Thread: Bush Won't Release Emergency Oil to Ease Prices

Bush Won't Release Emergency Oil to Ease Prices

WASHINGTON -- President George W. Bush will not tap the U.S. Strategic Petroleum Reserve to ease oil prices that hit a record high of $100 a barrel Wednesday, the White House said.
"This president will not use the SPR to manipulate (oil prices)," said White House spokeswoman Dana Perino. "Doing a temporary release of the SPR is not going to change prices very much."

Perino said the Bush administration understands that high energy prices hurt family budgets and small businesses, but believes that using the emergency oil stockpile to lower crude prices is not the solution.

"We have to figure out a way to increase supply here in the United States," she said. "The SPR is supposed to be used for emergencies. We know that markets work."

The stockpile was created by Congress in 1975 in response to the Arab oil embargo. The reserve now holds about 698 million barrels of crude at four underground storage sites in Texas and Louisiana.

The Energy Department said despite record high prices it would not delay oil deliveries to the reserve and will carry out its plan to add 12.3 million barrels of crude to stockpile during the first half of this year.

The department said last autumn it would add the oil to the reserve beginning in January at an average rate of about 70,000 barrels per day over six months.

"The modest royalty-in-kind SPR fill (less than one-tenth of 1 percent of daily world consumption) will continue as we announced," said department spokeswoman Megan Barnett.

The oil will come from companies that drill on federal offshore leases and turn over a portion of their crude to the government as royalties in lieu of cash payments.

Still, critics have said the oil supplies needed to stay in the market to help meet heating oil demand in the winter and gasoline demand in the spring.

Barnett said the high oil prices reflect strong and growing global energy demand and insufficient investment in new production.

"The world is currently experiencing a tight supply and demand environment where demand for oil is outstripping its supply," she said.

Meanwhile, a coalition of heating oil suppliers in the Northeast blamed speculators for pushing oil to $100 a barrel and called on Congress to rein in the abusive trading.

"We're paying $100 a barrel for oil now so Wall Street traders can take home billions in bonus payments," said Shane Sweet of the New England Fuel Institute. "Wall Street greed is pushing the American family and our small businesses to the breaking point," he said.

http://moneynews.newsmax.com/money/arch ... 150416.cfm

Let me explain this to you all.... your tax dollars paid for this oil and you have a president that will not ease family suffering during a very cold winter ... it's time to boot this idiot out of office for commiting war crimes that drove up the price of oil for you the commen citizen to pay more so his globalists companies rake in the big bucks on your dime ...

Not No, but HELL NO .... wake up America... put down the Prozac before it is too late

I am in hopes that this is not a ploy of Bush to exploit the economy because illegals are losing ground.
I would rather see a recession, drive less and watch my pennies for 10 years then turn our nation over to illegals.

The last month of cold weather may also be a cause. When heating oil prices climb, it tends to make crude oil rise, also. In the last three months heating oil has risen twenty percent. There was a moderate decline in price in November but it shot back up in December.