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02:15 PM on 06/23/2011
Obama's solution is a half baked, temporary fix at best. Obama and his Democrats have over regulated our oil industry into minimum domestic exploratory oil well drilling. No new oil wells mean less and less oil at much steeper prices. We wiser Conservatives say, Drill Baby Drill!
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blackwind
Relax, nothing is under control
02:25 PM on 06/23/2011
There have been thousands of new oil wells drilled in the last few years, but there isn't enough left in the US to make up for depletion, and not enough to affect prices noticeably. What you see now is the result of "drill baby drill."
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Dardedar
Not here to play patty cake...
02:51 PM on 06/23/2011
Well said. To quote the good professor:

"Let me be more specific. First, we need to continue to boost domestic production of oil and gas. Last year, American oil production reached its highest level since 2003...

So any notion that my administration has shut down oil production might make for a good political sound bite, but it doesn't match up with reality. We are encouraging offshore exploration and production. We're just doing it responsibly. I don't think anybody has forgotten that we're only a few months removed from the worst oil spill in our history. So what we've done is to put in place common-sense standards like proving that companies can actually contain an underwater spill. And oil companies are stepping up -- we've approved more than 35 new offshore drilling permits that meet these new safety and environmental standards."

http://www.realclearpolitics.com/articles/2011/03/11/president_obamas_press_conference_109202.html
07:49 AM on 06/24/2011
blackwind, you are wrong. There is Anwar, the Bakken & the Rocky Mountain shale oil reserves.
justwantajob
Freedom is Right
02:52 PM on 06/23/2011
Just another political ploy. Obama is all about politics and not about fixing our nation. He's on the campaign trail and will try every tick in the book to get re-elected. There will be more actions like this in the weeks and months to come. He's a one termer.
08:15 AM on 06/24/2011
Yep! F&F
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breck08
Is this the best we can do?
02:14 PM on 06/23/2011
HA! This is like giving a free hit to an addict. The country is dependent on foreign oil. A very very short tern solution. It feels more like desperation than a strategy. How about a better public transportation plan?
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1oldhippie
yes WE did... again!
02:32 PM on 06/23/2011
You mean like high speed rail, which the GOP hates, because it would create JOBS?
02:12 PM on 06/23/2011
Notice that when the justice dept began investigating, gas went from 395 to 343? Strange huh?
02:39 PM on 06/23/2011
Fanned. I was just thinking the exact same thing the other day. What a coincidince.
03:36 PM on 06/23/2011
Great minds.....That pricing should have been illegal
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Bobzmcishl
02:49 PM on 06/23/2011
Their has been price manipulation which has artificially driven up oil prices by .30-.40 a gallon. Obama took the only course he could to get speculators out of this market and he succeeded today. This will save us money right when we start our Summer vacation driving.
03:35 PM on 06/23/2011
ripping us off....again. Hope he keeps the pressure on them
02:12 PM on 06/23/2011
There are several ways to save oil that would reduce the need to use up "emergency oil." Sadly, several states and millions of individuals aren't on board with recycle programs.These save energy (oil) and reduce pollution. I guess they want to pay off the mid east per tradition? The the conversion of power plants to natural gas has stalled from all indications. Has any federal program seriously mandated a review of local traffic patterns to weed out gas guzzling traffic signals? I doubt it from my own experience... Many others could save our only environment and plenty of oil in the process, but then, Washington's known about them for years..
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1oldhippie
yes WE did... again!
02:12 PM on 06/23/2011
Its a smart move. Lets say the 'reserve' oil cost 100 bucks a barrel. Releasing it will drive down the price. Refill the reserve at 80 bucks per. The consumer gets a break, the speculators take a hit and the market gets a lesson in karma.
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Dardedar
Not here to play patty cake...
02:53 PM on 06/23/2011
The average cost of that reserve oil is $29. Clinton was filling it as fast as possible in the late 90's at $11 a barrel.
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imusintheevening
With,without,who'll deny it's whatthe fights about
02:11 PM on 06/23/2011
Average price paid for oil in the Reserve - $29.76 per barrel

source: http://fossil.energy.gov/programs/reserves/spr/spr-facts.html

nice profit for the government

a warning to speculators and the OPEC countries that are against increasing production.

