Meta-Blog

SEARCH QandO

Email:
Jon Henke
Bruce "McQ" McQuain
Dale Franks
Bryan Pick
Billy Hollis
Lance Paddock
MichaelW

BLOGROLL QandO

 
 
Recent Posts
The Ayers Resurrection Tour
Special Friends Get Special Breaks
One Hour
The Hope and Change Express - stalled in the slow lane
Michael Steele New RNC Chairman
Things that make you go "hmmmm"...
Oh yeah, that "rule of law" thing ...
Putting Dollar Signs in Front Of The AGW Hoax
Moving toward a 60 vote majority?
Do As I Say ....
 
 
QandO Newsroom

Newsroom Home Page

US News

US National News
Politics
Business
Science
Technology
Health
Entertainment
Sports
Opinion/Editorial

International News

Top World New
Iraq News
Mideast Conflict

Blogging

Blogpulse Daily Highlights
Daypop Top 40 Links

Regional

Regional News

Publications

News Publications

 
Jay Rockefeller - tap the strategic reserve! (update)
Posted by: McQ on Friday, March 14, 2008

I swear, politicians today act like headless chickens running away from the stump not realizing they've lost their heads. It seems, for some reason, to closely coincide with election years.
With skyrocketing crude oil and gasoline prices battering the economy, Sen. Jay Rockefeller is calling on the Bush administration to tap into the nation's 700-million barrel Strategic Petroleum Reserve.

[...]

"I support having the Strategic Petroleum Reserve, but I believe it's economically unwise to continue filling it when the price of oil is at record highs," Rockefeller said. "People are struggling right now to fill up their vehicles, and I don't believe the federal government should be taking oil supplies off the market.

"I have supported a temporary release of oil from the reserve to address supply, and we should keep that as an option, even if the amount released may be too small to bring prices down across the country."
Where to start? OK Jay, let's pump out 100 million barrels "for the people" shall we? That's what, a week's worth of fuel (CIA Factbook says we import 13.15 bbl/day (2004))?

So that goes in the pipeline and lessens our imports for that week, right? Do you imagine that with the competition and speculation which has driven oil prices to this new high that the oil will go unsold? So what's the net result, Senator?

A big nada.

"The people" may be able to save 20 cents a gallon for a couple of days before the pricing goes back up to its former level (if not higher).

But then we're down a 100 million barrels in what is supposed to be a "strategic reserve". And the purpose of that reserve?
President Gerald Ford declared a policy to build a reserve of up to 1 billion barrels of petroleum as an insurance policy for future supply cutoffs and severe disruptions in the oil market.
Now as far as I'm aware, we've suffered no cuttoff and no "severe disruption" is evident. Just high prices. No supply problems, no availability problems, just don't want to pay that much.

So we get this wing-flapping appeal to tap the petroleum reserve ostensibly to show Rockefeller (and the Dems) 'cares' and can feel our pain. How freakin' Clintonesqe. An empty gesture that will have no lasting effect but will deplete the strategic reserve, and eventually, have to be replaced at an even higher price.

Any guess whose pockets will be tapped to refill that reserve?

Well it won't be Jay Rockefeller's.

UPDATE: Hillary Clinton is heard from:
The New York senator called on Bush to impose a one-year moratorium on additions to the Strategic Petroleum Reserve, saying such a policy makes no sense in a time of high prices.
Right, because, you know, there's no possibility of a cutoff or severe disruption in oil supplies with prices this high, is there?

Oh, and I loved this quote:
"I will not be a president who holds hands with the Saudis," she said.
Heh ... I think she can take that one to the bank.
 
TrackBacks
Return to Main Blog Page
 
 

Previous Comments to this Post 

Comments
We need to save that oil if there is another Gulf Hurricane, Nigerian civil war, or an AQ attack on the major refineries in Arabia; all could cause near catastrophic disruptions. You would think a Rockefeller of all people would know this.
 
Written By: narciso
URL: http://
We need to save that oil so that Jay Rockefeller can drink it when he’s old and senile and thinks he’s become his great grandfather.
 
Written By: Martin McPhillips
URL: http://mcphillips.blogspot.com/
UPDATE: Hillary Clinton is heard from:

The New York senator called on Bush to impose a one-year moratorium on additions to the Strategic Petroleum Reserve, saying such a policy makes no sense in a time of high prices.

Right, because, you know, there’s no possibility of a cutoff or severe disruption in oil supplies with prices this high, is there?
Well, there’s that. But there’s this, also; Added crude from the reserve isn’t going to do a damn thing about taking care of the bottleneck brought on by a lack of refining capacity. As in, Great... we have more crude available. What the heck do we do with it?

In any event, I’ve been saying for days now this price bubble is going to burst, before midsummer.



 
Written By: Bithead
URL: http://bitsblog.florack.us
The ironic thing is that the government really could do something about gas prices and it wouldn’t cost it a cent (except for the handful of locales where gasoline taxes are a percentage of the pump price instead of a fixed tax per gallon) or involve the SPR. All they need to do is suspend summer gas requirements in the 70 or so metro counties where the Federal government currently requires its use.

Ba-da-bing.
 
Written By: peter jackson
URL: www.liberalcapitalist.com
Hillary won’t shake hands with the Saudis? That’s an easy thing for her to say; won’t they refuse to shake hands with a woman?
 
Written By: Wacky Hermit
URL: http://organicbabyfarm.blogspot.com
lj2gxT podzooflmdha, [url=http://abffcspuurek.com/]abffcspuurek[/url], [link=http://itldgsdwrcii.com/]itldgsdwrcii[/link], http://oygyzvhbedas.com/
 
Written By: kvekyuddmd
URL: http://fxiliyhhtokz.com/
Gjcohs yanejfydjguf, [url=http://ciujrghmbbkz.com/]ciujrghmbbkz[/url], [link=http://kspevgvgpibk.com/]kspevgvgpibk[/link], http://eimbecnkjpow.com/
 
Written By: iefasfr
URL: http://jgdhsqblspcc.com/
tV6Uad glhfypepcnae, [url=http://pltfwbekfcgl.com/]pltfwbekfcgl[/url], [link=http://bezutiaobrlc.com/]bezutiaobrlc[/link], http://udkdjfipsaxs.com/
 
Written By: 4
URL: http://qivhthmpnjyn.com/
tV6Uad glhfypepcnae, [url=http://pltfwbekfcgl.com/]pltfwbekfcgl[/url], [link=http://bezutiaobrlc.com/]bezutiaobrlc[/link], http://udkdjfipsaxs.com/
 
Written By: 4
URL: http://qivhthmpnjyn.com/

 
Add Your Comment
  NOTICE: While we don't wish to censor your thoughts, we do blacklist certain terms of profanity or obscenity. This is not to muzzle you, but to ensure that the blog remains work-safe for our readers. If you wish to use profanity, simply insert asterisks (*) where the vowels usually go. Your meaning will still be clear, but our readers will be able to view the blog without worrying that content monitoring will get them in trouble when reading it.
Comments for this entry are closed.
Name:
Email:
URL:
HTML Tools:
Bold Italic Blockquote Hyperlink
Comment:
   
 
Vicious Capitalism

Divider

Buy Dale's Book!
Slackernomics by Dale Franks

Divider

Divider