Geithner: Hey, who’s up for tapping the Strategic Petroleum Reserve?

posted at 1:20 pm on February 24, 2012 by Ed Morrissey

Last week, I predicted that if gas prices continued to escalate into the spring, we would probably see the Obama administration hint at a release from the Strategic Petroleum Reserve as a temporary intervention to avoid the political damage of high fuel costs and their multiplying effect on the economy.  I was only off by a couple of months:

The Obama administration is weighing the circumstances that could warrant tapping the nation’s strategic oil reserve, Treasury Secretary Timothy Geithner said on Friday as he defended sanctions on Iran.

“There is a case for the use of the reserve in some circumstances and we will continue to look at those and evaluate that carefully,” Geithner said on CNBC television.

A handful of Democrat lawmakers have urged the White House to release some of the nation’s oil stockpiles to combat oil prices that are now topping $123 a barrel.

The SPR does not exist for the purpose of having the federal government mold the market price for gasoline.  It exists to allow the US to function in cases of massive disruptions in supply.  It is essentially a national-security program, not an economic program — which is why it’s curious that the White House had the Treasury Secretary floating this notion today.  That should come from the Department of Energy, not Treasury.

Having Geithner broach this notion exposes Obama’s desperation.  He’s going to abuse and manipulate a key strategic asset for an extremely short-term boost to his electoral chances, by making the economy look better than it really is.  It’s not the first time he’s done so, either.  Obama engineered a release from the SPR early last summer when prices started going up rapidly after the impact of the Japanese tsunamis started to lessen.  How did that work out?  As well as expected; prices rose back to the same level within two weeks of the release:

Crude raced higher Tuesday as energy bulls pushed Nymex oil back toward the $100-a-barrel mark, prices last seen before world governments said they would release crude from their reserves last month.

West Texas Intermediate jumped 2.1 percent to $96.89 a barrel on the New York Mercantile Exchange, decidedly above the $94.45 close of June 22, the day before the announcement on the release of 60 million barrels from reserves.

Brent crude on the ICE futures exchange finished $2.25 higher at $113.63 a barrel, and just below the June 22 high of $114.21. Brent touched $114.44 Tuesday. …

On June 22, the day before the announcement by the International Energy Agency that crude would be released from strategic reserves, it was at $95.41. It hit a low close of $90.84 on June 27.

Within six weeks, gas prices had gone even higher.  That’s because a one-time release of oil equal to the US demand for less than two days does nothing to change the market dynamics of supply and demand over any significant period of time.  Obama has steadfastly refused to put more supply on the market in the long term by opening up American domestic extraction and refining, which is why he’s having to fall back to another pointless Hail Mary so soon after his last attempt failed.

The failure to understand supply and demand is evident from this chart, developed by Speaker John Boehner, which matches up the average price of gasoline over the last three years to the steps taken by Obama to block America from increasing its production:

That will be the record Obama has to defend, and which he hopes that an SPR release will keep on the back burner.


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Comment pages: 1 2

It’s not the supply of Oil. The value of oil hasn’t increased. What’s happened is the VALUE of the dollar has decreased – thus it buys less oil which means you pay more for it.

Wake up

MoreLiberty on February 24, 2012 at 1:23 PM

I thought they had to tap the reverse already, to keep up with Michelle Obama’s Vacation trips.

portlandon on February 24, 2012 at 1:23 PM

Did you mean the Strategic Re-Election Reserve?

OhEssYouCowboys on February 24, 2012 at 1:24 PM

“The SPR does not exist for the purpose of having the federal government mold the market price for gasoline. It exists to allow the US to function in cases of massive disruptions in supply.”

You all realize that the people that have been put in charge of our Country have absolutely no idea what they are doing…

… don’t you?

If it’s it not gross incompetence…

… it’s enemy action.

Seven Percent Solution on February 24, 2012 at 1:24 PM

It’s not the supply of Oil. The value of oil hasn’t increased. What’s happened is the VALUE of the dollar has decreased – thus it buys less oil which means you pay more for it.

Wake up

MoreLiberty on February 24, 2012 at 1:23 PM

You can flaunt your fancy math…but all of that ain’t…uhhhhh…puttin’ more algae…uhhhhh…in ma’ tank. I’d think you should be sayin’ “thank you”!
-Barack Milhaus Obama 2/24/2012

CycloneCDB on February 24, 2012 at 1:25 PM

Last week, I predicted that if gas prices continued to escalate into the spring, we would probably see the Obama administration hint at a release from the Strategic Petroleum Reserve as a temporary intervention to avoid the political damage of high fuel costs and their multiplying effect on the economy.

