Obama may dip into our oil reserve!!!

[Klayton]

Just posted on Fox News: Obama may dip into our oil reserve to help ease the pain of rising gas prices.

I do not know about you guys, but I think this is a VERY VERY bad thing.

Why? Well, if our economy does take a huge hit, and we no longer have our oil reserve, we could see European prices. From what I remember when stationed in Germany, it was something like $2US per PINT, yes they sold it by the PINT where I was stationed. Again, I am using memory here and I may be off a little, I know for sure I was like "Now I know why they all drive little tonka toys for vehicles", LOL...

What are your thoughts of dipping into our country's reserve?

[trapper]

I agree with you, I think that our reserves should be for emergencies only like national defence.

[2682nscovell]

Just posted on Fox News: Obama may dip into our oil reserve to help ease the pain of rising gas prices.

I do not know about you guys, but I think this is a VERY VERY bad thing.

Why? Well, if our economy does take a huge hit, and we no longer have our oil reserve, we could see European prices. From what I remember when stationed in Germany, it was something like $2US per PINT, yes they sold it by the PINT where I was stationed. Again, I am using memory here and I may be off a little, I know for sure I was like "Now I know why they all drive little tonka toys for vehicles", LOL...

What are your thoughts of dipping into our country's reserve?

It would lessen the price but only for a short while... Atleast that would be a guess. There is a possibility that it may not work. However, I think it has a name "reserve" for a reason. We're not even in the
thick of the middle east oil crisis yet (in my opinion). Regardless of what the President does; I don't think it will work. We've put ourselves in such a pit when it comes to oil that it's only going to get worse.

[Bull]

I think it is a "reserve" for a reason. I say drill baby drill. If they would stop blocking us from drilling then we could become self sufficient, and as soon as we adopted a policy to that affect, it would begin to reduce prices, as the world market for oil would become more stable. It would take a while for the oil to flow, so the actual supply wouldn't increase over night. However, the world market would change real quick with American oil production coming online full throttle. A lot of the problems we have are multiplied because of the uncertainty. Nobody can count on anything, because we don't know what this lame brain is going to do next. Just in the Gulf of Mexico, there is a major problem right now, because even though the drilling moratorium was lifted months ago, there is a de facto moratorium because they are refusing to issue drilling permits. They are creating a lot of red tape. There are a number of oil rigs that have left, and are leaving now, because of this. My company had to cut pay by 12% because we had contracts cancelled because of this. Other companies have done that, and some have laid people off. We had six boats scheduled to be built before this, and that has all been cancelled for now. Meanwhile, rigs that don't get cold stacked and left without a crew are costing the oil companies hundreds of thousands of dollars per day to sit around and wait. My boat is contracted out for something like $30,000 a day, every day, whether we work or not. We are lucky to be working with a rig that is doing construction, but a lot of others aren't. So all this has a huge affect. Just my perspective, and a bunch of higher ups I talk to in the industry.

[2682nscovell]

I think it is a "reserve" for a reason. I say drill baby drill. If they would stop blocking us from drilling then we could become self sufficient, and as soon as we adopted a policy to that affect, it would begin to reduce prices, as the world market for oil would become more stable. It would take a while for the oil to flow, so the actual supply wouldn't increase over night. However, the world market would change real quick with American oil production coming online full throttle. A lot of the problems we have are multiplied because of the uncertainty. Nobody can count on anything, because we don't know what this lame brain is going to do next. Just in the Gulf of Mexico, there is a major problem right now, because even though the drilling moratorium was lifted months ago, there is a de facto moratorium because they are refusing to issue drilling permits. They are creating a lot of red tape. There are a number of oil rigs that have left, and are leaving now, because of this. My company had to cut pay by 12% because we had contracts cancelled because of this. Other companies have done that, and some have laid people off. We had six boats scheduled to be built before this, and that has all been cancelled for now. Meanwhile, rigs that don't get cold stacked and left without a crew are costing the oil companies hundreds of thousands of dollars per day to sit around and wait. My boat is contracted out for something like $30,000 a day, every day, whether we work or not. We are lucky to be working with a rig that is doing construction, but a lot of others aren't. So all this has a huge affect. Just my perspective, and a bunch of higher ups I talk to in the industry.

Wow, thats a lot of money!

[eeyore]

The reserve will have no short term impact on the problem. It is crude oil and still needs refining. We are better off drilling in our own ground, but that is not a short term fix either, it will take years to realise the benifits.

