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Hurricane Isaac and the Venezuelan refinery explosion increase the chances of a release from the...

Hurricane Isaac and the Venezuelan refinery explosion increase the chances of a release from the U.S. strategic oil reserves, analysts say, possibly by early next week. Without a release, gasoline prices may approach $4/gallon and open up Pres. Obama to criticism from consumers, but the reserve "was never intended as a buffer against high gasoline prices,” a former Shell exec says.
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Comments (11)
  • wapiti
    , contributor
    Comments (711) | Send Message
     
    And it will not have any last effect on the price either. He's done it before, remember? An idiot trying to do a smart man's job
    28 Aug 2012, 03:03 PM Reply Like
  • wigit5
    , contributor
    Comments (4214) | Send Message
     
    Well it's pretty strategic of him to use the strategic reserves to lower gas prices just before election time.
    28 Aug 2012, 03:05 PM Reply Like
  • Ray - Kitchener
    , contributor
    Comments (74) | Send Message
     
    He may announce this, however will not follow through. Those reserves are for true emergencies, not price fixing. The GOP will have a field day with this.
    28 Aug 2012, 03:15 PM Reply Like
  • jasonenfield
    , contributor
    Comments (12) | Send Message
     
    Using the reserve b/c of high prices would be extremely foolish
    28 Aug 2012, 03:17 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2724) | Send Message
     
    A huge chunk of the US refining capacity in the Gulf is shut down because of the storm, so even with new oil from the SPR, gas prices won't move. There have been no refineries built in the US since the 70's, that's a huge reason gas prices will remain high.
    28 Aug 2012, 03:40 PM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    The NIMBY effect, coupled with EPA reg hysteria. Refineries can be considered a national security asset...
    28 Aug 2012, 04:55 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2724) | Send Message
     
    It is strange that the electricity markets are so regulated and fairly stable, and yet the refined products markets are not. All the refiners are talking about raising dividends and buybacks on the confrence calls, not of building new refineries. Makes me think that in a few years we'll wish we still paid $3.75 a gallon.
    28 Aug 2012, 05:11 PM Reply Like
  • 6fujitsu0
    , contributor
    Comments (28) | Send Message
     
    strategic reserve,
    not politically convenient reserve
    28 Aug 2012, 03:50 PM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    The selloff from an SPR release likely won't be sustainable.
    28 Aug 2012, 04:54 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4106) | Send Message
     
    Whatever happened to wind and solar?
    28 Aug 2012, 07:43 PM Reply Like
  • chopchop0
    , contributor
    Comments (3872) | Send Message
     
    Will be the equivalent of pissing in the wind.
    28 Aug 2012, 09:14 PM Reply Like
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