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With oil above $104/barrel, the White House says it's "looking at all the options out there" to...

With oil above $104/barrel, the White House says it's "looking at all the options out there" to ease prices, including possibly tapping the U.S. strategic oil reserve.
Comments (52)
  • Lets see, the admin has brought the gulf stream oil production to 0, killed new drilling possibilities off the coast and now is seriously considering tapping the US oil reserve to try and offset the price increase at pumps. If it wasnt so sad it would be funny, I guess!
    6 Mar 2011, 02:07 PM Reply Like
  • The Gulf of Mexico is still producing over a million barrels per day, just not drilling new deepwater wells.
    6 Mar 2011, 11:30 PM Reply Like
  • The degree to which this administration will go to destroy this nation knows no depths.
    6 Mar 2011, 02:13 PM Reply Like
  • Sometimes it's hard to tell whether he is consciously planning to destroy things or if he is just plain clueless and lacking in conviction.
    6 Mar 2011, 06:25 PM Reply Like
  • For lack of more information, I vote clueless and spineless.
    6 Mar 2011, 07:57 PM Reply Like
  • I think he honestly believes he's doing a good job.


    Just like those hoarders on TV who think their house is normal when they have 42 chickens and 7 goats in the living room.
    6 Mar 2011, 08:49 PM Reply Like
  • Dollar debasement and global retreat by the US Regime are the primary drivers of oil resetting its exchange rate versus the fake dollar.


    The strategic reserve should be used when there is a profound national security threat: not as yet another convenient tool to disguise the consequences of malign public policy that severely limits the development of domestic energy resources and self imposed social pathologies that glorify instant gratification and ritually blaming the "other".
    6 Mar 2011, 02:14 PM Reply Like
  • hahahahaha last time oil broke $100 is was in part because Bush was filling the reserve, this time we want to tap it to slow things down.


    I say hell no, what are we, Mexico or India to subsidize our oil?


    Pass the pain along or bad habits won't be broken.
    6 Mar 2011, 02:16 PM Reply Like
  • Use the cheaper oil we have in reserves for national emergencies and/or the military to gain a few political points by attempting to "ease the pain at the pump" and then buy it back later at a possibly higher price?
    I hope not!
    6 Mar 2011, 02:36 PM Reply Like
  • Idiots. The reserve is only if Saudi oil is disrupted or some major calamity. The last time it was tapped was after Katrina.
    Libya is nothing.
    This sort of statement belies the profound stupidity and lack of nerve of these people.
    It underscores that Obama was and remains a terrible, terrible mistake. Pure and simple. No Leadership.


    6 Mar 2011, 02:43 PM Reply Like
  • E agreed, this is nothing more then politics, its all about 2012 elections, Obama wise and national welfare foolish
    6 Mar 2011, 04:48 PM Reply Like
  • Inclined to agree, BUT it is not yet Obama. He is the Commander in Chief and if indeed he listens to the stupid people whom he was unfortunate to allow in his administration, THEN he is at fault, until then it is silly babies like Tim G
    6 Mar 2011, 04:56 PM Reply Like
  • Econdoc,


    OMG. Should you keep making intelligent comments like this, you may risk your Self-Proclaimed desire for many thumbs down on your comments.


    I hope your comment does not cause you to be doubting yourself, as I expect many more thumbs up that you already have at the time of this writing.
    6 Mar 2011, 05:17 PM Reply Like
  • Lets utility bills just went up, so I'm going to tap into my savings account to correct the problem.


