Official: Bush orders halt of oil deliveries to national strategic reserve

[Roon]

http://www.msnbc.msn.com/

[Kagemusha]

1. Geez, he's desperate. It was bad before and he never did this.

Bolton must be telling him that visible measures are required.

[Norquist Nemesis]

5. You got it! Next thing you know,

he'll be directing traffic and the gates and Faux Views will be providing live coverage.

[Homer Wells]

12. Listening to the King speaking right now

I cant believe the bulls*** he is spewing. Is offering no real solutions for the American public, just platitudes and long term ideas. And in the middle of all this, he is trying an end-run around the objections against drilling in Alaska. Sheesh--he has no shame.
"Once an oil man, always an oil man."
The applause sounds like one of those old "laugh track" machines, like he has a button on the podium he presses when he wants applause for something he has just said. I prefer to believe that than to think that his audience actually believes what he is saying.
:puke: :mad: :hurts:
God Save America from her "Murikans"

:hippie:

[Demeter]

2. So The Feds Are Going To Stop Competing With Us for Gas?

About time, assholes.

[Robbien]

3. excuse me but there is no such story I could find at your link

do you have a direct link to the article?

[Maddy McCall]

4. It's on a banner at the top of the page. Article not posted yet....

but it's being reported on MSNBC television.

[RamboLiberal]

6. Verification - CNN also has breaking at top of their page

President Bush to temporarily halt deposits to strategic petroleum reserve to make more oil available for consumers, senior administration official tells CNN.

http://www.cnn.com/

[endarkenment]

8. Anyone hazard a guess as to what percent of sales these deposits

represent? Here is my guess: near zero.

[saigon68]

11. The Sheep need distraction

They need Natalie Holloway to resurface.

They need Tom Cruise out in the open.

They need Whitney Houston to sing.

[Massachusetts]

19. "The Sheep need distraction"

Pathetic and true.

[Tandalayo_Scheisskopf]

15. Actually...

The numbers are significent enough to cause an effect on the market price of oil in the world, and especially in America. The government, in a program run by Chimpy's old pals, The Hunt Brothers, has been filling salt caverns that have never previously held a drop of oil.

Frankly, this is a move long overdue and one that these assholes have long resisted. The pulling of oil off of the open market to fill those caverns has gone on for so long and been so large, that it has clearly been a market manipulation to benefit his oil field trash supporters.

[endarkenment]

18. I understand that releasing oil from the reserve

can influence the market short term but I really doubt that the market share represented by purchases amounts to anything significant.

It seems like the rate when we are filling this boondoggle is in the area of 1.5 - 2.5 million barrels a month (http://www2.spr.doe.gov/DIR/SilverStream/Pages/pgDailyInventoryReportViewDOE_new.html)


Global oil consumption is something like 80 million barrels A DAY - that is 2400 million barrels a month. I don't think our halting purchases will have any impact at all.

[Jacobin]

20. Very slight impact-----as close to nothing as you can get

And yet still pretend you are doing something.

Actually, I recall in the past that they always stopped putting new oil in when the price was high, for obvious reasons. Why not fill up those big 'tanks' when the price is low?....oh wait, nevermind.

[Robbien]

7. Thanks, that explains it

Banners slow down dialups so I've turned them off.

[displacedtexan]

9. Remember when BushCo howled about Clinton opening reserves?

The good old days.

Sigh.

[alcibiades_mystery]

10. Desperation...move me brightly

:rofl:

[shadowknows69]

24. Is that a Terripan Station reference I see?

Let my inspiration flow. Best song ever written.

[Lochloosa]

13. Let's see. That should bring the price down from 75.00 a barrel

to 74.95 a barrel.

Thanks Asshole.

[Jacobin]

21. more like $74.999/bbl

The impact of this is likely almost immeasurable.

[dweller]

14. goody, now go fill up that SUV

and git yourself shopping!


dp

[catmandu57]

16. The jig is up

There's absolutely nothing the idiot* can do. We're just one more thing he's turned to shit.

[Doctor_J]

17. I wish someone would ask him to explain how the oil reserves work

"See, when we stop delivering to the reserves, then there's less in reserve, and more at the pump. If the Democrats in Congress would let me drill in Alaska, then there'd be more for the reserves, and more at the pump, and the threat wouldn't be there any more. See?"

