will doubling the size of the strategic petroleum reserve benefit Big Oil?

[w8liftinglady]

http://news.bbc.co.uk/1/hi/world/americas/6293259.stm
-quote-

So as we continue to diversify our fuel supply, we must also step up domestic oil production in environmentally sensitive ways.

And to further protect America against severe disruptions to our oil supply, I ask Congress to double the current capacity of the Strategic Petroleum Reserve.

-end quote-

[ThomWV]

1. Hell Yes

Back in 2004 or so I recall reading that approximately 1/3 of the uptick in world oil prices (and consequently the increase in Oil Company profits) could be directly attributed to Bush's filling of the reserve to capacity. Now he wants to do it again.

Nothing bush does is calculated to do anything other than put money in oil company pockets.

[MUAD_DIB]

2. Does Monkeyboy have something else in mind? Increasing the size of the reserve

would come in handy if he is planning an attack on Iran.

I'm not sure how long it would take to double the reserve, or it is just more hot air to fill the SOTU hour, but a bigger reserve would benefit the oil co's while also keeping Amurka running for a while if the flow were to cease in a hurry.

[Nickster]

3. Well, the way that Dubya is playing it, yes. It could be a dual edged sword as well.

Dubya kept on filling up the SPR right on through the 70+ per barrel phase, helping to keep up the price of oil thus helping Big Oil and releasing only a trickle of SPR oil onto the market.

On the other hand, having such a huge SPR could be used to do the reverse, dump oil on the market like Saudi Arabia does to drive down the price and replenish the SPR with the cheaper priced oil. Lather, Rinse, Repeat. If we used the SPR wisely, we could put a serious dent in the price of oil.

[texanshatingbush]

4. Did you see Cheney grin at this statement?

The camera showed Cheney in the background during the entire Bush SOTU.

I couldn't help but notice that, after Bush discussed doubling the strategic oil reserve, Cheney seemed to be communicating with someone off to his left (right side of the TV screen), and he was close to grinning (a sight which sends shivers down my spine, I might add).

Gee, wonder what he was thinking about??????

[w8liftinglady]

6. that's the part that gave me the creeps..Satan smiling

[Turbineguy]

5. 100,000 barrels per day

a drop in the bucket. On the news yesterday oil moved up about $2.50. Over-reaction. It's back down a bit today.

Energy trader today pronounced Bush 20% gasoline savings plan as "ridiculous".

[MessiahRp]

7. The Strategic Oil Supply is already at record levels.

It's obvious Bush is just trying to artificially inflate oil prices since they are dropping again. It seems to be his Presidential legacy to make sure that gas stays permanently above $2.00 and his actual goal is over $3 a gallon so he and his cronies stay as rich as possible.

Rp