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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

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honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Feb 28, 2012 6:00:01 AM Ignore honda0105 Report Abuse 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 Posts:5,084 Points:1,181,060 Joined:Jul 2007	Message Posted: Feb 27, 2012 6:30:59 AM Ignore Hobby001 Report Abuse And Clinton sold a lot of the oil, leaving Bush the job and expense of refilling it.
honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Feb 27, 2012 6:01:41 AM Ignore honda0105 Report Abuse Hobby: the SPR existed for a long time.
Hobby001 Champion Author Michigan Posts:5,084 Points:1,181,060 Joined:Jul 2007	Message Posted: Feb 26, 2012 8:10:43 AM Ignore Hobby001 Report Abuse That would be a stupid response, AND would mean they admit George Bush was right to fill the SPR.
numbers Champion Author North Dakota Posts:2,801 Points:850,040 Joined:Aug 2004	Message Posted: Feb 26, 2012 7:30:56 AM Ignore numbers Report Abuse Not a solution
epf Champion Author Grand Rapids Posts:6,314 Points:1,887,355 Joined:May 2004	Message Posted: Feb 26, 2012 6:31:47 AM Ignore epf Report Abuse As long as we are a net oil exporter there is no reason to sustain the SPR.
Mark8601 All-Star Author Bakersfield Posts:913 Points:378,765 Joined:Dec 2011	Message Posted: Feb 26, 2012 4:55:19 AM Ignore Mark8601 Report Abuse LostAgain2009 has got it right!
chuckwthompson Champion Author Charlotte Posts:3,735 Points:573,185 Joined:Sep 2011	Message Posted: Feb 26, 2012 3:47:51 AM Ignore chuckwthompson Report Abuse 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 Posts:32,917 Points:2,341,510 Joined:Aug 2006	Message Posted: Feb 26, 2012 3:06:17 AM Ignore tomok Report Abuse 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 Posts:2,546 Points:1,685,415 Joined:Nov 2005	Message Posted: Feb 26, 2012 1:01:12 AM Ignore wild3bill Report Abuse 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 Posts:4,568 Points:834,755 Joined:Nov 2010	Message Posted: Feb 26, 2012 12:10:21 AM Ignore edamp04 Report Abuse Always talked about in an election year
esquared Champion Author Oklahoma City Posts:8,047 Points:1,966,110 Joined:Jan 2006	Message Posted: Feb 26, 2012 12:09:11 AM Ignore esquared Report Abuse 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 Posts:3,980 Points:817,125 Joined:Jan 2011	Message Posted: Feb 26, 2012 12:05:56 AM Ignore RAKARWOWSKI Report Abuse obummer will sell his mothers grave for votes.
hamdriver Champion Author Lansing Posts:3,479 Points:1,374,775 Joined:Feb 2008	Message Posted: Feb 26, 2012 12:02:27 AM Ignore hamdriver Report Abuse Go
eswi Champion Author Madison Posts:2,520 Points:679,155 Joined:Mar 2009	Message Posted: Feb 26, 2012 12:01:43 AM Ignore eswi Report Abuse OK
us4usa Champion Author Missouri Posts:5,976 Points:1,109,335 Joined:May 2008	Message Posted: Feb 26, 2012 12:00:42 AM Ignore us4usa Report Abuse Remember the last time Uncle Sam tapped the SPR prices went even higher...
Throroughbred Champion Author Cleveland Posts:1,031 Points:1,210,770 Joined:Jun 2007	Message Posted: Feb 25, 2012 11:56:49 PM Ignore Throroughbred Report Abuse 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 Posts:2,390 Points:709,675 Joined:Apr 2009	Message Posted: Feb 25, 2012 11:54:26 PM Ignore LostAgain2009 Report Abuse 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 Posts:1,523 Points:207,740 Joined:Feb 2011	Message Posted: Feb 25, 2012 11:52:53 PM Ignore tippybuddy Report Abuse stop the speculators
SparkieMi Champion Author Kalamazoo Posts:3,239 Points:584,220 Joined:Sep 2011	Message Posted: Feb 25, 2012 11:52:12 PM Ignore SparkieMi Report Abuse Good post VetteFan...
PoohMcGoo Champion Author Alabama Posts:3,062 Points:797,360 Joined:Dec 2010	Message Posted: Feb 25, 2012 11:50:59 PM Ignore PoohMcGoo Report Abuse 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 Posts:12,178 Points:2,346,170 Joined:Sep 2005	Message Posted: Feb 25, 2012 11:48:52 PM Ignore Cuzilla Report Abuse 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 Posts:9,830 Points:1,608,250 Joined:Jan 2006	Message Posted: Feb 25, 2012 11:47:47 PM Ignore jrsva Report Abuse 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 Posts:1,428 Points:501,230 Joined:May 2011	Message Posted: Feb 25, 2012 11:46:48 PM Ignore gd83goldwinger Report Abuse LETS STOP OR FINE THE SPECULATORS FIRST.
