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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

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warlord1 Champion Author Georgia Posts:5,375 Points:1,061,250 Joined:May 2010	Message Posted: Feb 29, 2012 8:33:38 PM Ignore warlord1 Report Abuse ok
jlisk1970_us Sophomore Author St. Louis Posts:233 Points:94,930 Joined:Feb 2012	Message Posted: Feb 29, 2012 8:33:35 PM Ignore jlisk1970_us Report Abuse Government could release oil from the reserve but it would only be like putting a band aid on a sore. They can do more for we the people.
SBlouch Champion Author San Antonio Posts:8,836 Points:1,885,285 Joined:Apr 2007	Message Posted: Feb 29, 2012 8:33:20 PM Ignore SBlouch Report Abuse First, the USA needs to STOP exporting oil.
princessfifi Sophomore Author Detroit Posts:127 Points:60,215 Joined:Sep 2005	Message Posted: Feb 29, 2012 8:32:51 PM Ignore princessfifi Report Abuse a small band-aid on a big boo boo!
mecforyou Champion Author Iowa Posts:2,966 Points:1,274,985 Joined:Jul 2007	Message Posted: Feb 29, 2012 8:31:14 PM Ignore mecforyou Report Abuse THERE IS NO SHORTAGE
shea33 Champion Author Pensacola Posts:2,503 Points:570,415 Joined:Oct 2011	Message Posted: Feb 29, 2012 8:29:59 PM Ignore shea33 Report Abuse fix the problem the first time. stop using a temp fix to try to get a second term
CC55 Champion Author Georgia Posts:1,323 Points:1,409,970 Joined:Sep 2005	Message Posted: Feb 29, 2012 8:29:33 PM Ignore CC55 Report Abuse There is not a shortage of crude it is matter of price on the world market.
katiek9 Sophomore Author Ontario Posts:229 Points:38,055 Joined:Feb 2011	Message Posted: Feb 29, 2012 8:28:03 PM Ignore katiek9 Report Abuse of course.
04coupe All-Star Author Ontario Posts:559 Points:512,365 Joined:Aug 2011	Message Posted: Feb 29, 2012 8:27:12 PM Ignore 04coupe Report Abuse Don't touch it, save it for a rainy day. [Edited by: 04coupe at 2/29/2012 8:27:46 PM EST]
mikaye Champion Author Cleveland Posts:3,959 Points:890,185 Joined:Jun 2010	Message Posted: Feb 29, 2012 8:23:31 PM Ignore mikaye Report Abuse when oil from reserves are released big oil companies buy it, add it to their reserves and continue to raise prices. this is what happened last time, why believe it would be any different this time.
nimpy Champion Author Indianapolis Posts:8,270 Points:1,727,830 Joined:Oct 2007	Message Posted: Feb 29, 2012 8:21:43 PM Ignore nimpy Report Abuse Releasing the SPR is only a temporary solution
DCbeachbum Champion Author South Carolina Posts:2,667 Points:925,615 Joined:May 2010	Message Posted: Feb 29, 2012 8:20:56 PM Ignore DCbeachbum Report Abuse So Steven Chu DOES knows why the SPR is there. Then why is this an option?
Stooker Sophomore Author Ontario Posts:158 Points:70,420 Joined:Dec 2011	Message Posted: Feb 29, 2012 8:17:36 PM Ignore Stooker Report Abuse do it
Wasperator Champion Author Dayton Posts:13,686 Points:2,697,625 Joined:Apr 2003	Message Posted: Feb 29, 2012 8:16:19 PM Ignore Wasperator Report Abuse it didn't help last time.
jb107 Champion Author New Jersey Posts:9,690 Points:2,648,725 Joined:Sep 2005	Message Posted: Feb 29, 2012 8:15:21 PM Ignore jb107 Report Abuse Save it for when we really need it.
southrob Champion Author Tucson Posts:3,736 Points:714,900 Joined:Mar 2011	Message Posted: Feb 29, 2012 8:10:42 PM Ignore southrob Report Abuse believe it when you see it
sammy518 Champion Author Austin Posts:2,589 Points:539,790 Joined:Dec 2010	Message Posted: Feb 29, 2012 8:08:46 PM Ignore sammy518 Report Abuse ok
Car54BC08 Champion Author British Columbia Posts:4,389 Points:1,537,065 Joined:Jun 2008	Message Posted: Feb 29, 2012 8:07:15 PM Ignore Car54BC08 Report Abuse This would be a stupid decision to make and so I guess we know the answer with Obama at the helm. November can't get here quick enough.