    How 'bout we come up with some sort of long term solution instead of short term platitudes?
    6 Mar 2011, 02:46 PM Reply Like
  • try tap into your neighbors power reserves! :) Believe in Green... go back to candle light dinners.... how romantic. sure your gf / wife will like that .... long term solution... find a suitable cave to move in. Go write a Green grant and get Fed to finance you... there you go.
    6 Mar 2011, 03:13 PM Reply Like
  • We have overly abundant of Oil at this very point. Strategic oil is totally symbolic this time around. Look at the unemployment rate ~9% and it is really double as lots of people have stopped looking for work.
    With gas prices near $4 or over $4 at certain states, lots of folks are reducing or even stop driving. You think oil consumption will go higher @ $4. Answer is no. Falling prices will occur when there is an over supply. You will see China will make a move to dampen oil prices to curb their inflation problems. They have strategic oil reserves as well. Just last week, one of their leaders in Hong Kong got punched in his face due to high food inflation. Oil can challenge 110+ but won't stay there long.
    The wild card remains is stability of Saudi Arabia. Anything happens there again will be temporary. You can buy the spike but will fall back to bearable market prices.
    Stay LONG Oil for ST
    SHORT oil after spike for sure. Spike prices ~120 - 200+ <<extreme nuts prices when it goes beyond 120+ < don't count on that because we will get stock markets collapse all over the world. You really don't want that to happen.
    6 Mar 2011, 03:06 PM Reply Like
  • Yes, we must continue America's astronomical oil consumption at all costs. We must not conserve. It's bad for bonuses.
    6 Mar 2011, 03:54 PM Reply Like
  • How about doing something to curb the speculators so we don't go through these extreme boom bust cycles in OIL instead. But that would piss off his Bankster masters so it will never happen.
    6 Mar 2011, 03:55 PM Reply Like
  • The US has 4% of the world's people, and consumes 25% of the world's oil. I think we may have a behavioral problem. Maybe we are spoiled brats. Too bad our leaders won't help us break our addiction.
    6 Mar 2011, 04:15 PM Reply Like
  • lol the Fed is likely the biggest speculator so curb them!
    6 Mar 2011, 04:29 PM Reply Like
  • mgj:


    Enough with the leftist claptrap.


    The U.S. uses more energy because it produces more output than the next three largest producers, China, Japan and Germany, combined. (Go check:


    The entire world runs on oil, and while all the others aggressively develop their energy resources, we turn the immutable need for energy into a "disease."
    7 Mar 2011, 10:34 AM Reply Like
  • Tack,
    I 100% agree as far as US energy consumption is concerned.
    I was about to post something similar, but you beat me to it.
    7 Mar 2011, 10:44 AM Reply Like
  • MGY- typical liberal who feels its the responsibility of government to change your personal behavior, if you feel the need to go to a "re-education camp" to learn how to be a better more responsible social being you will find the best in China and S Korea, be forewarned you just cant show up you have to be invited by somebody on the inside or somebody on the outside has to recommend you to attend. The thing Im sure you would love about it is there is no tuition, no books to buy, you get free room and board and you get to learn at your own pace. You graduate when you have completed the program no matter how long it takes.Sounds great doesn't it, good luck to you, when you get a chance drop us a line
    7 Mar 2011, 12:28 PM Reply Like
  • MGJ- lets re-phrase your statement, "The USA has only 4% of the worlds people yet produces 25% of the worlds GDP and does so by only using 25% of the worlds oil." The rest of the world should thank us for being so efficient and so productive with so few people.
    7 Mar 2011, 02:06 PM Reply Like
  • "In 2010 2/3 of total petroleum consumption was for transportation. Almost 2/3 of transportation consumption was gasoline."



    Show me how gasoline converts to industrial output. Tractors, 18-wheelers, and ships don't burn gasoline. Tank-sized SUVs do.
    8 Mar 2011, 11:19 AM Reply Like
  • There are more than 240 million automobiles on the road in the United States. They each cover around 10000 miles a year at an average MPG of less that 15. Figure out that consumption and you will have a piece of your answer.
    8 Mar 2011, 11:28 AM Reply Like
    6 Mar 2011, 04:11 PM Reply Like
  • try best of both evils.... If you consider Obama is bad then Bush is just as bad with oil. How about free of government control? Self-governance. Will that ever work? Maybe it can... if you go for States independency but then again it is still a government. A country cannot have total de-centralization. It is just too chaos. Without government then you will end up religious groups take control on states. Whatever it is there will be someform of government will take charge.
    6 Mar 2011, 04:36 PM Reply Like
  • What the West needs is an idea for another energy source.


    It is an easy idea, all you need is an engineering team, with the task to only change the parts of the combustion engine to run on a oil type, that can produced and sold domestically.


    From a macro perspective, it would be a lot easier and a lot faster if, the consumers could get an engine refit in their current car.
    6 Mar 2011, 04:45 PM Reply Like
  • You can have your car retrofitted to NG for not much and buy your own NG fillup station for a few grand and bam! there you go.


    Very popular in Utah i understand and costs like $1.xx for the gallon equivalent.


    Quick internet search turns up...



    Otherwise you re stuck on a Civic for something new or a ex-fleet vehicle for something used...
    7 Mar 2011, 07:35 AM Reply Like
  • The drawback is the home re-fill takes about 2.5 hours per 1 gallon gas equivalent. You have to also figure in the increase in electricity usage from running a compressor all night.


