strategic petroleum reserve

11 Stories

Obama May Tap Oil Reserves

White House wants to reduce prices to help consumers, hurt Iran

(Newser) - Think the price of gas is getting too high? The Obama administration agrees. It's currently "dusting off old plans" to potentially tap the Strategic Petroleum Reserve, a source tells Reuters . Driving down the price of oil would help consumers and the US economy while also hurting Iran, ensuring... More »

Obama, Cameron Huddle on Oil Release

President testing leaders' pulse on lowering gas prices

(Newser) - With Americans facing spiraling prices at the gas pump that could threaten a nascent economic recovery, President Obama and British PM David Cameron yesterday chewed over the possibility of tapping the Strategic Petroleum Reserve. The president has taken a drubbing both in approval ratings and from Republicans quick to blame... More »

Gas Prices Not Really the President's Fault

Sure, policy affects things ... eventually

(Newser) - As gas prices rise, President Obama's approval rating falls , which makes sense, because those painful numbers at the pump are all his fault, right? Wrong, say oil experts and economists. The Washington Post breaks down their arguments:
  • Policy: It definitely affects things, but it takes a long time for
... More »

Geithner Open to Using Oil Reserves

But warns there's no 'quick fix' to rising gas prices

(Newser) - The Obama administration is open to using the strategic petroleum reserve if necessary to deal with rising gas prices, Timothy Geithner said in a CNBC interview, though he didn't sound terribly enthusiastic about the prospect, and warned that there was "no quick fix" to the problem. Gas prices... More »

IEA to Release 60M Oil Barrels

Move designed to counteract 'Libyan disruption'

(Newser) - The International Energy Agency will release 60 million barrels of oil over the next month, in a bid to “offset the Libyan disruption,” the group announced today. The oil will come from the strategic reserves of the IEA’s 28 member nations, and will be portioned out at... More »

Why You Should Stop Worrying About Oil Shortages

We're well-stocked for any realistic calamities

(Newser) - Energy security has become a matter of major public hand-wringing, but everyone ought to calm down, write Eugene Gholz and Daryl G. Press in the New York Times. Our oil supplies are perfectly safe—the US, its businesses, and its allies have more than enough oil to weather any short-term... More »

Oil Rhetoric Gets Silly

Promises get bigger, and policy gets dumber

(Newser) - It might as well be a mathematical formula: High gas prices + oncoming election = stupid policy, writes Ruth Marcus in the Washington Post. John McCain, once the possessor of a sensible energy plan, now screeches incessantly about outer-continental shelf drilling, as though this would instantly solve the energy crisis.... More »

Obama: Time to Tap Oil Reserves

Democrat flips policy position, cites crisis

(Newser) - Barack Obama called for a release of some of the strategic petroleum reserve today, dubbing the current energy crisis “one of the most dangerous and urgent threats this nation has ever faced.” Campaigning in Michigan, Obama outlined his energy plan, which he says will create 5 million “... More »

$6 Gas Possible by Year's End

With oil near $150 a barrel, experts say $200 is a very real number for 2008

(Newser) - As oil flirts with $150 a barrel, nearly double its price from last year, the specter of $6 a gallon gas at US pumps has become more real. A plethora of factors—from the threat of conflict with Iran to tight supplies and a weak dollar—continue to exert upward... More »

Congress Votes to Stop Stockpiling Oil

House and Senate want no more sent to national reserve

(Newser) - The House and Senate voted today for a pause in deposits to the Strategic Petroleum Reserve in an effort to stem rising prices, the Los Angeles Times reports. The White House expressed skepticism about the measure, but the Senate backed it 97-1 and the House passed a similar bill 385-25.... More »

Should Bush Tap Strategic Petroleum Reserve?

Rainy day supply draws debate

(Newser) - The government is pumping 60,000 barrels of oil a day into a “rainy day” reserve, but with oil prices at a record high, many argue that it’s already raining. That includes the presidential candidates, all of whom want to at least stop adding to the Strategic Petroleum... More »

11 Stories
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