Ed, jay carney will say “A number of conservative commenters have suggested that this course of action is appropriate.”

These guys use folks like you to make your prediction on what you think they’ll do, based upon their ideological positions. Once they do it, they’ll use your prediction as rationale to support what they do.

What do you think we should do about that?

ted c on February 24, 2012 at 1:25 PM

Propagate this, often, always.

Schadenfreude on February 24, 2012 at 1:26 PM

This would be a fitting coda to the idiocy of George W. Bush.

Spend 8 years filling up a “strategic reserve” – taking all kinds of hell from a hostile media for creating upward pressure on gas prices by doing so – so your political opponents can empty out everything you stored up to get themselves reelected while blasting your policies.

A fitting end to the Republican party when they fail to call Obama on it, too. Also: metaphor alert.

HitNRun on February 24, 2012 at 1:26 PM

Obama isn’t even running against an opponent yet and they’re already in crisis mode. It’s going to get even worse for him in the months leading into the election. Imagine the material the Republican PACs and the RNC will have to use against him. There won’t be enough time to air all of Obama’s hypocrisy and tyrannical moves since he’s been in office.

cajunpatriot on February 24, 2012 at 1:27 PM

A SCOAMF never learns.

ElectricPhase on February 24, 2012 at 1:27 PM

Buying votes at taxpayer expense — it’s the Obummer Way!

KS Rex on February 24, 2012 at 1:28 PM

This is, after all, a White House that has put at the center of its domestic agenda its goal of a “green economy,” which hinges on making fossil fuels too expensive for Americans to purchase. In January 2008, candidate Obama told the San Francisco Chronicle that under his cap-and-trade plan, “electricity rates would necessarily skyrocket.” Steven Chu, now Secretary of Energy, told this newspaper in the same year: “Somehow, we have to figure out how to boost the price of gasoline to the levels in Europe.” That would be, oh, $10 a gallon.

Schadenfreude on February 24, 2012 at 1:28 PM

The Obama administration is caught between a rock and a hard place. If the Federal Reserve stops printing money, the banks could collapse and force a massive depression on us. But if they keep printing, the price of gas will keep going up and up and up.

I think the decision has been made that higher gas prices are better than a repeat of 2008. This SPR stuff is just desperation.

Doomberg on February 24, 2012 at 1:28 PM

Stay away from the strategic reserve. Expand and increase domestic production and approve the new pipeline. Geithner, Obama and the rest of those fools can only rob Peter to Pay paul . . . they have absolutely no constructive or innovative ideas.

rplat on February 24, 2012 at 1:30 PM

His campaign should pay market price for every gallon they use seeing as this is solely for his reelection campaign.

Flange on February 24, 2012 at 1:30 PM

The Obama administration is caught between a rock and a hard place. If the Federal Reserve stops printing money, the banks could collapse and force a massive depression on us. But if they keep printing, the price of gas will keep going up and up and up.

Smart Power!

Then they try to stop my schadenfreude, teh-heh!

Schadenfreude on February 24, 2012 at 1:31 PM

Yes, lets empty the strategic oil reserve and cut our nukes by 80% so we can be sitting ducks like a third world country.

JPeterman on February 24, 2012 at 1:31 PM

Predictable. Sell a valuable commodity when the price is high to the people that already bought it on borrowed money while depleting a resource controlled by foreign nations that is needed for security. Win-win. /

DanMan on February 24, 2012 at 1:32 PM

Sell low, buy high a tried and true Liberal investment principle now on hyper drive under Presidebt 0bama.

jukin3 on February 24, 2012 at 1:34 PM

It’s not the supply of Oil. The value of oil hasn’t increased. What’s happened is the VALUE of the dollar has decreased – thus it buys less oil which means you pay more for it.

Wake up

MoreLiberty on February 24, 2012 at 1:23 PM

In which case he’s doubly scr*wed, he can’t blame anyone but himself for those trillion dollar deficits and shovel ready dollars he released into the market… well he could but I don’t think the public would be as open to that excuse.

He wants more quantitative inflating – how’s that gonna work out for lowering them gas prices?

Ukiah on February 24, 2012 at 1:34 PM

The ineptitude of Obama and his henchmen is both tragic and hilarious.

That reserve is supposed to be for national emergencies due to unpredictable circumstances–not to prop up a moron.

