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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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honda0105 Champion Author Tallahassee Posts:18,828 Points:1,637,220 Joined:Nov 2008	Message Posted: Mar 2, 2012 4:02:02 AM Ignore honda0105 Report Abuse it won't help long term.
goldrose1 Champion Author Cleveland Posts:11,071 Points:1,949,605 Joined:Feb 2005	Message Posted: Mar 1, 2012 5:05:23 PM Ignore goldrose1 Report Abuse good sound bites. politicians.
ssect8 Champion Author Hartford Posts:8,131 Points:2,119,005 Joined:Jun 2006	Message Posted: Mar 1, 2012 1:48:16 PM Ignore ssect8 Report Abuse 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 Posts:6,769 Points:1,238,615 Joined:May 2006	Message Posted: Mar 1, 2012 10:11:01 AM Ignore DrLyon Report Abuse Go slow on releasing the reserves...s
DrCashFlow Champion Author Massachusetts Posts:7,204 Points:1,654,785 Joined:Jun 2008	Message Posted: Mar 1, 2012 5:49:31 AM Ignore DrCashFlow Report Abuse Just say no
335d1 Champion Author Virginia Posts:2,524 Points:786,745 Joined:Feb 2011	Message Posted: Mar 1, 2012 5:06:49 AM Ignore 335d1 Report Abuse No relief at the pump.
tomok Champion Author Portland Posts:33,595 Points:2,373,210 Joined:Aug 2006	Message Posted: Mar 1, 2012 2:19:29 AM Ignore tomok Report Abuse 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 Posts:14,878 Points:2,407,745 Joined:Jul 2006	Message Posted: Feb 29, 2012 10:07:19 PM Ignore dongo50 Report Abuse politics
jetlagAK Champion Author Anchorage Posts:2,256 Points:643,825 Joined:Jan 2010	Message Posted: Feb 29, 2012 10:05:38 PM Ignore jetlagAK Report Abuse Just more hYpe and change! Nobama2012!
LuvEd08 All-Star Author Georgia Posts:874 Points:262,075 Joined:Apr 2008	Message Posted: Feb 29, 2012 10:05:02 PM Ignore LuvEd08 Report Abuse When the reserves are gone, we'll really be at the mercy of others..
BCM1 Champion Author Pennsylvania Posts:1,879 Points:786,420 Joined:Jun 2007	Message Posted: Feb 29, 2012 10:04:47 PM Ignore BCM1 Report Abuse why there is plenty of oil
danreino Champion Author Twin Cities Posts:8,474 Points:1,564,510 Joined:Mar 2008	Message Posted: Feb 29, 2012 10:01:43 PM Ignore danreino Report Abuse Stop, collaborate, and listen.
kgbellman Champion Author Ann Arbor Posts:2,854 Points:759,540 Joined:Mar 2011	Message Posted: Feb 29, 2012 10:00:57 PM Ignore kgbellman Report Abuse It is for emergency use and is small enough that it won't impact the price
PAborn54 All-Star Author Milwaukee Posts:970 Points:654,775 Joined:May 2009	Message Posted: Feb 29, 2012 10:00:27 PM Ignore PAborn54 Report Abuse Why release the reserve - we're not short on gas we're short on decent prices at the pump
melvindale Champion Author Michigan Posts:1,438 Points:351,230 Joined:Jun 2011	Message Posted: Feb 29, 2012 10:00:18 PM Ignore melvindale Report Abuse 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 Posts:1,031 Points:1,210,770 Joined:Jun 2007	Message Posted: Feb 29, 2012 9:59:55 PM Ignore Throroughbred Report Abuse NO
Throroughbred Champion Author Cleveland Posts:1,031 Points:1,210,770 Joined:Jun 2007	Message Posted: Feb 29, 2012 9:59:53 PM Ignore Throroughbred Report Abuse NO
EmperorsFinest Champion Author Chicago Posts:1,564 Points:340,870 Joined:Jul 2011	Message Posted: Feb 29, 2012 9:59:30 PM Ignore EmperorsFinest Report Abuse No reserves until necessary!
gd83goldwinger Champion Author South Bend Posts:1,428 Points:519,230 Joined:May 2011	Message Posted: Feb 29, 2012 9:59:04 PM Ignore gd83goldwinger Report Abuse Will see what happens.
OOXXFF Champion Author Greensboro Posts:3,193 Points:1,105,905 Joined:Sep 2009	Message Posted: Feb 29, 2012 9:57:23 PM Ignore OOXXFF Report Abuse Please get the prices down somehow.
min_fuel Champion Author Philadelphia Posts:1,956 Points:725,545 Joined:Jan 2008	Message Posted: Feb 29, 2012 9:56:35 PM Ignore min_fuel Report Abuse Not a emergency
kgbellman Champion Author Ann Arbor Posts:2,854 Points:759,540 Joined:Mar 2011	Message Posted: Feb 29, 2012 9:55:12 PM Ignore kgbellman Report Abuse It is for emergency use and is small enough that it won't impact the price
MidNJ Champion Author New Jersey Posts:7,686 Points:1,197,290 Joined:Sep 2009	Message Posted: Feb 29, 2012 9:54:31 PM Ignore MidNJ Report Abuse Really jessek, why not????
Kaiyne Champion Author Chicago Posts:2,480 Points:500,415 Joined:Feb 2011	Message Posted: Feb 29, 2012 9:53:04 PM Ignore Kaiyne Report Abuse Great post confetti!
jessek Champion Author Detroit Posts:2,657 Points:1,280,490 Joined:Sep 2008	Message Posted: Feb 29, 2012 9:50:51 PM Ignore jessek Report Abuse It didn't work before and it won't work now.
tidalwave3 Champion Author Tallahassee Posts:1,367 Points:1,489,610 Joined:Jun 2008	Message Posted: Feb 29, 2012 9:49:06 PM Ignore tidalwave3 Report Abuse SPR is for emergency and will not have an effect on gasoline prices.