Well done Secretary Chu and the IEA.
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Vegasyankee
Making Energy for a Strong America!
02:14 PM on 06/23/2011
LOL!!!

That oil has to be replaced.

Did you benefit from that profit?
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Kyle10
those who sharpen perception tend to be antisocial
02:18 PM on 06/23/2011
The petroleum can and will be replaced. As if this aspect has not been considered...

Indeed, well done. Break the speculative market cycle, which is the essential aim and rightly so.
02:26 PM on 06/23/2011
Lol

the oil's replacement cost can be spread over years, decades even. Given various financing schemes, the oil could actually be less expensive

This is the problem with those not actually knowledgeable about the industry. Their frame of reference leads to incorrect assumptions
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blackwind
Relax, nothing is under control
02:20 PM on 06/23/2011
You'd better wait and see how much the oil that replaces it costs before you do the math.
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imusintheevening
With,without,who'll deny it's whatthe fights about
02:31 PM on 06/23/2011
less than a year ago the price of oil was $70.75/bbl

since then the number of futures contracts has quadrupled as banks and hedge funds look to use the leverage inherent in those contracts
02:10 PM on 06/23/2011
I heard you only go into reserves for military use. How come he is doing this?
02:13 PM on 06/23/2011
Re-election.
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noelie19
02:28 PM on 06/23/2011
Strategic reserves have always been earmarked to fly airliners and military planes haul freight for US food consumption; to fuel farmers equipment for US farms; to fuel 'steam' ships, boats and trains; to fuel power plants for sustainable power; and, to fuel our military and security defense departments. Much farther down the priority list are citizens retaining their mobility via the automobile.
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DSMHokie
02:09 PM on 06/23/2011
Whatever it takes to get those poll numbers up.

I hate to see what sort of nonsense he’ll try closer to the election.
maruski
Liberal Lutheran; lean left, save America!
02:14 PM on 06/23/2011
well it won't be raising the terror threat to orange..............
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Raccoon1
These are the times that try men's souls........
02:03 PM on 06/23/2011
More than likely it is meant to stop or slow down the speculation in oil. Whoever was betting on short supplies and high prices just lost - at least for now.
cotuit
supporting those that won't support themselves
02:17 PM on 06/23/2011
'Speculators' are aware that this only represents a 36 hour supply.
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Dardedar
Not here to play patty cake...
02:59 PM on 06/23/2011
Actually if you want to be even more disingenuous, you could compare it to world daily consumption (about 80 million barrels a day) and that might fool some of the kiddies even better.

It's 60 million barrels, in a coordinated effort by 27 countries, to replace the oil taken off the market by Libya.
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Raccoon1
These are the times that try men's souls........
03:40 PM on 06/23/2011
Yes, I suppose so, but we're not using the SPR exclusively. It will drive down prices. Some will lose. That's capitalism. Don't like it, move to China.
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JCleveland
Responsibility vs. Depraved Indifference.
02:02 PM on 06/23/2011
Speculators are going to lose big time. Love it!
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Vegasyankee
Making Energy for a Strong America!
02:05 PM on 06/23/2011
Really?  How do you figure this?
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JCleveland
Responsibility vs. Depraved Indifference.
02:14 PM on 06/23/2011
"Surprise oil release targets speculators

Thursday’s release of 60 million barrels of crude reserves was aimed at chasing oil speculators out of the market. It seems to be working. By John Schoen."