PhilMils Champion Author Virginia Posts:6,318 Points:1,190,230 Joined:Dec 2008	Message Posted: Feb 29, 2012 8:04:04 PM Ignore PhilMils Report Abuse It's always an option. Both parties have considered it in the past and will again in the future.
rbrk02 Champion Author Rhode Island Posts:5,912 Points:843,955 Joined:Jan 2011	Message Posted: Feb 29, 2012 8:03:11 PM Ignore rbrk02 Report Abuse Will we ever learn? Probably not. The SPR is for EMERGENCIES, not to make a price break for a few days, if that. If the administration wants to help w/gas prices, start by developing a reasonable energy policy.
jwduke1 Champion Author Iowa Posts:15,604 Points:3,068,265 Joined:Apr 2004	Message Posted: Feb 29, 2012 8:01:31 PM Ignore jwduke1 Report Abuse dudleydolittle, you are 100% right!
RickF350 Champion Author Washington Posts:3,439 Points:707,635 Joined:Apr 2008	Message Posted: Feb 29, 2012 8:01:26 PM Ignore RickF350 Report Abuse Just drill more!
dudleydolittle Champion Author Cleveland Posts:4,573 Points:617,395 Joined:Sep 2011	Message Posted: Feb 29, 2012 8:00:47 PM Ignore dudleydolittle Report Abuse This is all about the re-election, but it will not get my vote.
MacDad614 Champion Author Atlanta Posts:3,082 Points:1,199,360 Joined:Aug 2008	Message Posted: Feb 29, 2012 8:00:14 PM Ignore MacDad614 Report Abuse "The supply is not the problem. The demand has gone down and the supply has gone up (they told us to cut back on our consumption)but what have they done? Export the gasoline so they can keep the inflated prices high here at home. They really don't care about us." Amen! It's all about G R E E D.
IUVidiot Champion Author Indiana Posts:3,725 Points:736,160 Joined:Jun 2011	Message Posted: Feb 29, 2012 8:00:05 PM Ignore IUVidiot Report Abuse Don't do it
darkknight1 Champion Author Winston-Salem Posts:4,475 Points:922,785 Joined:Nov 2010	Message Posted: Feb 29, 2012 7:59:13 PM Ignore darkknight1 Report Abuse The supply is not the problem. The demand has gone down and the supply has gone up (they told us to cut back on our consumption)but what have they done? Export the gasoline so they can keep the inflated prices high here at home. They really don't care about us.
dylan126 Champion Author Cleveland Posts:4,573 Points:621,320 Joined:Sep 2011	Message Posted: Feb 29, 2012 7:58:09 PM Ignore dylan126 Report Abuse The reserves are intended to be used during times of oil supply disruptions. This is a stupid idea they can open them up and then export them like they are doing now.
AcuraTSX Champion Author Ohio Posts:5,626 Points:2,207,880 Joined:Dec 2005	Message Posted: Feb 29, 2012 7:55:40 PM Ignore AcuraTSX Report Abuse Can't release enough to affect world demand, supply or price.
amearly Champion Author Michigan Posts:12,255 Points:2,494,335 Joined:Jan 2006	Message Posted: Feb 29, 2012 7:52:17 PM Ignore amearly Report Abuse Why so we can pay a higher price to refill them?
Topshopper2011 Champion Author New Jersey Posts:1,067 Points:290,625 Joined:Aug 2011	Message Posted: Feb 29, 2012 7:52:16 PM Ignore Topshopper2011 Report Abuse Do it now! Today!
sabob Champion Author Pennsylvania Posts:12,731 Points:1,154,995 Joined:Dec 2008	Message Posted: Feb 29, 2012 7:51:20 PM Ignore sabob Report Abuse No way, don't do it !!!!!
menagerie1013 Champion Author San Diego Posts:2,365 Points:711,190 Joined:Apr 2011	Message Posted: Feb 29, 2012 7:50:13 PM Ignore menagerie1013 Report Abuse Stop speculation, keep US oil in the US and leave the reserves alone.
Lugi1967 Champion Author Ohio Posts:4,916 Points:1,028,685 Joined:Jun 2010	Message Posted: Feb 29, 2012 7:49:44 PM Ignore Lugi1967 Report Abuse Short term or not It is a good idea
justme48 Champion Author New Jersey Posts:2,655 Points:537,995 Joined:Jun 2011	Message Posted: Feb 29, 2012 7:48:28 PM Ignore justme48 Report Abuse At best short term help not long term help.
nascar8806 Champion Author Oklahoma City Posts:2,513 Points:871,780 Joined:Aug 2010	Message Posted: Feb 29, 2012 7:46:19 PM Ignore nascar8806 Report Abuse Did not help last time.