Nippor Champion Author California Posts:2,621 Points:469,840 Joined:Aug 2011	Message Posted: Feb 29, 2012 9:41:31 PM Ignore Nippor Report Abuse @confetti: I agree!
tippybuddy Champion Author Ontario Posts:1,523 Points:207,740 Joined:Feb 2011	Message Posted: Feb 29, 2012 9:40:01 PM Ignore tippybuddy Report Abuse 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 Joined:Feb 2012	Message Posted: Feb 29, 2012 9:37:48 PM Ignore mgune9 Report Abuse 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 Posts:11,036 Points:2,159,245 Joined:Apr 2007	Message Posted: Feb 29, 2012 9:37:25 PM Ignore pgerassi Report Abuse NO!
LegoVasavouchi Champion Author Oklahoma Posts:1,659 Points:114,390 Joined:Apr 2011	Message Posted: Feb 29, 2012 9:28:43 PM Ignore LegoVasavouchi Report Abuse Fascinating.
bettersight Champion Author Oakland Posts:1,116 Points:255,885 Joined:May 2011	Message Posted: Feb 29, 2012 9:28:37 PM Ignore bettersight Report Abuse ok
boldrph Champion Author Topeka Posts:18,532 Points:3,478,570 Joined:Oct 2002	Message Posted: Feb 29, 2012 9:27:46 PM Ignore boldrph Report Abuse not yet
skyking19 Champion Author Little Rock Posts:2,021 Points:1,722,740 Joined:Jan 2007	Message Posted: Feb 29, 2012 9:25:21 PM Ignore skyking19 Report Abuse 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 Posts:354 Points:372,940 Joined:Jan 2006	Message Posted: Feb 29, 2012 9:25:01 PM Ignore confetti Report Abuse 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 Posts:1,720 Points:644,915 Joined:May 2011	Message Posted: Feb 29, 2012 9:24:11 PM Ignore LSU_TIGERS_dmb Report Abuse Obama has no clue
gasgo123 Veteran Author South Carolina Posts:289 Points:1,794,915 Joined:May 2005	Message Posted: Feb 29, 2012 9:17:15 PM Ignore gasgo123 Report Abuse Don't touch the reserves, we may really need it later if we dont' produce more at home.
LSU_TIGERS_dmb Champion Author Louisiana Posts:1,720 Points:644,915 Joined:May 2011	Message Posted: Feb 29, 2012 9:16:15 PM Ignore LSU_TIGERS_dmb Report Abuse This shows the president has no clue
skb69sa Champion Author San Antonio Posts:3,623 Points:738,850 Joined:Mar 2011	Message Posted: Feb 29, 2012 9:11:10 PM Ignore skb69sa Report Abuse Stop eyeing oil reserve. Its meant for emergency and its not an emergency now.
WalkingWV Champion Author West Virginia Posts:3,754 Points:788,060 Joined:May 2008	Message Posted: Feb 29, 2012 9:06:34 PM Ignore WalkingWV Report Abuse Why? It won't lower prices. How much is that politician in the window?
PoohMcGoo Champion Author Alabama Posts:3,127 Points:823,035 Joined:Dec 2010	Message Posted: Feb 29, 2012 9:02:25 PM Ignore PoohMcGoo Report Abuse He's got a long road to Nov election, prices just starting to rise..
farn1958 All-Star Author Twin Cities Posts:886 Points:183,385 Joined:Feb 2011	Message Posted: Feb 29, 2012 9:02:15 PM Ignore farn1958 Report Abuse releasing oil from the(SPR) is a very bad idea.
John747 Champion Author Chicago Posts:474,663 Points:3,652,610 Joined:Aug 2001	Message Posted: Feb 29, 2012 9:01:43 PM Ignore John747 Report Abuse 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 Posts:129 Points:89,120 Joined:Jan 2012	Message Posted: Feb 29, 2012 9:01:32 PM Ignore JDisNo1 Report Abuse hmmm.
theschmuck Champion Author Michigan Posts:3,035 Points:1,533,785 Joined:Mar 2007	Message Posted: Feb 29, 2012 9:00:10 PM Ignore theschmuck Report Abuse There are a lot of good opinions on this one and will close on that note.
MattieDale Sophomore Author Cincinnati Posts:236 Points:207,275 Joined:Mar 2003	Message Posted: Feb 29, 2012 8:59:38 PM Ignore MattieDale Report Abuse Not the answer. Just an election year ploy to get votes.
Prodaddy Champion Author Houston Posts:8,516 Points:1,921,910 Joined:May 2007	Message Posted: Feb 29, 2012 8:58:53 PM Ignore Prodaddy Report Abuse This is not a good move at all
Pumpz Sophomore Author Boston Posts:197 Points:887,125 Joined:Apr 2004	Message Posted: Feb 29, 2012 8:56:52 PM Ignore Pumpz Report Abuse Again, what is "OK" carman11?
Pumpz Sophomore Author Boston Posts:197 Points:887,125 Joined:Apr 2004	Message Posted: Feb 29, 2012 8:56:22 PM Ignore Pumpz Report Abuse Yeah let's blow the military reserve for some temporary political points. Good "strategic" thinking.
carman11 Champion Author North Carolina Posts:3,480 Points:719,425 Joined:Jun 2011	Message Posted: Feb 29, 2012 8:55:47 PM Ignore carman11 Report Abuse OK