[TexasLawyer]

22. SPR is pretty close to capacity anyway

and oil inventories are at an 8 year HIGH. This is all a big swindle. Prices may come down, but it will not be because of anything Bush is doing.

http://www.fossil.energy.gov/programs/reserves/spr/spr-facts.html


http://www.bloomberg.com/apps/news?pid=10000082&sid=anJ2qRT1Cmx4&refer=canada

Commodity Strategists: Crude Oil to Fall, Toronto-Dominion Says
April 25 (Bloomberg) --

Crude oil may fall to $55 a barrel in New York by year-end as record high prices will cut consumption and slow U.S. economic growth, according to Toronto- Dominion Bank, Canada's second-largest lender by assets. Prices may decline more than 20 percent, Derek Burleton and Priscila Kalevar, economists at the bank, said in an April 19 report. Oil reached an all-time high of $75.35 on April 21.

U.S. commercial oil inventories climbed to the highest since June 1998. The growing cushion of stockpiles will end the speculative rally that ``decoupled'' prices from the reality of supply and demand, the economists said.

``The major catalyst for this pullback is likely to emerge on the demand side, when U.S. economic growth shows signs of slackening by summer's end,'' the economists said. "Markets have continued to ignore the fact that crude inventories in the U.S., the world's largest consumer, have moved to their highest levels in almost eight years."


<snip>

[ConcernedCanuk]

26. Even without that info - my thots - the "Strategic" reserves are FULL

.
.
.

cuz there is no way in my mind that Bushco would leave their war-machine short of fuel

so they've just plain run out of places to hoard the petrol

That's my Canuk thots anyhoo . .

[w4rma]

23. November is creeeping up. Now would be the time to do this.

And sometime between the day after the voting and October will be when they stop. This is *only* political. They're worried for the Republican Party's power, and therefore their own power. They don't want Democrats to take over Congress and begin investigating them. They want the Republican Party to keep their power so they can keep stonewalling investigations.

[Jazz2006]

29. Yes, typical. Manufacture a crisis so that they can look like

heroes when they "fix" it.

Surely, people cannot continue to be fooled by these tactics over and over and over again!





:puke:

[Canuckistanian]

25. Uh-oh. Better prepare for another ANWR drilling attempt

He's going to try to tie this to domestic production, just watch.

[bullimiami]

27. how the hell much oil has he been buying up at these inflated prices

with our money?

wtf.

[superconnected]

31. ah, good question.

[warrens]

28. Man of action

Doing all the things Dems said he should have a long time ago. The White House is in full panic mode on this one.

[Roland99]

30. What good will this do? Oil supplies are NOT the problem!

It's the artificially-created lower gasoline supplies that has caused prices to skyrocket in the last two months.

[endarkenment]

34. It is both the refinery bottleneck and the demand for crude.

The world crude price is not affected by refinery capacity. It is on the wrong side of the bottleneck. To the extent that refinery capacity reduces real demand for crude, it serves to lower the price. The refinery bottleneck increases the price of refined oil products, along with the price of the crude oil input to the refineries.

[Zorra]

32. The military uses about 40,000 barrels of oil per day in Iraq.

Simply end the the occupation of Iraq and we'll save about 40 million barrels of oil a year, and we won't have to tap our strategic reserve.

Published on 26 Feb 2006 by Blogspot. Archived on 27 Feb 2006.
The US military oil consumption

The US Department of Defense (DoD) is the largest oil consuming government body in the US and in the world

“Military fuel consumption makes the Department of Defense the single largest consumer of petroleum in the U.S” <1>

“Military fuel consumption for aircraft, ships, ground vehicles and facilities makes the DoD the single largest consumer of petroleum in the U.S” <2>

According to the US Defense Energy Support Center Fact Book 2004, in Fiscal Year 2004, the US military fuel consumption increased to 144 million barrels. This is about 40 million barrels more than the average peacetime military usage.

http://www.energybulletin.net/13199.html

[endarkenment]

33. Here lies the irony of the insane pnac oil wars.

Assume that the pnac maniacs have a point - it is either us or them, either we control the big oil fields or 'they' (for some value of they) do. The pnaciacs have signed on to peak oil but their solution is King of the Hill. So the problem with pnacia is that there is a law of diminishing returns here: we are starting to consume more oil defending our position on top of the big oil fields than we gain by sitting on top of them. Rather than putting off the peak, we are accelerating the collapse.

At some point our huge armada is just going to come to a grinding halt as there won't be enough oil to keep the vast machine running.