    It would work great for me, as I'm a low-mileage driver. But, being a low-mileage driver, the cost of gas is negligible, and does not justify the extra expense.
    7 Mar 2011, 07:43 AM Reply Like
  • I looked at it myself, without the home station, and the drawback for me was zero public refill stations in an hour radius from my location.


    I started installing a electric vehicle charge in my garage though, I figure even if I don't use it it adds value to the place. And since I am also a low mileage driver even a EV with a 20-40mile range makes a lot of sense.
    7 Mar 2011, 08:10 AM Reply Like
  • Yes, the major roadblock is the lack of retail stations with NG.


    Good idea on wiring the garage. NG/EV home stations will be the new "cable / internet throughout" selling point in the not so distant future.
    7 Mar 2011, 08:16 AM Reply Like
  • How nice, this small startup could be very successful if they did.


    1. Reduce the time it takes to refill.
    A solution could be, to add, "liquids" to the gas, so it is more an oil type rather than Gas. (The company needs a person with knowledge of chemistry and their type of gas)
    2. Create a map with fuel stations and
    3. Have a link to fill an online application form if there is state/federal requirements to such a gas station.
    4. Create a training program for all parties(Mechanics, etc) involved and try to get the training into schools as a subject.
    5. Try and get PRIVATE funding
    6. Get a management team to organize growth and expansion.
    7. Cooperative with big foreign companies, that could add value to the product.
    8. Tell the US, this product type grants freedom and independence from foreign powers.
    9. The aim by the end of the year is 0.1% of the total US oil consumption.
    7 Mar 2011, 11:26 AM Reply Like
  • I wonder if "riders on unicorns spreading faerie dust" is also on this list of "all the options out there"? It might as well be.


    Apparently nothing involving the development of our own domestic energy sources made the cut when the group of geniuses at the White House came up with their list of options.
    6 Mar 2011, 04:53 PM Reply Like
  • For 4 decades, as James Quinn wrote, Government has done nothing. So how about some private investors did get in to this.


    But then again, the lack of political cooperation between GOP and Democrats, have 4 decades, have not come to a consensus on taxes on a alternative energy.


    Your own politics is keeping this change gridlocked.
    6 Mar 2011, 05:37 PM Reply Like
  • It's Sunday night, they are planning to ramp the markets tomorrow (actually at a guess, futures in Australia will open half a percent higher and then stay there all day) and this is the reason they will put in the media to explain why it happened. Frankly, it's getting absurd the lengths they are going to pretend everything is going to plan.


    There was a lot of buying on Friday in the last hour to keep indices up for the week, and they don't want to lose momentum.
    6 Mar 2011, 05:43 PM Reply Like
  • Tapping the United States Strategic Oil Reserves at this time could be a clear and present danger to our national security. The last time this happened was during Katrina. I did not like us doing so then but we did have the ability then to quickly refill our reserves. Now we draw down and the situation gets really bad and how do we refill the tank. We are at war in two countries and we what to draw down our reserves just for the purpose of lowering the price per gallon. Yes, the price needs to stop going up and go down. $140 per barrel oil will once again really hurt our economy and maybe even put us back into a double dip recession. The Federal and State governments need to take off the taxes they charge for a month or so until this crisis has passed and that would really drop the per gallon price. Now we all know that we face serious deficits in the National and some State budgets, but first we must stop more people from getting out of work. No work No taxes paid. $140 per barrel oil will put people out of work, put us into serious inflation, cut taxes paid, and probably put us back into a double dip recession. If you are old enough and I am to remember the Carter days and this could be the 70's all over again. Tapping the national reserves should only happen in the event of a national supply disruption. I cannot find that Libya is in the top 15 of oil suppliers to this county and / or if we even buy any oil from Libya. The reason the Libya supply is off is because the workers that make it happen have left the country. I would certainly hope that all of these purposed actions on tapping our National Reserves if they happen would be for protecting this fragile economy and not for the purpose to control any damage to the re-election bid of Obama in 2012. These are very serious times that will require very serious actions. If those actions are not well planned and in the very best interest of this great county "God help us all". Good Luck.
    6 Mar 2011, 05:54 PM Reply Like
  • "Tapping the United States Strategic Oil Reserves at this time could be a clear and present danger to our national security."
    This is Over Exaggeration when tapping our Oil Reserves will cause clear and present danger to our national security. This is only a symbolic move. We are not going to use any of it. We have over supply with current world inventory. It is only gasoline is a bit lack behind due to refinery problems. Stop pumping fears! Get your VIX meter fixed!
    6 Mar 2011, 07:30 PM Reply Like
  • Please come to the party with something other than a attempted slap back. Tread lightly my friend. This is only a symbolic move and we are not going to use any of it, we have a over supply, refinery problems. You do not know that or did I step on a nerve about my Obama statement. Anyway it makes no difference you have your thoughts and I have mine. Have a great life.
    6 Mar 2011, 09:29 PM Reply Like
  • From the information I have, we only have 37 million barrels in reserve. If that is correct it constitutes only two days of use by the United States. I know that there are sources such as Canada that we do not consider at risk but two days supply of oil does not seem like enough in the event of war.
    7 Mar 2011, 06:08 AM Reply Like
  • There are some options that Obama can tap...but seeing that he is another Carter...a marionette of the environmentalists and the socialists...chances are low....


