Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
CHICAGO (AP) — In a reversal, Barack Obama is proposing tapping the nation's strategic oil reserves to help drive down gasoline prices, his campaign said Monday.
Obama supports releasing light oil from the emergency oil stockpile now and replacing it later with heavier crude more suited to the country's long-term needs, according to a campaign fact sheet. Light crude oil is easier to refine into gasoline than heavier oil.
Also on Monday, the Obama campaign unveiled a television ad that criticizes Republican John McCain's energy policies.
"After one president in the pocket of big oil we can't afford another," says the ad, referring to President Bush's previous work in the oil industry.
Obama is emphasizing energy and the economy in campaign stops this week in Michigan, Ohio and Indiana, beginning with a speech Monday in Lansing, Mich. Gas prices over $4 a gallon have become a top issue in the presidential contest.
In the past, Obama has not advocated tapping the oil reserve, but campaign spokeswoman Heather Zichal said he has reconsidered. "He recognizes that Americans are suffering," she said.
The nation's strategic petroleum reserve contains 707.2 million barrels in salt caverns in Texas and Louisiana. It was last tapped shortly after Hurricane Katrina. Otherwise, President Bush has refused to use the reserves, saying they need to be left intact as an emergency stockpile. However, in the face of strong congressional pressure, Bush in June stopped filling the reserve until oil prices decline.
Obama's call for using the government reserve mirrors a proposal that has been pushed by congressional Democrats, but opposed by Republican leaders and the White House.
House Speaker Nancy Pelosi, D-Calif., for weeks has called for Bush to withdraw a "small amount" of oil from the government reserve to add to supplies and try to force down prices.
Sen. Jeff Bingaman, D-N.M., chairman of the Senate Energy and Natural Resources Committee, has tried to get agreement on legislation that would require the release of 70 million barrels of oil from the government stockpile over six months with the oil to be returned at a later date.
The Strategic Petroleum Reserve is capable of releasing about 4 million barrels a day. It's unclear what impact such release might have on global oil prices, or costs of gasoline at the pump. But a clear signal by the United States to use its emergency reserve to a significant extent could put downward pressure on oil markets at least for a time, energy experts say.
In 2000, President Clinton used a similar "swap" of government oil as proposed by Obama, making available 30 million barrels because of concern over rising prices and supply worries in advance of that year's winter heating season. The move at the time was criticized by Republicans as an attempt to help then Vice President Al Gore's presidential bid.
The new Obama ad trumpets his proposal to revive a windfall profits tax on energy companies and asserts that McCain favors tax breaks for the oil industry.
"A windfall profits tax on big oil to give families a thousand-dollar rebate," an announcer in the ad says.
Obama has pushed for such a tax to fund $1,000 emergency rebate checks for consumers besieged by high energy costs.
Congress enacted a windfall profits tax in 1980, during an earlier era of high oil prices, but repealed it in 1988 amid concerns the tax was discouraging domestic oil development. Last year, the House approved $18 billion in new taxes on the largest oil companies, but they were blocked by Republicans in the Senate.
The new ad opens with a driver pumping gas. The announcer says, "Every time you fill your tank, the oil companies fill their pockets."
Republicans were quick to pounce.
"Barack Obama's latest attack ads shows his celebrity is matched only by his hypocrisy," said McCain spokesman Tucker Bounds. "After all it was Senator Obama, not John McCain, who voted for the Bush-Cheney energy bill that was a sweetheart deal for oil companies. Also not mentioned is the $400,000 from big oil contributors that Barack Obama has already pocketed in this election."
Obama said Friday that he would reluctantly consider accepting some new offshore oil drilling. Obama previously opposed any offshore drilling. He praised a plan unveiled by a group of Republican and Democratic senators to permit limited drilling off Southern states while supporting an effort to convert most vehicles to alternative fuels in 20 years.
McCain's campaign accused the Democrat of flip-flopping. However, the Arizona Democrat only recently reversed his own former opposition to drilling on the Outer Continental Shelf.