So, Timmy, after that oil is gone, will you fools replace it? And…have you thought about that cost?

RedCrow on February 24, 2012 at 1:34 PM

Hey Geitner, your already fired in my book.

jake49 on February 24, 2012 at 1:34 PM

I think the decision has been made that higher gas prices are better than a repeat of 2008. This SPR stuff is just desperation.

If you’re looking at it from that POV, then they’re correct…

The problems of 2008 were never actually addressed, just kicked down the road while the Dems looted the treasury to pay off their friends.

If the same thing happened in 2012, after 4 years of Republicans telling them their economic policies were completely wrong, then there would be a clean sweep by the Republicans this year.

teke184 on February 24, 2012 at 1:35 PM

Did you mean the Strategic Re-Election Reserve?

OhEssYouCowboys on February 24, 2012 at 1:24 PM

Re-Election Strategic Reserve.

the_nile on February 24, 2012 at 1:35 PM

Yes, lets empty the strategic oil reserve and cut our nukes by 80% so we can be sitting ducks like a third world country.

JPeterman on February 24, 2012 at 1:31 PM

All part of the plan I’m sure… he’ll be safely installed as ruler of the UN by the time the missiles start landing.

Ukiah on February 24, 2012 at 1:36 PM

The Strategic Petroleum Reserve, by statute, can only be released during periods of national emergency.

You know, emergencies like “A Democratic President needs to be re-elected.”

Here’s a tactical hint: make a note of every time Democrats suggest a release from the SPR, and bring them up whenever a Democrat complains about some measure that will actually increase the oil supply that it’s a “one-shot solution” and that it won’t produce energy independence.

philwynk on February 24, 2012 at 1:36 PM

Since LBJ had “The Great COLLAPSE OF Society…..maybe Obama and his Treasury Secretary from Oz can come up with something like:

“Cars?…..who needs um”

“Get a Volt, Get a Jolt”

“Walking, the new Green Energy!!!”

“Plows and Poor Serfs……..Hope and Change 2013 style”

any others?

PappyD61 on February 24, 2012 at 1:37 PM

Ukiah,

In which case he’s doubly scr*wed, he can’t blame anyone but himself for those trillion dollar deficits and shovel ready dollars he released into the market…

Don’t be silly. President Obama will blame everyone but himself and the media will let him get away with it.

Mike Honcho on February 24, 2012 at 1:38 PM

“Walking, the new Green Energy!!!”

I think we have a winner.

teke184 on February 24, 2012 at 1:38 PM

I called this last week.

The SPR is NOT intended to be used as a lever for the president to control market fluctuations; it is ONLY for true emergencies.

0bama wants to use a strategic national resource as a tactical political resource to redound to his own gain for the purpose of re-election.

This would not only is a highly unethical abuse of office, but it potentially violates his oath of office as well.

cane_loader on February 24, 2012 at 1:38 PM

The ineptitude of Obama and his henchmen is both tragic and hilarious.

That reserve is supposed to be for national emergencies due to unpredictable circumstances–not to prop up a moron.

So, Timmy, after that oil is gone, will you fools replace it? And…have you thought about that cost?

RedCrow on February 24, 2012 at 1:34 PM

The two are connected, these hilariously inept tragic figures leading our country are a national emergency.

Ukiah on February 24, 2012 at 1:39 PM

They’re inviting Iran to get even more aggressive in the Strait of Hormuz. Idiots.

forest on February 24, 2012 at 1:39 PM

DIA director: China preparing for space warfare

Growing threat to United States

From the Drudgereport:

Bambi on February 24, 2012 at 1:39 PM

The Obama administration is weighing the circumstances that could warrant tapping the nation’s strategic oil reserve, Treasury Secretary Timothy Geithner said on Friday as he defended sanctions on Iran.

NO! Leave it alone! I was against it when bush did it, and I’m still against it. It’s for MILITARY USE only and only drops prices a few cents.

TX-96 on February 24, 2012 at 1:39 PM

Drill fracking Baby Drill

If only.

PappyD61 on February 24, 2012 at 1:40 PM

SMART Power!!!!!1111!!!!eleventy

Could we please get the dumb people back in charge before the ones that think they are smart completely destroy the country?

jukin3 on February 24, 2012 at 1:40 PM

If 0bama can drain the SPR for political purposes by the time Israel and Iran finally get into it, then he has to either let the Iranians control the petroleum choke point or bomb them. Which do you think he’ll do?

