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GasBuddy News Article

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As Gas Prices Surge, U.S. Eyes Oil Reserve Release

Reuters --
The United States is considering a release of oil from its strategic reserves in an attempt to stem the surging price of gasoline, Energy Secretary Steven Chu told reporters on Tuesday.

No final decision has been made on releasing oil from the U.S. Strategic Petroleum Reserve (SPR), Chu said, noting the reserves are intended to be used during times of oil supply disruptions.

The United States last tapped into its reserves in 2011 in coordination with other Western nations when Libya's oil production dropped because of war and prices surged, threatening the shaky global economy.

The Obama administration is now under pressure to release stocks again because tensions around Iran's nuclear program have propelled oil markets -- and the price of gasoline -- higher ahead of the 2012 pr


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Submitted Feb 29, 2012 By: RENEGADEGAS
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: As Gas Prices Surge, U.S. Eyes Oil Reserve Release Back to Topics
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

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Message Posted: Mar 2, 2012 6:02:02 AM

it won't help long term.
goldrose1
Champion Author Cleveland

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Message Posted: Mar 1, 2012 7:05:23 PM

good sound bites. politicians.
ssect8
Champion Author Hartford

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Message Posted: Mar 1, 2012 3:48:16 PM

It didn't work the last time and it won't work the next time, we need to stop electing idiots to office.
DrLyon
Champion Author Michigan

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Message Posted: Mar 1, 2012 12:11:01 PM

Go slow on releasing the reserves...s
DrCashFlow
Champion Author Massachusetts

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Message Posted: Mar 1, 2012 7:49:31 AM

Just say no
335d1
Champion Author Virginia

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Message Posted: Mar 1, 2012 7:06:49 AM

No relief at the pump.
tomok
Champion Author Portland

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Message Posted: Mar 1, 2012 4:19:29 AM

The last time it was released, they sold it on the oil market and there was NO relief at the pump. Save the SPR for the reason it was put into place for – In Case of Emergency, ICE.
Whatever the size or shape of the vehicle, 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!
dongo50
Champion Author West Virginia

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Message Posted: Mar 1, 2012 12:07:19 AM

politics
jetlagAK
Champion Author Anchorage

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Message Posted: Mar 1, 2012 12:05:38 AM

Just more hYpe and change!

Nobama2012!
LuvEd08
All-Star Author Georgia

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Message Posted: Mar 1, 2012 12:05:02 AM

When the reserves are gone, we'll *really* be at the mercy of others..
BCM1
Champion Author Pennsylvania

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Message Posted: Mar 1, 2012 12:04:47 AM

why there is plenty of oil
danreino
Champion Author Twin Cities

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Message Posted: Mar 1, 2012 12:01:43 AM

Stop, collaborate, and listen.
kgbellman
Champion Author Ann Arbor

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Message Posted: Mar 1, 2012 12:00:57 AM

It is for emergency use and is small enough that it won't impact the price
PAborn54
All-Star Author Milwaukee

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Message Posted: Mar 1, 2012 12:00:27 AM

Why release the reserve - we're not short on gas we're short on decent prices at the pump
melvindale
Champion Author Michigan

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Message Posted: Mar 1, 2012 12:00:18 AM

2 of these articles boil down to the same thing. So here's what I said over there:
Clinton's, Bush's and Obama's use of the SPR is directly against the reason the SPR exists. It is there so when a shortage exists (hey old-timers, remember gas lines in the early 70's?), the government and military can still run. That's right, its not to ease prices, and especially not for the use of the public. Clearly, all our recent presidents (last 20 years or so) do not believe a shortage can ever happen. Guess what, we depend much more on OPEC oil now than when they embargoed us in the 1970's. Oh, guess what else? Back in the 1970's Arabs liked the US, or at the worst were indifferent to us. So, really the SPR is more necessary than ever! But not for how its being used. I guess Richard Nixon knew something about being unpopular.
Throroughbred
Champion Author Cleveland

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Message Posted: Feb 29, 2012 11:59:55 PM

NO
Throroughbred
Champion Author Cleveland

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Joined:Jun 2007
Message Posted: Feb 29, 2012 11:59:53 PM

NO
EmperorsFinest
Champion Author Chicago

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Message Posted: Feb 29, 2012 11:59:30 PM

No reserves until necessary!
gd83goldwinger
Champion Author South Bend

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Message Posted: Feb 29, 2012 11:59:04 PM

Will see what happens.
OOXXFF
Champion Author Greensboro

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Message Posted: Feb 29, 2012 11:57:23 PM

Please get the prices down somehow.
min_fuel
Champion Author Philadelphia

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Message Posted: Feb 29, 2012 11:56:35 PM

Not a emergency
kgbellman
Champion Author Ann Arbor

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Message Posted: Feb 29, 2012 11:55:12 PM

It is for emergency use and is small enough that it won't impact the price
MidNJ
Champion Author New Jersey

