Obama prepared to tap oil reserves

by Guest Fri Mar 11, 2011 3:56 pm

President Obama said Friday that he is prepared to tap the nation's strategic oil reserves to offset any supply disruption that's a factor in driving gasoline prices higher.

Obama said increased demand in a recovering global economy, combined with the conflict in oil-producing regions of North Africa and the Middle East, is behind the recent surge in gas prices.

http://money.cnn.com/2011/03/11/news/economy/obama_spr/index.htm

by lendmeflight2 Fri Mar 11, 2011 4:13 pm

So my question for this would be, What would be considered an emergency? Gasoline just went up to $3.60 a gallon here. Normally it is a little over $2 a gallon. Does it have to average $4 a gallon before it is an emergency enough to tap resources?

I assume by resources he means gasoline that is stored for government use?

by Judi58 Fri Mar 11, 2011 4:16 pm

He said he is prepared... Not that they will I would bet my ui check ( Oh wait I dont get one) Very Happy

That he wont until it is closer to 5 a gal
Just my opinion...

by Guest Fri Mar 11, 2011 4:45 pm

Hit the panic button all............

Justification for Gas increases..

Obama prepared to tap oil reserves 545210

and that was a new computer....

by gettheminNOVEMBER Fri Mar 11, 2011 4:52 pm

NO MR. PREZ SPECULATION HAS DRIVEN THE GAS PRICES UP SO SOME RICH OIL SOAKED FATCAT CAN BUY THIS YEARS JET WITH ALL THE TRIMMINGS. GOD FORBID THEY MAKE 4 BILLION THIS YEAR AND NOT 5! Frustrated

THE SYSTEM IS RIGGED AND NOT IN OUR FAVOR.

by NY Lady Fri Mar 11, 2011 4:59 pm

Right, he said they would open up reserves if there was a disruption in the supply.
There isn't a disruption in the supply right now. Arabia is covering Lybia slowdown.
The prices are rising because of Wall Street and something called "Fear Indicators."
Trading on the fear that there WILL be a disruption in supply.
I saw something about it on CNN the other day. Right now, there is no limit they can trade on these fear indicators. There is talk of capping limits.

Search "fear indicators, oil".

by Dazed&Confused Fri Mar 11, 2011 6:06 pm

His, Obama's speech "when you think about all these natural disasters, you think about your family." Jeez, what about the Wall Street un-natural disasters right in our back yards, no one is/was thinking about our families. Interesting fact the Earthquake in Japan equals our unemployment rate. Let's spend a couple million, billion, trillion to help everyone else. There will never come a day when he will touch our reserves.
All mouth talk. Pair of false teeth Obama prepared to tap oil reserves 417578