It’s not a bug…. it’s a feature.

Win/win for him,
Lose/lose for us and Israel.

cane_loader on February 24, 2012 at 1:41 PM

Oh, yes, on the tactical front, here’s another hint:

Bring up all these suggestions about releasing from the Strategic Petroleum Reserve every time a Democrat mentions “oil industry subsidies.”

Releases from the SPR constitute a subsidy for oil companies, since they’re permitted to purchase the oil at below-market prices, but the government replenishes the reserve at full market prices.

philwynk on February 24, 2012 at 1:41 PM

That will be the record Obama has to defend, and which he hopes that an SPR release will keep on the back burner.

He won’t defend his record. Just blame…….Republicans

Bitter Clinger on February 24, 2012 at 1:41 PM

Don’t be silly. President Obama will blame everyone but himself and the media will let him get away with it.

Mike Honcho on February 24, 2012 at 1:38 PM

Yes, he and the media – but I have some faith that these excuses won’t play as well for the value of the dollar. You can point to outside emergencies as causing the oil to spike but how well does it play that all that money you’ve been ‘investing’ in the country and which hasn’t done diddly as intended has instead turned your dollars to pennies. Now we just need to dig out some clips of people warning us this is exactly what would happen.

Ukiah on February 24, 2012 at 1:42 PM

Don’t look now, but Palin has another post on why obama is making us less safe by stopping domestic drilling

ConservativePartyNow on February 24, 2012 at 1:43 PM

This would be a fitting coda to the idiocy of George W. Bush.

Spend 8 years filling up a “strategic reserve” – taking all kinds of hell from a hostile media for creating upward pressure on gas prices by doing so – so your political opponents can empty out everything you stored up to get themselves reelected while blasting your policies.

A fitting end to the Republican party when they fail to call Obama on it, too. Also: metaphor alert.

HitNRun on February 24, 2012 at 1:26 PM

That chart came from Boehner. Isn’t he a Republican? Hmmmmm….

Bitter Clinger on February 24, 2012 at 1:43 PM

I just checked here. The price is $109.47. No help yet.

bbordwell on February 24, 2012 at 1:43 PM

This will all be solved when Barry starts squeezing oil out of pond scum.

Brat on February 24, 2012 at 1:44 PM

LMFAO

Saw this one comming!

Tim_CA on February 24, 2012 at 1:44 PM

The administration timed the release pretty good the last time. You want to release oil from the reserves after demand has started to dissipate and prices will soon start their annual downtrend. This way it will appear to the uninformed that the release is why prices are going down.

Wigglesworth on February 24, 2012 at 1:45 PM

Zero knows he’s in trouble. He sent Turbo Tim to float this idea, a remarkably stupid oneat that.

Zero laughed at people desiring higher domestic oil production in his speech yestrday, despite the fact that all his kleen energy bundler’s companies are droppin’ like flies.

He thinks it’s FUNNY. He promotes the oil drilling policies of other countries in speeches made in South America, but not here. Funny how that Soros sock puppet works.

dogsoldier on February 24, 2012 at 1:46 PM

OK, I hit send and didn’t mean to. I thought this is why obama has cancelled the space program all along. He is making us so vulnerable with his policies: destroying our nucs while Iran is building theirs; Moscow has more than we do; He is making sure we won’t have any gas or we won’t be able to pay for it, thus everything we buy will skyrocket; he is making us so weak that no one will worry about us taking any kind of stance against them; he apologizes for everything and we look like fools!
Can we even make it through the next 11 months?
I think that congress should change the date that a defeated pres has to leave office – when he is voted out, he has 1 week to leave the white house. Can you imagine the damage he and his admin will do if they loose when they have almost 2 months to do it?

Bambi on February 24, 2012 at 1:48 PM

The Communist wants to eliminate our oil dependence on the Middle East and Canada/Mexico – and here is the plan.

America will buy oil from the Chinese.

Problem solved.

Tell me that this guy isn’t in the game, and fighting for all of us!

Y’all should be ashamed.

OhEssYouCowboys on February 24, 2012 at 1:49 PM

Wait a minute, that might drop the price of gas! I thought we wanted it to slowly rise?

/WH staffer, not on Axelrod/Jarret “A” list.

roy_batty on February 24, 2012 at 1:49 PM

Gasoline is actually cheaper today than when little Bammie took office, if you price it in Gold or Silver. That’s because “Weekend at Bernanke’s” printing press is out of control.