egd Champion Author Twin Cities Posts:8,077 Points:2,116,250 Joined:Mar 2005	Message Posted: Feb 25, 2012 11:45:52 PM Ignore egd Report Abuse not a good choice
carman11 Champion Author North Carolina Posts:3,308 Points:687,500 Joined:Jun 2011	Message Posted: Feb 25, 2012 11:42:37 PM Ignore carman11 Report Abuse 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 Posts:3,189 Points:724,005 Joined:Oct 2010	Message Posted: Feb 25, 2012 11:42:14 PM Ignore raj_fl Report Abuse mmmmm corporate greed
drobbbb Champion Author Maryland Posts:3,455 Points:808,235 Joined:Dec 2010	Message Posted: Feb 25, 2012 11:41:32 PM Ignore drobbbb Report Abuse ok
Beaveronparade Champion Author Hartford Posts:2,096 Points:631,395 Joined:Mar 2011	Message Posted: Feb 25, 2012 11:39:52 PM Ignore Beaveronparade Report Abuse 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 Posts:7,902 Points:1,570,980 Joined:Nov 2008	Message Posted: Feb 25, 2012 11:39:21 PM Ignore abcdMA Report Abuse purely a short term political move
Felixx Sophomore Author Seattle Posts:157 Points:1,019,765 Joined:Jan 2009	Message Posted: Feb 25, 2012 11:38:06 PM Ignore Felixx Report Abuse It would help to guarantee record profits for the oil industry.
toadNY Champion Author Albany Posts:7,022 Points:1,509,250 Joined:Apr 2008	Message Posted: Feb 25, 2012 11:36:44 PM Ignore toadNY Report Abuse 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:781 Points:150,310 Joined:Nov 2010	Message Posted: Feb 25, 2012 11:32:24 PM Ignore paramedic1MO Report Abuse 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 Posts:1,808 Points:371,850 Joined:Oct 2009	Message Posted: Feb 25, 2012 11:32:14 PM Ignore daquanabe Report Abuse Oh thank you mr. president. I'll vote for you now be cause you want to save us... again.
LaVonneK Champion Author Iowa Posts:2,925 Points:622,750 Joined:Jul 2011	Message Posted: Feb 25, 2012 11:30:30 PM Ignore LaVonneK Report Abuse Politics.
MaryKayByBJ Sophomore Author Orange County Posts:167 Points:62,415 Joined:Mar 2010	Message Posted: Feb 25, 2012 11:30:15 PM Ignore MaryKayByBJ Report Abuse 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 Posts:7,595 Points:1,593,200 Joined:Sep 2008	Message Posted: Feb 25, 2012 11:27:00 PM Ignore ILANGE9 Report Abuse I agree with Mermaan. Thanks Mermaan for the education.
ILANGE9 Champion Author Illinois Posts:7,595 Points:1,593,200 Joined:Sep 2008	Message Posted: Feb 25, 2012 11:25:41 PM Ignore ILANGE9 Report Abuse 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:143,460 Joined:Oct 2008	Message Posted: Feb 25, 2012 11:24:52 PM Ignore chequenman Report Abuse 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 Posts:11 Points:4,580 Joined:Feb 2012	Message Posted: Feb 25, 2012 11:23:19 PM Ignore jperry4090 Report Abuse Its money now not politics!
gsofrs Champion Author Greensboro Posts:4,133 Points:1,213,540 Joined:Apr 2009	Message Posted: Feb 25, 2012 11:20:44 PM Ignore gsofrs Report Abuse Which politics will win?
Mermaan Champion Author Boston Posts:1,572 Points:421,235 Joined:Apr 2011	Message Posted: Feb 25, 2012 11:20:36 PM Ignore Mermaan Report Abuse 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 Ignore jperry4090 Report Abuse 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 Posts:1 Points:395 Joined:Feb 2012	Message Posted: Feb 25, 2012 11:19:18 PM Ignore mpsavage Report Abuse 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 Posts:3,719 Points:720,140 Joined:Jan 2009	Message Posted: Feb 25, 2012 11:19:06 PM Ignore spmaudio Report Abuse @ mitchell6597: LOL! There's an idea! :-)
HEBster Champion Author Kentucky Posts:8,768 Points:2,370,025 Joined:May 2006	Message Posted: Feb 25, 2012 11:16:09 PM Ignore HEBster Report Abuse Dislike!
ILANGE9 Champion Author Illinois Posts:7,595 Points:1,593,200 Joined:Sep 2008	Message Posted: Feb 25, 2012 11:14:08 PM Ignore ILANGE9 Report Abuse 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 Posts:8,992 Points:2,466,695 Joined:Mar 2005	Message Posted: Feb 25, 2012 11:13:49 PM Ignore Toppers Report Abuse Won't do much good...
fuelsaverMN Champion Author Twin Cities Posts:2,282 Points:559,080 Joined:Mar 2011	Message Posted: Feb 25, 2012 11:12:35 PM Ignore fuelsaverMN Report Abuse NO.....NO......NO.........
gumbyrex Champion Author Fresno Posts:3,281 Points:755,290 Joined:Mar 2011	Message Posted: Feb 25, 2012 11:12:31 PM Ignore gumbyrex Report Abuse 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.