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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
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warlord1
Champion Author Georgia

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Message Posted: Feb 29, 2012 8:33:38 PM

ok
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jlisk1970_us
Champion Author St. Louis

Posts:1,163
Points:308,765
Joined:Feb 2012
Message Posted: Feb 29, 2012 8:33:35 PM

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.
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SBlouch
Champion Author San Antonio

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Message Posted: Feb 29, 2012 8:33:20 PM

First, the USA needs to STOP exporting oil.
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princessfifi
Sophomore Author Detroit

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Message Posted: Feb 29, 2012 8:32:51 PM

a small band-aid on a big boo boo!
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mecforyou
Champion Author Iowa

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Message Posted: Feb 29, 2012 8:31:14 PM

THERE IS NO SHORTAGE
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shea33
Champion Author Pensacola

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Message Posted: Feb 29, 2012 8:29:59 PM

fix the problem the first time. stop using a temp fix to try to get a second term
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CC55
Champion Author Georgia

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Message Posted: Feb 29, 2012 8:29:33 PM

There is not a shortage of crude it is matter of price on the world market.
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katiek9
Sophomore Author Ontario

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Message Posted: Feb 29, 2012 8:28:03 PM

of course.
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04coupe
All-Star Author Ontario

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Message Posted: Feb 29, 2012 8:27:12 PM

Don't touch it, save it for a rainy day.

[Edited by: 04coupe at 2/29/2012 8:27:46 PM EST]
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mikaye
Champion Author Cleveland

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Message Posted: Feb 29, 2012 8:23:31 PM

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.
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nimpy
Champion Author Indianapolis

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Message Posted: Feb 29, 2012 8:21:43 PM

Releasing the SPR is only a temporary solution
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DCbeachbum
Champion Author South Carolina

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Message Posted: Feb 29, 2012 8:20:56 PM

So Steven Chu DOES knows why the SPR is there. Then why is this an option?
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Stooker
Sophomore Author Ontario

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Message Posted: Feb 29, 2012 8:17:36 PM

do it
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Wasperator
Champion Author Dayton

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Message Posted: Feb 29, 2012 8:16:19 PM

it didn't help last time.
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jb107
Champion Author New Jersey

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Message Posted: Feb 29, 2012 8:15:21 PM

Save it for when we really need it.
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southrob
Champion Author Tucson

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Message Posted: Feb 29, 2012 8:10:42 PM

believe it when you see it
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sammy518
Champion Author Austin

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Message Posted: Feb 29, 2012 8:08:46 PM

ok
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Car54BC08
Champion Author British Columbia

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Message Posted: Feb 29, 2012 8:07:15 PM

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.
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PhilMils
Champion Author Virginia

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Message Posted: Feb 29, 2012 8:04:04 PM

It's always an option. Both parties have considered it in the past and will again in the future.
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rbrk02
Champion Author Rhode Island

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Message Posted: Feb 29, 2012 8:03:11 PM

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.
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jwduke1
Champion Author Iowa

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Message Posted: Feb 29, 2012 8:01:31 PM

dudleydolittle, you are 100% right!
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RickF350
Champion Author Washington

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Message Posted: Feb 29, 2012 8:01:26 PM

Just drill more!
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dudleydolittle
Champion Author Cleveland

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Message Posted: Feb 29, 2012 8:00:47 PM

This is all about the re-election, but it will not get my vote.
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MacDad614
Champion Author Atlanta

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Message Posted: Feb 29, 2012 8:00:14 PM

"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.
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IUVidiot
Champion Author Indiana

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Message Posted: Feb 29, 2012 8:00:05 PM

Don't do it
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darkknight1
Champion Author Winston-Salem

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Message Posted: Feb 29, 2012 7:59:13 PM

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.
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dylan126
Champion Author Cleveland

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Message Posted: Feb 29, 2012 7:58:09 PM

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.
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AcuraTSX
Champion Author Ohio

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Message Posted: Feb 29, 2012 7:55:40 PM

Can't release enough to affect world demand, supply or price.
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amearly
Champion Author Michigan

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Message Posted: Feb 29, 2012 7:52:17 PM

Why so we can pay a higher price to refill them?
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Topshopper2011
Champion Author New Jersey

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Message Posted: Feb 29, 2012 7:52:16 PM

Do it now! Today!
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sabob
Champion Author Pennsylvania

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Message Posted: Feb 29, 2012 7:51:20 PM

No way, don't do it !!!!!
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menagerie1013
Champion Author San Diego

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Message Posted: Feb 29, 2012 7:50:13 PM

Stop speculation, keep US oil in the US and leave the reserves alone.
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Lugi1967
Champion Author Ohio

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Message Posted: Feb 29, 2012 7:49:44 PM

Short term or not It is a good idea
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justme48
Champion Author New Jersey

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Message Posted: Feb 29, 2012 7:48:28 PM

At best short term help not long term help.
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nascar8806
Champion Author Oklahoma City

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Message Posted: Feb 29, 2012 7:46:19 PM

Did not help last time.
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SilentpartnerMN
Champion Author Minnesota

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Message Posted: Feb 29, 2012 7:46:12 PM

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.
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REVLAW
Champion Author San Antonio

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Message Posted: Feb 29, 2012 7:46:06 PM

Not worthy of reading.
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stevencr
Champion Author Ohio

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Message Posted: Feb 29, 2012 7:45:42 PM

Won't do much good.
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Gearitis
Champion Author Waco

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Message Posted: Feb 29, 2012 7:45:29 PM

Yawn, really big....
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jimbo1867
Champion Author Arizona

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Message Posted: Feb 29, 2012 7:42:02 PM

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
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mfeldstein
Champion Author Ottawa

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Message Posted: Feb 29, 2012 7:39:16 PM

Last time this was done, the effect wore off in a few days. It's a futile sign of desperation.
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gasaholicMO
Champion Author Missouri

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Message Posted: Feb 29, 2012 7:37:04 PM

Not going to help.
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allstar3
Sophomore Author Baton Rouge

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Message Posted: Feb 29, 2012 7:31:30 PM

Good.
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rpr77
Champion Author Philadelphia

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Message Posted: Feb 29, 2012 7:30:17 PM

ok
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NOGASMOOLA
Rookie Author Illinois

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Message Posted: Feb 29, 2012 7:26:10 PM

Doit! Let em prove it heps! Not like it did last time...
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032946
Champion Author Twin Cities

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Message Posted: Feb 29, 2012 7:21:44 PM

OK. It didn't do any good last time, what makes any one think it will do any good this time.
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wulf2000
Champion Author Miami

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Message Posted: Feb 29, 2012 7:21:31 PM

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.
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hoosierdaddyno1
Champion Author Indiana

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Message Posted: Feb 29, 2012 7:20:31 PM

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!
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billey32
Champion Author Oklahoma

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Message Posted: Feb 29, 2012 7:18:26 PM

Ok
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125MPDay
Veteran Author Virginia

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Message Posted: Feb 29, 2012 7:17:46 PM

*
It MUST be voting time again!
This reserve garbage is nothing more than a political football
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GoneUpAgain
Champion Author Atlanta

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Message Posted: Feb 29, 2012 7:17:35 PM

assinine if this is done.
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