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Obama taps oil reserves?


JakeInYourBox
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http://www.reuters.com/article/2011/06/24/us-usa-oil-timeline-idUSTRE75N00N20110624

What do people think about this seemingly bizarre move on behalf of Obama?

Surely if an RV was going to happen this month, Obama would know about it. So do people think this move points to a RV not happening right now, or does it point to the US needing immediate liquidity to pay all of the cash ins out?

I am a graphic artist. By no means do I understand even the basics of economics, so forgive my ignorance as I am simply a lamen trying to make sense of a seemingly strange event.

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He shut down drilling in ANWR & the Gulf. Depleating our Strategic Oil Reserves while putting the USA at the mercy of OPEC once again is part of the over all plan to get America & Capitalism to fail at all costs & usher in his new Socialist agenda.

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It certainly has nothing to do with an RV....

He is catching a slight drop in oil prices and then doing this "for the people" so that when election time rolls around he can say that his admin "substantially lowered gas prices" for the subjects under his rule.....

Its just politics....and lame ones at that...

Seems a bit far away from election time to be making moves like that. Surely whatever drop in prices this will achieve will be a short lived with only 60 million barrels being released.

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I wondered this myself....

last night the news (FOX) quoted him in 2005

saying when Bush wanted to get into our reserves after Katrina:

I agree with the President’s decision to release oil from the Strategic Petroleum Reserve to help replenish supply shortages resulting from Hurricane Katrina. Nearly all oil and natural gas production in the Gulf of Mexico has been shut down, and releasing this oil will help increase production and stabilize prices. However, I do believe that this tragedy makes it very clear that that the reserve should only be used in the event of an emergency, and that we shouldn’t be tapping the reserve to provide a small, short-term decrease in gas prices.

I guess being reelected is the current emergency.

But I wondered that maybe he knew he could 'afford' this if he knew something....

All the best,

L

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Let's see how this plays in the main stream media:

We have no oil and we "have" to buy some. President Obama's administration has negotiated and has now "ensured" that we can get oil from Iraq at a reduced price... :o

Wait, I've been watching too many conspiracy theory movies... :P

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He shut down drilling in ANWR & the Gulf. Depleating our Strategic Oil Reserves while putting the USA at the mercy of OPEC once again is part of the over all plan to get America & Capitalism to fail at all costs & usher in his new Socialist agenda.

I disagree.....we can't get OPEC to budge on anything..........Obama can't win with conservatives....now by using our own oil it will open up more drilling.......I live in east Texas and their is a huge oil formation below the Haynesville gas formation that the energy companies are eager to drill at about 25000 feet.....this President could give the rich a voucher for another $50,000 tax break but if came from Obama they would turn it down just because it came from him.......and what is so wrong about lower prices at the pump......

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I disagree.....we can't get OPEC to budge on anything..........Obama can't win with conservatives....now by using our own oil it will open up more drilling.......I live in east Texas and their is a huge oil formation below the Haynesville gas formation that the energy companies are eager to drill at about 25000 feet.....this President could give the rich a voucher for another $50,000 tax break but if came from Obama they would turn it down just because it came from him.......and what is so wrong about lower prices at the pump......

The amount released is only enough to supply the US for one day. Instead of releasing the S.O.R., they should open up drilling and exploration..... There are tons of locations through out the US and Gulf of Mexico with known oil formations which the administration will not let us drill. It would also help if they would allow new refineries to be built and reduce the number of various blends that each state requires.

Yet, they give money to Brazil to help fund their oil expo ration and drilling :huh::blink:

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I disagree.....we can't get OPEC to budge on anything..........Obama can't win with conservatives....now by using our own oil it will open up more drilling.......I live in east Texas and their is a huge oil formation below the Haynesville gas formation that the energy companies are eager to drill at about 25000 feet.....this President could give the rich a voucher for another $50,000 tax break but if came from Obama they would turn it down just because it came from him.......and what is so wrong about lower prices at the pump......

I'm all for lower prices at the pump. We are shooting ourselves in the foot to go about it. Drill baby drill. Let's use our own resources & put America back to work instead of sending more PetroDollars to OPEC.

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Food for thought...my father-in-law sold mineral and oil rights on his farm in central Kentucky in 1974. The oil company drilled, hit oil and capped the well. It remains capped today with unknown oil reserve.This happened in some other areas too. I was there when this took place so it isn't second hand info. Just another reason to dispell any notion of oil shortage. As long as the petro dollar exists we are going to pay through the gashole for it (no vulgarity intended).

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He shut down drilling in ANWR & the Gulf. Depleating our Strategic Oil Reserves while putting the USA at the mercy of OPEC once again is part of the over all plan to get America & Capitalism to fail at all costs & usher in his new Socialist agenda.

He sold off ALL OF OUR RESERVES the first year that he was in office!!!

Food for thought...my father-in-law sold mineral and oil rights on his farm in central Kentucky in 1974. The oil company drilled, hit oil and capped the well. It remains capped today with unknown oil reserve.This happened in some other areas too. I was there when this took place so it isn't second hand info. Just another reason to dispell any notion of oil shortage. As long as the petro dollar exists we are going to pay through the gashole for it (no vulgarity intended).

In college, I was told that we have the most natural resources in the world, but the game is to use up all of the others first so that we can control it all.

The same thing happened with my grandmother. She owned 18 acres in Texas. The oil companys bought her mineral rights, drilled and the capped.

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