[Mikeg175]

The oil companies and big corporations dont want to open drilling , this would lessen their profit margins . It isn't just the greenies , it's all the oil companies and large companies who speculate on oil , they have more cash and pressure points to stop the home drilling . We have enough oil to last for a LONG time , but just like our car companies , that can design tires and motors that last for a lot longer then we see now , but they don't make them because then people stop buying new cars . I drive a 7.3 powerstroke diesel that is more then capable of doing over 500k on the ticker and they stopped making it for that reason . I get 18-20 mpg with it and I can haul over 10k with 6 people in it fully loaded down . They will never open our shores to drilling and/or make stuff that will last , its all about repeat business . Thats why we use disposable razors/towels/lighters and the list could keep going , it is cheaper and more profitable to keep our society a throwaway society . Obama is a fart in the wind , you might hear it , but will only catch a drift if your downwind and then he will gone .

[Patriotic Sheepdog]

If BHO announces that the US is embarking on an aggressive self sufficient energy plan, that includes building more refineries, drilling in the Gulf and ANWR (Alaska) and other places, as well as looking into alternative energy, then I feel we would see the price quickly stablize and maybe decline. This would also put back to work hundreds of thousands people in many states, so we would be helping the economy. If we would only spend the QE1 and QE2 the correct way, it would go to help the people and not just the elite bankers/wall street.

Rant off

[Benn Gleck]

Even if barak Hussein obama does dip into the strategic oil reserves the impact will only be a few cents per gallon.

After march 11th the price of gas could possibly take a significant jump, maybe to $4.00 a gallon. :mad:

[WiseOwl]

Even if barak Hussein obama does dip into the strategic oil reserves the impact will only be a few cents per gallon.

After march 11th the price of gas could possibly take a significant jump, maybe to $4.00 a gallon. :mad:

I hate it but I am glad I still own 2 Hondas....

The Oil Companies are a joke. Just like Wall Street and the government. I dont know what it will take to "change" things but something has to happen soon, otherwise we are not only going to be in a World of S, but a whole galaxies' worth of S.

[Cimarron]

Even if barak Hussein obama does dip into the strategic oil reserves the impact will only be a few cents per gallon.

After march 11th the price of gas could possibly take a significant jump, maybe to $4.00 a gallon. :mad:

Why March 11?

I've heard this date thrown around a couple times here and another forum but don't understand the significance

[Bull]

If Obama wanted to drop the price of gas temporarily he could suspend the taxes. That would drop gas something like 30 to 50 cents a gallon overnight. But if we assume that Obama has good intentions, then at the least he is a compete moron, without the experience of running so much as a hotdog cart, so anything from him is liable to make matters worse. Another thing about the oil industry is that nearly every product we use has petroleum in it, or at the least, uses petroleum in it's production. So alternative energy and those things are only one piece of the equation. America imports most of what it uses, and that includes oil. I think if we opened up drilling here, it would stabilize not just the oil and gas market, but most of the others.

Big businesses and big government like each other for the same reason. The smaller companies have to be more in touch with the real concerns of the consumers to keep going. Big companies, oil companies among them, develop a certain leverage with size. However, even though we heard about "record profits" from Obama and the liberals, concerning oil companies, their profit margin's were middle of the road, when compared with other industries. The taxes on gasoline are a higher percentage than the profits the oil companies make. But the oil companies would be glad to be able to drill more, because they are still going to be making their 6 to 8, or even 10 cents on every dollar, even if gas goes to $1.50 a gallon, and the amount they will sell, will more than make up for any losses. Even if the price doubles and you are getting to keep twice as much, per gallon, people aren't going to use as much, so I don't think the oil companies don't want to drill and produce more. Especially when we import around 70% of our consumption now. And by hamstringing the oil industry, by not issuing drilling permits, it costs the oil companies huge amounts of money, which gets passed on to us at the pump. Working out here, and seeing everything that is involved to get the oil and gas out of the ground, I have to say that it is pretty amazing that gas isn't more expensive. When I compare a gallon of gas to a gallon of milk, coca cola, juice, or whatever, and I see everything involved with getting oil out of the ground, it seems like a bargain. The only way that it can be cheap is by the huge volume available once the investment and work has reached the stage where a well is producing, and there is a ton that goes on before that, during, and even after. The volume allows them to lower the price and still make more money.

[trkarl]

Why March 11?

I've heard this date thrown around a couple times here and another forum but don't understand the significance

Supposed to be the planned Saudi day of rage.

[Cimarron]

Supposed to be the planned Saudi day of rage.

Oh ok. Thanks.

[2682nscovell]

Supposed to be the planned Saudi day of rage.

I am going to plan a day of rage and see how many people stand in protest to it.