Both candidates have energy proposals to reduce U.S. dependence on oil. Obama's was first, and its centerpiece is a 10-year, $150 billion spending plan focusing on clean coal technology, further development of plug-in hybrid cars, commercialization of wind and solar power and other measures.
McCain's, which is called the Lexington Project, includes building 45 new nuclear power plants; offering a $300 million prize for major advancement of low-cost, plug-in hybrid or electric car technology; and "encouraging the market" in wind, hydroelectric and solar power. Both he and Obama would cut use of fossil fuels to combat climate change.
Last edited by RSFB on Tue Aug 05, 2008 6:18 am; edited 2 times in total
Posted: Mon Aug 04, 2008 9:53 am Post subject: Re: Barack Obama endorses tapping the SPR
Showing conclusively that the man is just another whore in nuns' clothing. _________________ Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
Posted: Mon Aug 04, 2008 10:38 am Post subject: Re: Barack Obama endorses tapping the SPR
He voted to allow amnesty for telecoms searching without warrants.
He's now voted to allow offshore drilling.
He's for tapping the SPR.
He's in favor of globalized free trade, not localization.
He's in favor of centralized power, not localization.
He's an military interventionist.
I don't know why the Left supports this guy. I guess Bush has driven liberals certifiably insane that they will support someone who's against everything they say they believe. Not only support him but have spasms of ecstasy over his candidacy. _________________ One of these now am I too, a fugitive from the gods and a wanderer, at the mercy of raging Strife.
--Empedocles
Posted: Mon Aug 04, 2008 11:49 am Post subject: Re: Barack Obama endorses tapping the SPR
As much as I've always opposed tapping the SPR the replacement scenario may have some validity. Not a lot...but some. So far refiners don't buy SPR oil but take it with the guarantee to replace it in kind at a later date. With the ever decreasing flow of Mexican Sweet it would be foolish to have refiners replace the release with such sweet crude as its cost will surely rise and the replacement purchases would only drive the prices higher. But it could make sense to structure the deal so that a refiner, such as Valero, would be required to build/convert some portion of their capacity to handle heavy/sour crude. One big obstacle for refiners to build such plants now is the uncertainty of future heavy stock supplies. Locking in availability from the SP could reduce the risk enough. But I doubt they've thought this far ahead or would try to make any trade this elaborate. But, IMO, we haven't seen prices increases high enough to justify a release. Not when the main problem is folks whining about their gasoline bill but when prices really hurting the economy and jobs to a serious level.
I also have little faith in any promises being kept by either side once the election is over.
Posted: Mon Aug 04, 2008 11:53 am Post subject: Re: Barack Obama endorses tapping the SPR
He repeats popular talking points, nothing more. None of it is his policy. It is all news site polls. His beliefs will not become clear until next year. _________________ Volatility. When life isn't exciting enough.
Posted: Mon Aug 04, 2008 12:56 pm Post subject: Re: Barack Obama endorses tapping the SPR
/agree.
I've always thought of myself as pretty centrist with a lot of libertarian views. I definitely agree with some conservative and liberal policies too.
In my opinion, this election is starting to shape up to be an epic failure. Eight years ago, I probably would have voted for McCain. He seemed a lot more reasonable and less indoctrinated then. Now he just seems like another mouthpiece for the neocon agenda. Obama is starting to remind me a lot of Kerry. I'm starting to not see a whole lot of difference between him and McCain, except for some hot-button fluff.
I may just write my own name in on the ballot, or one of you guys. At least we have some principles, whereas apparently these guys will do anything for money.
Cynus wrote:
He voted to allow amnesty for telecoms searching without warrants.
He's now voted to allow offshore drilling.
He's for tapping the SPR.
He's in favor of globalized free trade, not localization.
He's in favor of centralized power, not localization.
He's an military interventionist.
I don't know why the Left supports this guy. I guess Bush has driven liberals certifiably insane that they will support someone who's against everything they say they believe. Not only support him but have spasms of ecstasy over his candidacy.
Joined: May 18, 2006 Posts: 4867 Location: Minneapolis, MN
Posted: Mon Aug 04, 2008 1:08 pm Post subject: Re: Barack Obama endorses tapping the SPR
Cynus wrote:
He voted to allow amnesty for telecoms searching without warrants.
