GOP kills effort to release oil from US stockpile

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Source: AP

GOP kills effort to release oil from US stockpile

By ANDREW TAYLOR, Associated Press Writer 3 minutes ago

WASHINGTON - House Republicans on Thursday scuttled a bill that Democrats hoped would help lower gasoline prices by forcing the Energy Department to release 70 million barrels of oil — about a three-day supply — from the national stockpile.

Democrats promised that the action would have produced immediate relief at the pump, as was the case with similar releases in 1991, 2000 and 2005. The Strategic Petroleum Reserve now holds about 700 million barrels.

Despite winning a clear 268-157 majority, the measure still lost. Democratic leaders had brought the proposal up for debate under rules requiring a two-thirds vote to pass.

But passing the bill by just a majority would have meant allowing Republicans to force a vote on new offshore drilling leases.

"They're hiding from a vote," said GOP leader John Boehner of Ohio. "They're scared to death to allow us to ... force their members to vote on drilling."

Democrats said the release from the oil reserve could provide relief at the pump within two weeks, though they would not say how much it would help $4-per-gallon gas. Earlier releases, such as a 34 million barrel drawdown in 1991 during the Persian Gulf War, caused prices to fall.

As debate began, the White House threatened a veto. "Rather than drawing down a strategic reserve intended to protect our nation's energy security from a severe supply disruption, Congress should pass legislation to increase domestic oil supply," the White House said in a statement.

Across the Capitol, political squabbling promised to doom a Senate bill that would curb the kind of speculation in the oil markets that many people believe is partly responsible for the increases in oil prices.

Republicans appeared unlikely to agree to cut off debate and move the measure to a final vote. They complained that Senate Majority Leader Harry Reid, D-Nev., had blocked them from offering amendments.

The result of all of the political maneuvering is that Congress will adjourn for a five-week vacation without having passed into law any response to high gas prices since legislation in May that required President Bush to suspend filling the reserve.

Republicans believe they are gaining the political upper hand because of Democrats' refusal to allow new drilling in the Outer Continental Shelf. Democrats said they have not seen any erosion in their standing with voters and say it allows them to cast Republicans as doing the bidding of big oil companies.

"This is an issue that the Republicans have latched onto in the absence of any other issue they have to talk about," said the House's second-ranking Democrat, Rep. Steny Hoyer of Maryland. "Not the economy, not Iraq, not foreign policy ... it's the only issue they have."

Read more: http://news.yahoo.com/s/ap/20080724/ap_on_go_co/congress_energy

[liberal N proud]

1. What the fuck are they keeping for?

They act like it is the last drops of oil on earth and they are treating it like the national treasure. Oh wait, it is more valuable than the gold that used to be locked up in Fort Knox.

[Tab]

4. You need one up to a point, but I suspect not as much now as before.

Imagine that we were at war in the Middle East (oh, wait, we are)
And that they cut off our oil supply (oh wait, they're limiting it)

valid up to here...

Now, imagine we are going to engage in a multi-year mechanized ground war with tanks and stuff with Russia. Not so likely. I think those days are over.

The reserves would sustain us in time of war for x period of time (not sure what time they think it will, and I'm sure they wouldn't say).

But it's a "new reality" now. We're not doing traditional ground warfare anymore, with massive invasions against another superpower.

So, I understand the need for some reserve. I though the reserve was 700 million barrels, so 70 million would be 10% of that. It's not the first time we've opened the reserve.

I suspect the GOP wants to use the "shortage" as an excuse to justify drilling in ANWAR and wherever else (e.g.: offshore)

[barbtries]

14. that's exactly it

if the democrats had put it to a majority vote they would have opened it up for a vote on drilling.

[Phred42]

11. It's Simple - Stop EVERYTHING the Democrats want to do

absolutely everything

This has been a documented strategy since 2006

[Lasher]

18. Exactly right.

[dipsydoodle]

15. It simple really

You have a military which cannot function without oil. It's become a reserve purely for miltary use. So best forget domestic use.

[Bonhomme Richard]

2. It is proof that they know there is not a supply problem.

It is a greed problem.

[pleah]

3. K&R

[defendandprotect]

5. They created a phony "supply" problem . . . that's why they don't want the ...

competition of this oil being released . . .

and this should have been done two years ago ---

[rox63]

8. Just like they did in the 70's

There was no real "oil crisis" then. It was mostly market manipulation.

[unblock]

10. i suppose, if you call opec market manipulation....

which it actually is, although it's not what most people think of when they hear the term.

[defendandprotect]

17. I think we're all referring to the fact that there has been a speculation market . . .

oil held by speculators . . . ???

Also, the fact that the oil companies shipped out more than 30% more oil to other

nations than their usual practice --- ????

[Ztarbod]

6. Democrats and republicans screw the public again

with their decision to do nothing but blame each other.

[Auggie]

7. The republicans are doing the screwing... AS USUAL

I don't want any more rigs off the California coast

[DogPoundPup]

9. All these Con economic political games should be front and center on DU headlines

EOM

[unblock]

12. sometimes i think republicans do these things just to be assholes.

[NMDemDist2]

16. sometimes???

:rofl:

they always are assholes and prove it every week with tricks like this

[barbtries]

13. so the upshot is, once again

congress does diddly.