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For the first time since fighting in the Middle East sent gasoline prices skyrocketing, President Obama is thinking about tapping the country’s oil reserves.
“We’re looking at the options. The issue of the reserve is one we are considering,” Obama’s Chief of Staff Bill Daley said today on NBC’s “Meet the Press.”
4 comments
We passed 4 bucks (premium) last week here in the Peoples Republic of the Left Coast.
Here in the mid south, we’re still on the precipice…
I’d rather pay $4, $5, $6, etc, for gas until I cannot financially afford gasoline and non-petrochemical-based transportation options thus become the cheap option instead of the short-sighted benefits of cheap gas today/this summer at the cost of air quality and particularly climate for decades to come.
The only way we’ll get off oil gradually is by sticker shock; tapping strategic oil reserves for something as unimportant as consumer gas prices only makes the inevitable change-over worse (i.e. more sudden). And really, this is not a strategic use of the strategic reserve.
US stocks of petroleum are very high right now, and indeed the West Texas Intermediate (WTI) price has been for some time quite depressed, many dollars below what Brent crude (and other internationally priced petroleum) is fetching. Only in the last few days has WTI moved up strongly, but it is still behind other crude types. Oil prices are being driven by events over seas more so than the the US economic recovery.
Therefore, trying to dump oil from the SPR onto the US market is not likely to affect overseas oil prices, unless the US is willing to sell the petroleum to foreign refineries.
Do we want to do that?
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