    For example he could start a drill,baby,drill campaign, and at the same time eliminate the federal tax on gasoline, temporarily....


    He could also take out Gaddafi in a heartbeat......
    6 Mar 2011, 06:06 PM Reply Like
  • VOL FAN, you do know that we have an abundance of oil in the US now. In fact, with the Canadian oil sands ramping up, refineries can't process it fast enough. We would have absolutely no problem refilling the SORs albeit at a higher price. Let me repeat, we are not tied to Middle East oil, the vast majority comes domestically, and from Canada and Mexico. It's speculators driving up the price, has nothing to do with fundamentals.


    Obama is simply suggesting this to show that he understands the pain that middle America is experiencing at the pumps, it is really just a symbolic way to win the election next year.
    6 Mar 2011, 06:57 PM Reply Like
  • Obama has no idea of the pain of the middle class.
    6 Mar 2011, 08:54 PM Reply Like
  • Oil is over 105 and will take Saudi to come out to calm this market by doing another symbolic pumping (extra oil to the market). Just say it will be already enough to drive down oil prices. Look for that soon.
    6 Mar 2011, 07:34 PM Reply Like
  • Like this?

    6 Mar 2011, 07:39 PM Reply Like
  • LOL.... They did that back in Feb but have to make a real substance move on paper. Well, they need to deal with Mar 11 & 20 to calm their own Kingdom as well. Maybe my writing has an effect to the oil market. Oil is moving downward below 105. Maybe my call to calm the oil market is working.
    Thank you Oil traders!
    6 Mar 2011, 07:50 PM Reply Like
  • Recessions always follow oil spikes, Obama is worried about his reelection chances. But before he taps into the SPR, why not opening up Gulf of Mexico for drilling again?
    6 Mar 2011, 07:56 PM Reply Like
  • Figures that co-cheese would threaten to tap the SOR which would just cause the USO to ramp higher. And if we did, just think how emboldened Iran would be after that move. Can't go to war if you can't even get there. Sun Tzu 101.


    The Fed as well as the O'hole needs inflation. Well, this will help with that, even if it kills the economy. But, it takes awhile. You have to keep oil high for some time so that it can get into every nook of the economy. Marinate it and shit real good like.


    Its like beer bonging the CPI, you have to stand it on its head like a drunk Irishman so that it can travel faster through the liver until he starts seeing the dancing leprechauns.


    Oh yeah, its that time isn't it? Happy St. Paddy's Day. *burp*


    For like seriously bro.
    6 Mar 2011, 09:53 PM Reply Like
  • I suspect we are closer to stagflation than inflation.
    6 Mar 2011, 10:37 PM Reply Like
  • We have NO energy policy. How about Nat gas for Govt vehicles ? How about nuclear or Nat gas powered energy plants ? Or just issue those drill permits that have been in limbo since BP oil spill. Many good comments have already been said, but I'll reiterate with:


    basically we are lacking leadership.
    7 Mar 2011, 05:48 AM Reply Like
  • The lack of leadership is not political, it is simple that everyone that have tried to create an alternative have simply failed.


    Price, is the, leading factor. And the GOP will not allow tax increases in oil, but would rather see Iran get Nukes by buying Iran oil.


    The US is acting stupid, the US taxpayer pays for the army in middle east, and the reward is, a 500 billion debt each year to buy oil.


    It is time to change, and that gives reason to fear, just as the communist Russia had in the middle of 1980.


    I know, that I will get A LOT of minus on this comment, but please leave a message if you do.


    Government should stay out of the private sector, and energy/oil is the private sector.
    7 Mar 2011, 11:37 AM Reply Like
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