He's now voted to allow offshore drilling.
He's for tapping the SPR.
He's in favor of globalized free trade, not localization.
He's in favor of centralized power, not localization.
He's an military interventionist.
I don't know why the Left supports this guy. I guess Bush has driven liberals certifiably insane that they will support someone who's against everything they say they believe. Not only support him but have spasms of ecstasy over his candidacy.
Joined: May 13, 2005 Posts: 3068 Location: The Urban Village
Posted: Mon Aug 04, 2008 1:31 pm Post subject: Re: Barack Obama endorses tapping the SPR
I think you all should vote. At least vote in your local elections.
Politics can make you sick, but it is what it is. Obama is in danger of losing one of his groups if he doesn't show some concrete, easy to understand, plan to 'bring relief to those at the pump" I hate that the term is part of the lexicon, but there it is. At the pump. Makes me ill.
are looking to fish off Obama's pier so I think he is scrambling and gambling that his "elitist" constituancy that wants to save the SPR and the water fowl will hang with him, because the poor will often switch sides to the one that gives them money, or cheap gas. Of course the money they get will be worthless and the cheap gas will never materialize but they don't know that.
Posted: Mon Aug 04, 2008 2:36 pm Post subject: Re: Barack Obama endorses tapping the SPR
All this negativity AND a baby hurrican heading at me. I wish I could tell you how wrong your attitudes are. Not that you are...just wish I could think you were. And my back hurts too.
A friend who works at WalMart called at lunch and told me security had to be called in 4 times because of folks fighting over "hurricane survival" purchases. OH YEAH...we're ready to deal with PO rationally.
Posted: Mon Aug 04, 2008 2:49 pm Post subject: Re: Barack Obama endorses tapping the SPR
ROCKMAN wrote:
All this negativity AND a baby hurrican heading at me. I wish I could tell you how wrong your attitudes are. Not that you are...just wish I could think you were. And my back hurts too.
A friend who works at WalMart called at lunch and told me security had to be called in 4 times because of folks fighting over "hurricane survival" purchases. OH YEAH...we're ready to deal with PO rationally.
You should be happy that they aren't draining the SPR before your hurricane.
Posted: Mon Aug 04, 2008 3:32 pm Post subject: Re: Barack Obama endorses tapping the SPR
ROCKMAN wrote:
A friend who works at WalMart called at lunch and told me security had to be called in 4 times because of folks fighting over "hurricane survival" purchases. OH YEAH...we're ready to deal with PO rationally.
You know, it amazes me that people living in a hurricane zone have to prepare for each one. Prepare for each season...maybe. Prepare for each one, come on. Even the boards can be stored for reuse. Civil defence died with the cold war, well and truly. _________________ Volatility. When life isn't exciting enough.
Posted: Mon Aug 04, 2008 3:33 pm Post subject: Re: Barack Obama endorses tapping the SPR
Don't not vote. Then they really do win.
Vote for Ron Paul. He's got absolutely no chance of winning, and and a vote for him is a vote of disgust with the current rack of choices. Further, enough folks will vote for him that at least it will register some margin of dissatisfaction with the current setup.
Every year lots of ppl write in Mickey Mouse. I can't help but think Paul would be a better protest vote.
The good thing about Obama is that he's pretty and he talks presidentially. That alone represents a gigantic leap over the administration we've had. Now, if we could take the wrapping, and wrap it around a libertarian package- that would be a nice candidate.
Since they have no chance of winning they are free to state what they believe. Their stated energy policy is as good or better than the D or R.
Quote:
Energy Policy
Government intervention, whether through more regulations or more subsidies (or both), hurts consumers in the end. The free market, driven by consumer choice and reflecting the real cost of resources, should be the foundation of America’s energy policy. The federal government should eliminate restrictions that inhibit energy production, as well as all special privileges for the production of politically-favored fuels, such as ethanol.
I don't necessarily agree with eliminating all restrictions. Federal lands are held in the public trust and restrictions should be placed on them and other activities if it promotes the general welfare to do so. That is a political decision.
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