Bush Weighs Tapping Strategic Oil Reserve

[sabra]

http://www.sfgate.com/cgi-bin/article.cgi?file=/n/a/2005/08/29/national/w080332D66.DTL&type=printable

Bush Weighs Tapping Strategic Oil Reserve

President Bush weighed a decision on whether to release some oil from the nation's petroleum reserves to help refiners hurt by Hurricane Katrina, administration officials said Monday. A decision was expected later in the day.

The storm already forced the shutdown of an estimated 1 million barrels of refining capacity along the nation's Gulf Coast.

Adminstration officials, speaking on the condition of anonymity because they were not authorized to speak publicly, said Bush seemed likely to authorize a loan of some oil from the Strategic Petroleum Reserve but that details remained in flux.

In 2004, the president authorized loans from the reserve to help refiners make up for missing supplies when Hurricane Ivan struck.

[elehhhhna]

1. flip. flop.

[MADem]

6. My sentiments exactly!

Anyone bought gas today??? I heard futures went through the roof....

[durablend]

15. Oddly enough, no change at the pumps

Matter of fact, my travels took me to where it was a couple of cents cheaper than it is in town. Anvil will probably hit later in the week.

[Whoa_Nelly]

18. Regular went up ten cents today here in Central CA

Saturday was $2.79, now is $2.89, and a friend of mine who works at the station where I went to fill up today said it's going up again tomorrow. Premium is now officially $3.05 here, with diesel at $3.20.

This sucks worse than gravity

[LincolnMcGrath]

13. Flip Flop polF pilF Actually :)

FLIP FLOP POLF PILF

[acmavm]

2. "To help refiners hurt by Hurricane Katrina"...

That friggin says it all. It ain't to help Joe Sixpack no matter how many damn beers he 'feels' he can sit down with the pResident and guzzle.

[The White Tree]

11. That says it all.

And I'm sure the refiners will comply by lowering the prices right?

Somehow I doubt it.

[havocmom]

3. Hey, we keep asking about it and they finally consider it...

Cool, lets start asking when b*sh is gonna resign his job, bein' as how it's such hare work and all, and jump into a lake...
:evilgrin:

[Tin Man]

4. US refineries are already at full capacity

...releasing additional crude oil does nothing at this point.

Repair of GulfCoast refinery infrastucture is what will be needed.

[Kagemusha]

5. And Bush knows that. Ugh

Just. Ugh

[Javaman]

7. moron*: Hmmm, is there a way to make money off of this...

That's all the weighing he's doing.

[sofa king]

8. Excellent.

Let's hop into the way-back machine and recall the Year 2000, when virtually every Republican leader accused Bill Clinton of trying to swing an election and endangering national security for doing the exact same thing. Bet they're all on record....

[Rose Siding]

9. Schumer got a jump on him: "Democrat urges use of oil stockpile..."

WASHINGTON (Reuters) - Democrat Sen. Charles Schumer of New York on Monday asked the Bush administration to release oil from the U.S. emergency stockpile to help ease higher prices due to Hurricane Katrina.

"Skyrocketing gas prices have tipped consumers upside down this summer and to protect our economy, the President should act immediately to tap the Strategic Petroleum Reserve," Schumer said in a statement. "If there was ever a time for the Strategic Petroleum Reserve to be tapped, it would be now."

http://www.washingtonpost.com/wp-dyn/content/article/2005/08/29/AR2005082900564.html

[Demeter]

10. Too Little, Too Late, Asshat

[gratuitous]

12. He's "considering" it

But, also considering that his oil patch pals are raking in the dough, something tells me that after "agonizing" over the decision for a while, he'll decide to do nothing.

[MichiganVote]

14. Bet he doesn't.

[truthisfreedom]

16. shh! it's a secret!

[Karenina]

17. What about all that black gold

already been siphoned off Iraq??? Where it be???

[goforit]

19. And its not even winter yet.

[JustSayNO 2 Sheeples]

20. Releasing the reserves could be the worst thing to happen...

because whether it results in anything good or not, it will look like * cares. Another feather in his cap. Better that he just ignores it and pisses off a few more percentage points.

[Maggie_May]

22. He hasn't done it yet

But I do agree with you he will make a big deal out of it. Like he is actually doing something. But thats what the federal reserves are for natural disasters.

[WannaJumpMyScooter]

21. I bet he doesn't too... because I believe it no longer

exists!