SilentpartnerMN Champion Author Minnesota Posts:1,642 Points:491,635 Joined:Apr 2011	Message Posted: Feb 29, 2012 7:46:12 PM Ignore SilentpartnerMN Report Abuse We are exporting more oil than we are importing. Dipping into the oil reserve will not change that. It is obviously not a problem of supply. The reserve will just be sold overseas also to make more of a profit.
REVLAW Champion Author San Antonio Posts:10,576 Points:2,034,945 Joined:Jul 2007	Message Posted: Feb 29, 2012 7:46:06 PM Ignore REVLAW Report Abuse Not worthy of reading.
stevencr Champion Author Ohio Posts:5,792 Points:1,461,490 Joined:Mar 2009	Message Posted: Feb 29, 2012 7:45:42 PM Ignore stevencr Report Abuse Won't do much good.
Gearitis Champion Author Waco Posts:1,293 Points:751,235 Joined:Sep 2005	Message Posted: Feb 29, 2012 7:45:29 PM Ignore Gearitis Report Abuse Yawn, really big....
jimbo1867 Champion Author Arizona Posts:5,512 Points:2,082,250 Joined:Apr 2005	Message Posted: Feb 29, 2012 7:42:02 PM Ignore jimbo1867 Report Abuse thats cus obummer is there ... george dubya did it in the fall of 2008 ... remember where gas prices went too ... as low as $1.60
mfeldstein Champion Author Ottawa Posts:8,301 Points:1,956,230 Joined:Feb 2007	Message Posted: Feb 29, 2012 7:39:16 PM Ignore mfeldstein Report Abuse Last time this was done, the effect wore off in a few days. It's a futile sign of desperation.
gasaholicMO Champion Author Missouri Posts:2,621 Points:510,940 Joined:Apr 2010	Message Posted: Feb 29, 2012 7:37:04 PM Ignore gasaholicMO Report Abuse Not going to help.
allstar3 Sophomore Author Baton Rouge Posts:136 Points:76,800 Joined:Dec 2011	Message Posted: Feb 29, 2012 7:31:30 PM Ignore allstar3 Report Abuse Good.
rpr77 Champion Author Philadelphia Posts:4,044 Points:794,985 Joined:Mar 2011	Message Posted: Feb 29, 2012 7:30:17 PM Ignore rpr77 Report Abuse ok
NOGASMOOLA Rookie Author Illinois Posts:61 Points:135,710 Joined:Apr 2006	Message Posted: Feb 29, 2012 7:26:10 PM Ignore NOGASMOOLA Report Abuse Doit! Let em prove it heps! Not like it did last time...
032946 Champion Author Twin Cities Posts:19,999 Points:4,070,770 Joined:Oct 2001	Message Posted: Feb 29, 2012 7:21:44 PM Ignore 032946 Report Abuse OK. It didn't do any good last time, what makes any one think it will do any good this time.
wulf2000 Champion Author Miami Posts:3,156 Points:1,411,580 Joined:May 2005	Message Posted: Feb 29, 2012 7:21:31 PM Ignore wulf2000 Report Abuse This will not solve the problem. And by the way did the Department of Energy actually produced any long term energy plan other than study after study.
hoosierdaddyno1 Champion Author Indiana Posts:1,542 Points:1,278,240 Joined:Oct 2008	Message Posted: Feb 29, 2012 7:20:31 PM Ignore hoosierdaddyno1 Report Abuse Hey force the speculator's to stop running it up, and the Iranians will not get their 100 a dollar a barrel oil - just lower it and they will starve! Damn no bombs no troops simply we don't need their oil or sanctions against them!
billey32 Champion Author Oklahoma Posts:1,359 Points:351,210 Joined:May 2011	Message Posted: Feb 29, 2012 7:18:26 PM Ignore billey32 Report Abuse Ok
125MPDay Sophomore Author Virginia Posts:231 Points:553,875 Joined:Mar 2010	Message Posted: Feb 29, 2012 7:17:46 PM Ignore 125MPDay Report Abuse * It MUST be voting time again! This reserve garbage is nothing more than a political football
GoneUpAgain Champion Author Atlanta Posts:7,769 Points:1,371,955 Joined:May 2004	Message Posted: Feb 29, 2012 7:17:35 PM Ignore GoneUpAgain Report Abuse assinine if this is done.