 25, 2012 11:42:14 PM

mmmmm corporate greed
drobbbb
Champion Author Maryland

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Message Posted: Feb 25, 2012 11:41:32 PM

ok
Beaveronparade
Champion Author Hartford

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Message Posted: Feb 25, 2012 11:39:52 PM

I agree that this is the wrong thing to do. That is only for a true emergency such as having no gas at all. Our president is a trip, that's all I'm gonna say lol.
abcdMA
Champion Author Worcester

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Message Posted: Feb 25, 2012 11:39:21 PM

purely a short term political move
Felixx
Veteran Author Seattle

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Message Posted: Feb 25, 2012 11:38:06 PM

It would help to guarantee record profits for the oil industry.
toadNY
Champion Author Albany

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Message Posted: Feb 25, 2012 11:36:44 PM

I guess he thinks we forget what happened last time he did that! The price of oil an gas went UP!
paramedic1MO
All-Star Author St. Louis

Posts:797
Points:150,905
Joined:Nov 2010
Message Posted: Feb 25, 2012 11:32:24 PM

Yes.... Politics. We had and still have a large surplus, stop selling it over seas. We cut our consumption to lower prices and save some for our wallet.
daquanabe
Champion Author Houston

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Message Posted: Feb 25, 2012 11:32:14 PM

Oh thank you mr. president. I'll vote for you now be cause you want to save us... again.
LaVonneK
Champion Author Iowa

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Message Posted: Feb 25, 2012 11:30:30 PM

Politics.
MaryKayByBJ
Sophomore Author Orange County

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Message Posted: Feb 25, 2012 11:30:15 PM

The SOR was created to handle emergencies not to satisfy a foolish politician's desire to claim that he/she is doing something about gasoline prices. Unless a SIGNIFICANTLY Large amount is released, there will not be any effect on prices. The only result will be less available for emergencies. Unfortunately with all of the hyperbole from politicians, pundits, media, talking heads, etc., the definition of emergency has been changed to mean anything which is inconvenient for me-myself-and-I or that which might influence a constituent's voting.
ILANGE9
Champion Author Illinois

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Message Posted: Feb 25, 2012 11:27:00 PM

I agree with Mermaan. Thanks Mermaan for the education.
ILANGE9
Champion Author Illinois

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Message Posted: Feb 25, 2012 11:25:41 PM

Calling people "narrow-minded, racist scapegoaters" does nothing to elevate the discussion. Disagreeing with someone of a different opinion who looks or thinks different than you is not racism, its called free thought and free speech in America.

The price that others are paying in the world has nothing to do with what we pay in this country. I hear that Venezuela or maybe it was Brazil are paying like $.25 a gallon. Maybe that's what we in the US should be paying to when we use your logic.

In the future please provide intelligent comments like your other Canadian brothers and sisters do.
chequenman
Sophomore Author Ontario

Posts:147
Points:151,960
Joined:Oct 2008
Message Posted: Feb 25, 2012 11:24:52 PM

mpsavage; you don't have enough Oil to export, where is your Head, we need to tap into some of the reserves and do it cautiously.
jperry4090
Rookie Author Dallas

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Message Posted: Feb 25, 2012 11:23:19 PM

Its money now not politics!
gsofrs
Champion Author Greensboro

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Message Posted: Feb 25, 2012 11:20:44 PM

Which politics will win?
Mermaan
Champion Author Boston

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Message Posted: Feb 25, 2012 11:20:36 PM

I hope not =\

Keep our country beautiful. United States of America in Chinese is "beautiful land"
jperry4090
Rookie Author Dallas

Posts:11
Points:4,580
Joined:Feb 2012
Message Posted: Feb 25, 2012 11:19:22 PM

You mean to tell me that if we refine US Oil vs forgin Oil it will be the same price ?!?!?! I mean really? Is it free to transport it here, does the ships burn Diesel? Our Government needs to pull it's head out!
mpsavage
Rookie Author Fresno

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Points:495
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Message Posted: Feb 25, 2012 11:19:18 PM

Why would we need to tap the reserves when we have enough supply. Our supply was not depleted. We have more than enough to export to other countries.
spmaudio
Champion Author Chicago

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Message Posted: Feb 25, 2012 11:19:06 PM

@ mitchell6597: LOL! There's an idea! :-)
HEBster
Champion Author Kentucky

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Message Posted: Feb 25, 2012 11:16:09 PM

Dislike!
ILANGE9
Champion Author Illinois

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Message Posted: Feb 25, 2012 11:14:08 PM

I agree with milespergallon. Subsidize the conversion kits instead of green technology companies that soon go bankrupt. I'm not for subsidies but at least these would have a real impact rather than throwing taxpayer money down green technology stink holes.
Toppers
Champion Author Atlanta

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Message Posted: Feb 25, 2012 11:13:49 PM

Won't do much good...
fuelsaverMN
Champion Author Twin Cities

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Message Posted: Feb 25, 2012 11:12:35 PM

NO.....NO......NO.........
gumbyrex
Champion Author Fresno

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Message Posted: Feb 25, 2012 11:12:31 PM

Don't tap the reserve because it will make little difference. It's more of a pre election move to show the public he really is trying to do something positive. All show and no substance.
fuelsaverMN
Champion Author Twin Cities

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Message Posted: Feb 25, 2012 11:12:13 PM

THAT IS THE WRONG THING TO DO.THAT IS ONLY IN AN EMERGENCY.
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