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Message Posted: Feb 29, 2012 11:54:31 PM

Really jessek,

why not????
Kaiyne
Champion Author Chicago

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Message Posted: Feb 29, 2012 11:53:04 PM

Great post confetti!
jessek
Champion Author Detroit

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Message Posted: Feb 29, 2012 11:50:51 PM

It didn't work before and it won't work now.
tidalwave3
Champion Author Tallahassee

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Message Posted: Feb 29, 2012 11:49:06 PM

SPR is for emergency and will not have an effect on gasoline prices.
Nippor
Champion Author California

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Message Posted: Feb 29, 2012 11:41:31 PM

@confetti: I agree!
tippybuddy
Champion Author Ontario

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Message Posted: Feb 29, 2012 11:40:01 PM

I wouldn't trust anything said in an election year...they'll promise anything to get re elected...can't trust anything said much this year for sure
mgune9
All-Star Author Dallas

Posts:914
Points:200,395
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Message Posted: Feb 29, 2012 11:37:48 PM

The only crisis here is election year - stay out of releasing the SPR stocks. We already know this isn't due to "supply and demand" - so any action here will not ease pump prices.
pgerassi
Champion Author Milwaukee

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Message Posted: Feb 29, 2012 11:37:25 PM

NO!
LegoVasavouchi
Champion Author Oklahoma

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Message Posted: Feb 29, 2012 11:28:43 PM

Fascinating.
bettersight
Champion Author Oakland

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Message Posted: Feb 29, 2012 11:28:37 PM

ok
boldrph
Champion Author Topeka

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Message Posted: Feb 29, 2012 11:27:46 PM

not yet
skyking19
Champion Author Little Rock

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Message Posted: Feb 29, 2012 11:25:21 PM

We are exporting more fuel than we consume. We don't have enough reserve to shift the global supply to have any significant effect.
confetti
Veteran Author Tampa

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Message Posted: Feb 29, 2012 11:25:01 PM

The politicians need to stop being so short-sighted. The reserves are for emergency use. They've had the same foolish attitude about the economy, borrowing and printing trillions of dollars, which is destroying the country. Living for the moment is going to come back to bite us.
LSU_TIGERS_dmb
Champion Author Louisiana

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Message Posted: Feb 29, 2012 11:24:11 PM

Obama has no clue
gasgo123
Champion Author South Carolina

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Message Posted: Feb 29, 2012 11:17:15 PM

Don't touch the reserves, we may really need it later if we dont' produce more at home.
LSU_TIGERS_dmb
Champion Author Louisiana

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Message Posted: Feb 29, 2012 11:16:15 PM

This shows the president has no clue
skb69sa
Champion Author San Antonio

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Message Posted: Feb 29, 2012 11:11:10 PM

Stop eyeing oil reserve. Its meant for emergency and its not an emergency now.
WalkingWV
Champion Author West Virginia

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Message Posted: Feb 29, 2012 11:06:34 PM

Why? It won't lower prices.

How much is that politician in the window?
PoohMcGoo
Champion Author Alabama

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Message Posted: Feb 29, 2012 11:02:25 PM

He's got a long road to Nov election, prices just starting to rise..
farn1958
All-Star Author Twin Cities

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Points:183,385
Joined:Feb 2011
Message Posted: Feb 29, 2012 11:02:15 PM

releasing oil from the(SPR) is a very bad idea.
John747
Champion Author Chicago

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Joined:Aug 2001
Message Posted: Feb 29, 2012 11:01:43 PM

You only release oil from the reserve in an emergency. And right now the only emergency is the possibility/probability that Obama will not be reelected. At least that's the democratic point of view.
JDisNo1
Sophomore Author Twin Cities

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Joined:Jan 2012
Message Posted: Feb 29, 2012 11:01:32 PM

hmmm.
theschmuck
Champion Author Michigan

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Message Posted: Feb 29, 2012 11:00:10 PM

There are a lot of good opinions on this one and will close on that note.
MattieDale
Sophomore Author Cincinnati

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Message Posted: Feb 29, 2012 10:59:38 PM

Not the answer. Just an election year ploy to get votes.
Prodaddy
Champion Author Houston

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Message Posted: Feb 29, 2012 10:58:53 PM

This is not a good move at all
Pumpz
Sophomore Author Boston

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Message Posted: Feb 29, 2012 10:56:52 PM

Again, what is "OK" carman11?
Pumpz
Sophomore Author Boston

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Joined:Apr 2004
Message Posted: Feb 29, 2012 10:56:22 PM

Yeah let's blow the military reserve for some temporary political points. Good "strategic" thinking.
carman11
Champion Author North Carolina

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Message Posted: Feb 29, 2012 10:55:47 PM

OK
abcdMA
Champion Author Worcester

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Message Posted: Feb 29, 2012 10:54:52 PM

too little too late
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