-http://www.msnbc.msn.com/id/43510170/ns/business-going_green/
01:55 PM on 06/23/2011
Now, that's change you can believe in.
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02:05 PM on 06/23/2011
Now hes in campain mode some one must of told him that.
02:13 PM on 06/23/2011
Did it ever occur to you that speculators jacked up the price to hurt his re-election?
01:55 PM on 06/23/2011
Where are all the posters that have been arguing that increasing the supply won't affect the price? Oil is down something like $4 per barrel in the last few hours.

Now if only the would truly increase the supply by permitting more drilling.
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Raccoon1
These are the times that try men's souls........
02:04 PM on 06/23/2011
Gold is down $31 today, also.
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Dardedar
Not here to play patty cake...
02:06 PM on 06/23/2011
People whine when gas is high, then they whine when someone does something about it. What a bunch of whiners.
02:31 PM on 06/23/2011
I suppose that providing a proof of concept could be considered "doing something about it" but I prefer real solutions.
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01:50 PM on 06/23/2011
short term answer to short term problem (get re-elected by lowering gas prices for a few days)
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JCleveland
Responsibility vs. Depraved Indifference.
02:02 PM on 06/23/2011
You do know that the election's more than 15 months away, right?
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Loxinabox
I live in a van down by the river
02:04 PM on 06/23/2011
Tell Obama he is not very smart is he?
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inspmark
Retired Federal Fire Inspector/firefighter and AF
02:11 PM on 06/23/2011
Followed by a short-sighted responce right there, right now.
01:50 PM on 06/23/2011
Once again our president show he has little or no grasp on economics and international markets. The addition of 30 million barrels of oil will do nothing to effect the futures market which is still spooked by the events across the middle east and leaves the US more vulnerable to actual oil shortages. This administration really has taken central planning to the extreme and is now attempting to effect global markets by adding roughly what Saudi Arabia pumps in 4 days. All this president thinks about is politics and re-election. Should we be surprised this is not the first time he has put his popularity ahead of his country.
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imusintheevening
With,without,who'll deny it's whatthe fights about
01:56 PM on 06/23/2011
This was a coordinated effort by the IEA, including 27 other countries. The Saudi's want to increase production but Iran and Libya prevented OPEC from doing so last month.
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inspmark
Retired Federal Fire Inspector/firefighter and AF
02:12 PM on 06/23/2011
As you wrote your long winded response, oil has dropped by about $10.00 a barrel thanks to President Obama's intervention today. Care to re-evaluate your comment now???
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TrippLite
02:41 PM on 06/23/2011
I just wonder about the credibility of those who say that increasing domestic drilling will only have a minimal effect on bringing down oil prices. Obama released 30 million (we use 21 million per day http://science.howstuffworks.com/environmental/green-science/us-gas-addiction.htm) , so he temporarily released two days worth of gas and that brought prices down quite a bit. Now imagine if we allowed more domestic drilling and that wasn't just a temporary solution, it was a permanent solution. Also tax payers will pay dearly for this. Someone bought that oil. I feel like it was the tax payers in the first place.
12:14 PM on 06/30/2011
And what my friend is the price of oil now? real effective.
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Stewpendous
01:49 PM on 06/23/2011
To all those that keep saying that this is bad for National Security:

The petroleum reserves hold 730 million barrels of oil. The largest in the world and at the USA's current rate of oil consumption, they would last us for 34 days. We are only releasing less then 5% of our oil reserve.(1.4 days) I think we will be OK for 32.6 days if the world breaks out into World War 3 and we get cut off from the worlds oil. LOL
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imusintheevening
With,without,who'll deny it's whatthe fights about
01:57 PM on 06/23/2011
It is also strategic to buy low and sell high, which we are doing in this case.
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Vegasyankee
Making Energy for a Strong America!
02:04 PM on 06/23/2011
When the SPR is tapped, that oil is sold not given away.

You were saying?
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Raccoon1
These are the times that try men's souls........
02:05 PM on 06/23/2011
Booosh used the opposite approach with predictable results.