Gasoline Prices and Dollar Prices

slickwillie2001 on February 24, 2012 at 1:50 PM

It’s always the same with this admin….purposefully skew a market, then propose temporary “fixes” and blame the Repubs for blocking them.

It’s absolutely laughable to watch Establishment Repubs fall for it again, and again, and again, and again……..

Tim_CA on February 24, 2012 at 1:50 PM

2 questions:

1) How much do we have currently in the strategic petroleum reserve?

2) Did we ever replenish the oil we took out of there last year?

Doughboy on February 24, 2012 at 1:51 PM

America will buy oil from the Chinese.

OhEssYouCowboys on February 24, 2012 at 1:49 PM

That was shipped to China from Canada.

davidk on February 24, 2012 at 1:53 PM

Listening to John Gibson – didn’t realize that not only has President Algae shut down permitting in the Gulf, he shut down drilling on federal lands all over the country. When Bush was Prez and oil went up to $4.00 a gallon, Bush opened this land up for drilling. Oil prices went down accordingly but Prez Algae Hussein Solyndra reversed this.

Buy Danish on February 24, 2012 at 1:55 PM

Hasn’t Obama already “tapped” the Strategic Oil Reserve.. in 2011?

Why YES he HAS!

Obama Taps Strategic Oil Reserves

upinak on February 24, 2012 at 1:55 PM

If 0bama can drain the SPR for political purposes by the time Israel and Iran finally get into it, then he has to either let the Iranians control the petroleum choke point or bomb them. Which do you think he’ll do?

cane_loader on February 24, 2012 at 1:41 PM

Isn’t it against Islamic law for one muslim to harm another?

If so, I guess 0bama bombing Iran won’t happen.

UltimateBob on February 24, 2012 at 1:56 PM

That was shipped to China from Canada.

davidk on February 24, 2012 at 1:53 PM

Exactly. It’s a brilliant plan. That’s why the Canadian pipeline deal wasn’t made, and why the Canadians are contemplating a westward pipeline, for shipment to the Chinese purchasers.

I ask, again, tell me that this guy isn’t looking out for you and me.

OhEssYouCowboys on February 24, 2012 at 1:56 PM

Obama’s Anti-American Energy Policies Invite the Next Crisis

by Sarah Palin on Friday, February 24, 2012 at 11:36am ·

President Obama doesn’t have an energy plan. He has an energy speech that he continues to give regardless of the facts or his obvious failures. He likes to take credit for actions initiated by the last administration (without telling you that he’s reversed or stymied many of those successes).
 
We should not be surprised by his detached attitude about America’s pain at the pump. He’s not interested in lowering the price of gas because exorbitantly high gas prices are one of his campaign promises. In September 2008, candidate Obama’s Energy Secretary in-waiting said: “Somehow we have to figure out how to boost the price of gasoline to the levels in Europe.” That’s one campaign promise they’re working hard to fulfill!…

Read more at…

http://www.facebook.com/note.php?note_id=10150581060688435

idesign on February 24, 2012 at 1:57 PM

America will buy oil from the Chinese.

OhEssYouCowboys on February 24, 2012 at 1:49 PM

That was shipped to China from Canada.

davidk on February 24, 2012 at 1:53 PM

Enviro-whackos heads just exploded.

Bitter Clinger on February 24, 2012 at 1:57 PM

Speaking of inventory, don’t we have an SVR? That is, a Strategic Volt Reserve….I mean, ain’t nobody buyin’ them things so they’ve gotta be stockpilin’ somewheres. Maybe that’s the answer!!!??

ted c on February 24, 2012 at 1:57 PM

How about tapping the ANWAR Petroleum Reserves or the Gulf States Petroleum Reserves, shoot I’d settle for the Coastal Petroleum Reserves!

gman43 on February 24, 2012 at 1:57 PM

Why bother with the SPR? We’ve got algae.

kage on February 24, 2012 at 1:58 PM

Desperation.

Rush is summarily dissecting Obama’s energy-related defensive soundbites as I read the comments here.

Thread challenge: (I am the Tsar – all this thread are belong to I.)

Can someone do a thesaurus look-up and give us a superlative equivalent to “desperatation” x 10 (?)

I desperately need it for future posts.

Tsar of Earth on February 24, 2012 at 2:01 PM

I thought proper tire inflation would do it????? Apparently not….

ted c on February 24, 2012 at 2:05 PM

Did you mean the Strategic Re-Election Reserve?

