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UncoveringTruths
Intermediate Crude
Joined: Nov 04, 2004
Posts: 829
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 Posted: Tue May 13, 2008 11:28 am Post subject: SPR Cutoff |
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| Quote: | WASHINGTON (AP) -- The Senate is directing President Bush to temporarily halt the shipment of thousands of barrels of oil a day to the government's emergency reserve.
Both Democrats and Republicans said such shipments make no sense when oil is costing more than $120 a barrel and could better be used to add supplies to a tight market and possibly lower prices. Senators voted 97-1 Tuesday to suspend the shipments until the end of the year.
Bush has said the 70,000 barrels of oil being diverted to the Strategic Petroleum Reserve is such a small amount that it does not affect energy markets. Many senators disagreed. |
Senate approves end to oil reserve shipments
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Plantagenet
Expert
Joined: Apr 09, 2007
Posts: 4860
Location: Alaska (its much bigger than Texas).
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| Posted: Tue May 13, 2008 11:35 am Post subject: Re: SPR Cutoff |
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Cutting off new oil to the SPR will reduce the price of gas.
Suspending the 18 cents-per-gallon federal gas tax will not reduce the price of gas.
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--our political leaders in action |
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emersonbiggins
Moderator
Joined: Jul 10, 2005
Posts: 4751
Location: Dallas
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| Posted: Tue May 13, 2008 11:38 am Post subject: Re: SPR Cutoff |
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< 0.1% world production
This should be good for a couple hundred points on the DOW, though. 
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UncoveringTruths
Intermediate Crude
Joined: Nov 04, 2004
Posts: 829
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| Posted: Tue May 13, 2008 11:40 am Post subject: Re: SPR Cutoff |
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| Plantagenet wrote: | Cutting off new oil to the SPR will reduce the price of gas.
Suspending the 18 cents-per-gallon federal gas tax will not reduce the price of gas.
---------------
--our political leaders in action |
How much does 70,000 barrels represent in our consumption? Is it less than .01%?
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Eli
Fusion
Joined: Jun 18, 2005
Posts: 3679
Location: In a van down by the river
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| Posted: Tue May 13, 2008 11:42 am Post subject: Re: SPR Cutoff |
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| Brilliant reaction to a longterm problem, what a bunch of Fark. |
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jimmyz
Tar Sands
Joined: Feb 06, 2005
Posts: 95
Location: north of New Orleans
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| Posted: Tue May 13, 2008 11:42 am Post subject: Re: SPR Cutoff |
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| I'm sure someone else will be happy to by it. |
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joeltrout
Intermediate Crude
Joined: Sep 19, 2007
Posts: 920
Location: Land of the Tongva tribe
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| Posted: Tue May 13, 2008 11:52 am Post subject: Re: SPR Cutoff |
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It only makes sense because politicians mainly focus on the here and now because they will probably be out of office when the nation needs the SPR reserves. If they can make people happy now then that is what counts.
I think it is absolutely stupid to stop filling the SPR. You would think high price would help poeple realize that supply is somewhat tight and maybe we should reserve as much supply as possible while we still can.
joeltrout
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Plantagenet
Expert
Joined: Apr 09, 2007
Posts: 4860
Location: Alaska (its much bigger than Texas).
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| Posted: Tue May 13, 2008 11:58 am Post subject: Re: SPR Cutoff |
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"In the short run...we can stop putting oil underground and put some downward pressure on gas prices and oil prices," said Democrat Byron Dorgan, the main sponsor of the proposal. "When the American consumer is being burned at the stake by high gas prices this government ought not be carrying the wood. It's just that simple."
Separately, the Senate rejected a broader Republican energy measure that in addition to stopping oil deliveries to the reserve would have allowed oil drilling in the Arctic National Wildlife Refuge and off coastal states where energy exploration is now banned.
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Byron Dorgon thinks he is putting "downward pressure" on gas and oil prices by cutting off the tiny fraction of oil that goes into the SPR......is he really that stupid or does he just not know anything about mathematics and economics? |
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Shannymara
Semi-retired Admin
Joined: Oct 04, 2004
Posts: 4884
Location: Oklahoma
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| Posted: Tue May 13, 2008 12:03 pm Post subject: Re: SPR Cutoff |
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| Plantagenet wrote: | | ...is he really that stupid or does he just not know anything about mathematics and economics? |
Neither. He made that statement relying on the citizenry consumers to not know anything about mathematics and economics.
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peasea
Tar Sands
Joined: Jul 26, 2007
Posts: 48
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| Posted: Tue May 13, 2008 12:06 pm Post subject: Re: SPR Cutoff |
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......is he really that stupid or does he just not know anything about mathematics and economics?
erm, let me guess now .....
no not stupid but yes to being uneducated
actually do we know if he's a right wing fundie?
that would explain a lot ....
P. |
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IanC
Heavy Crude
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Joined: Jun 05, 2005
Posts: 342
Location: Portland Oregon, USA
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| Posted: Tue May 13, 2008 12:06 pm Post subject: Re: SPR Cutoff |
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Agreed. I think they should fill the SPR to the top, then add more tanks and fill those to the top. We'll need that oil in the future for emergencies. I am a little worried though about who will determine what constitutes and emergency and how they will use the SPR to alleviate it. My imagination gets away from me.
-Ian |
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Plantagenet
Expert
Joined: Apr 09, 2007
Posts: 4860
Location: Alaska (its much bigger than Texas).
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| Posted: Tue May 13, 2008 12:07 pm Post subject: Re: SPR Cutoff |
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| peasea wrote: | ......is he really that stupid or does he just not know anything about mathematics and economics?
erm, let me guess now .....
no not stupid but yes to being uneducated
actually do we know if he's a right wing fundie?
that would explain a lot ....
P. |
Actually, Dorgon is a typical liberal democrat.
That explains a lot too.  |
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Plantagenet
Expert
Joined: Apr 09, 2007
Posts: 4860
Location: Alaska (its much bigger than Texas).
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| Posted: Tue May 13, 2008 12:11 pm Post subject: Re: SPR Cutoff |
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"The Senate voted on Tuesday to suspend oil deliveries to the country's Strategic Petroleum Reserve until crude prices fall below $75 a barrel, repudiating the Bush administration's policy of boosting the stockpile at time of record oil and gasoline prices."
---NY TIMES
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Dorgon's bill doesn't just stop filling the SPR now. It would block any additional oil going into the SPR until oil falls to below $75/barrel.
Since oil isn't likely to go below $75 per barrel ever again, Dorgan's bill would mean that the SPR could never legally receive another drop of oil and so would never be filled. |
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heroineworshipper
Heavy Crude
Joined: Jul 14, 2006
Posts: 486
Location: Calif*
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| Posted: Tue May 13, 2008 12:11 pm Post subject: Re: SPR Cutoff |
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Guess they'll fill it with $500 oil.
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Plantagenet
Expert
Joined: Apr 09, 2007
Posts: 4860
Location: Alaska (its much bigger than Texas).
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| Posted: Tue May 13, 2008 12:12 pm Post subject: Re: SPR Cutoff |
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| heroineworshipper wrote: | | Guess they'll fill it with $500 oil. |
Nope.
Dorgon's bill would outlaw putting any more oil into the SPR until the price drops below $75/barrel (i.e. when hell freezes over).
If the Congress doesn't have the guts to keep filling the SPR at $126/barrel oil they aren't very likely to find the courage to reverse their own law and start filling it at $500 or even at $200 oil.
Last edited by Plantagenet on Tue May 13, 2008 12:16 pm; edited 1 time in total |
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