Reuters | White House Chief of Staff Bill Daley said on Sunday the Obama administration is considering tapping into the U.S. strategic oil reserve as one way to help ease soaring oil prices.Speaking on NBC television's "Meet the Press," Daley said: "We are looking at the options. The issue of the reserves is one we are considering. ... All matters have to be on the table."
There has been support among Senate Democrats for tapping the reserves. Senator Jay Rockefeller on Thursday became the third Democrat to ask President Barack Obama to tap America's emergency oil supply to cool prices that have risen past $100 a barrel on the strife in Libya.
In a letter to Obama, Rockefeller said a "limited draw-down" from the nation's 727-million-barrel Strategic Petroleum Reserve "can protect our national security by preventing or reducing the adverse impact of an oil shortage."
On Wednesday, U.S. Energy Secretary Steven Chu ruled out releasing oil from the reserve, saying ramped up oil production in Saudi Arabia should lower the crude price.
"That's going to mitigate the price increase," he told reporters on Wednesday. "We're hoping market forces will take care of this."
Treasury Secretary Timothy Geithner said on Thursday the United States and other major economies could tap strategic reserves to keep oil prices from derailing a global recovery.
Geithner said high food and oil prices were causing hardships in many parts of the world. But he said Americans were feeling less impact.
2 comments:
Every time there are price spikes, the consumer bears the brunt of the increase and the oil companies report record profits. The oil companies make profits when price rise, make profits when prices fall.
Someone is quick to point out that it's a matter of supply and demand, but no one every closes that loop by explaining why the higher-octane gas remains 20 cents higher than lower octane, when the lower octane is all that most people are buying.
All that to say tapping the so-called strategic reserves is marginal news for you and me, great for BP and ExxonMobil.
Whose running this episode, Geithner or Chu? What does it mean in the context of the Hon. Bro. Preznit's Executive Decreed National Emergency; http://subrealism.blogspot.com/2011/02/honbropreznit-declared-national-state.html
and,
the longer term summary offered up last week by Hypertiger;quoth Hypertiger; The top is behind the price increases of food and fuel.
In the fuel acquisition...
Exploration/production was cut...
The lastest stage managed revolutions help to increase the shortage and set the plans in motion to consolidate the entire middle east into a viable enemy to be utilized later as a scapegoat for a rapid liquidation.
We are still in 1930 as far as progression.
It will take 20 years yet to arrive at a 1939 scenario.
2016-17 is equal to 1933
The solar cycle is well known to the top and has been tracked, recorded , and studied for centuries.
I was saying years ago that weather around this period would be brutal due to the cycle.
The food problems could easily have been addressed.
Instead the absolute capitalists capitalized on the general population's ignorance a.k.a weakness...to cause a food market tightening...which has then been used as an excuse to raise prices.
The top lives off the yield from the bottom.
Yield rates have been dropping for 30 years...
The difference has to be made up somewhere.
Hence the creation of the helicopter Ben myth in 2002.
The authorities have not been printing like mad.
The last time around the city of London dumped gain at sea to sustain prices while the population starved.
food and fuel production over the past 3 years has been cut to reduce tne base supply fueling the derivitaves markets which allow prices to rise.
If this was not done...prices of food and fuel would have collapsed as the producers would all try to produce their way out and flood the market.
The stage managed revolutions lower in the hierarchy triggered by the rising prices can then be fueled and used as scapegoats.
Effects of the cause can then be promoted as causes.
The top can then blame the bottom.
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