OhEssYouCowboys on February 24, 2012 at 1:24 PM

It’s only supposed to be used in the event of an emergency supply shortage, not a spike in prices. Something like a…err…an embargo by OPEC. Tapping into the reserve for any other reason would be in violation of the Energy Policy and Conservation Act of 1975. But hey…who bothers to follow the law these days.

Tomolena1 on February 24, 2012 at 2:05 PM

I thought they had to tap the reverse already, to keep up with Michelle Obama’s Vacation trips.

portlandon on February 24, 2012 at 1:23 PM

deranged Michelle fan in the house

residentblue on February 24, 2012 at 2:06 PM

Another thing O learned from that George W.

W is still damaging the country by being the precedent for most anything O wants to do.

kunegetikos on February 24, 2012 at 2:07 PM

The SPR does not exist for the purpose of having the federal government mold the market price for gasoline. It exists to allow the US to function in cases of massive disruptions in supply.

Yeah, things like fuel for Air Force One so Michelle Obama doesn’t have to spend a three-day weekend in DC when there’s a big house in Aspen to mooch.

Happy Nomad on February 24, 2012 at 2:07 PM

Can someone do a thesaurus look-up and give us a superlative equivalent to “desperatation” x 10 (?)

I desperately need it for future posts.

Tsar of Earth on February 24, 2012 at 2:01 PM

Agony
Anguish
Anxiety
Concern
Dejection
Depression
Desolation
Despair
Despondency
Discomfort
Disconsolateness
Distraction
Distress
Fear
Gloom
Grief
Heartache
Melancholy
Misery
Obama
Pain
Pang
Sorrow
Torture
Trouble
Unhappiness
Worry

teke184 on February 24, 2012 at 2:08 PM

I thought proper tire inflation would do it????? Apparently not….

ted c on February 24, 2012 at 2:05 PM

I had forgotten about this quote from President Goodwrench until I heard it on the radio this morning.

Happy Nomad on February 24, 2012 at 2:09 PM

Screw Tiny Tim and the Obama horse he rode in on!
I can’t stand these people.

Delsa on February 24, 2012 at 2:12 PM

Can someone do a thesaurus look-up and give us a superlative equivalent to “desperatation” x 10 (?)

I desperately need it for future posts.

Tsar of Earth on February 24, 2012 at 2:01 PM

Apathy
Chaos
Pitchforks

Schadenfreude on February 24, 2012 at 2:12 PM

In every issue the same pattern emerges.

1. Restrict and encumber normal market using licensing and or Presidential orders and the power of the State (Fascist Model). Examples: Macro example is Energy policy, Micro is Gibson Guitar, Inc.

2. Use the media to send out messages that the Administration will deal with the resulting crisis (Hard Pivot, Put forth a plan, etc.)

3. Seek new ways to restrict and encumber.

4. Demonize any who point out the policy of the Administration as interfering with Market forces as being “out of the Mainstream or “intolerant” or “wanting to fall back to failed policies of the past”.

5. Implement ineffective ways to solve problem or ignore it completely. (Macro is draining SPR, Micro is Gibson Guitar is to let them twist without filing charges or returning property).

6. State that the problem will be solved as soon as either new technologies or new policies “have a chance”.

It should be noted that the choice to drain the SPR is a crass admission of fact that Domestic supply must be increased without actually saying so or allowing any actual drilling. Further, no discussion of elimination of Gas taxes is even contemplated or allowed, nor reductions in the number of formulations of gasoline (as Bush did).

We are in thrall of a hateful Tyrant. Timothy 1 comes to mind.

Bulletchaser on February 24, 2012 at 2:13 PM

Silly, the solutions is so simple:
Buy it from China, who is now buying it from Canada, who wanted to sell it to us.
Or, buy it from Russia, who is tapping the almost unlimited supply in the Bearing Sea, because we don’t want to drill there…so we let them drill there and sell it to us.
It is so simple…

right2bright on February 24, 2012 at 2:14 PM

If the Republicans are victorious this November, they need to put in place legislation specifying that the Strategic Petroleum Reserve can only be tapped in the event of a major disruption of oil supply and not in response to changing market prices. Only then will presidents of either party stop using it for political purposes.

Shump on February 24, 2012 at 2:14 PM

I had forgotten about this quote from President Goodwrench until I heard it on the radio this morning.

Happy Nomad on February 24, 2012 at 2:09 PM

Here is the only way that a Capitalist and Free-Marketer can make money, by and through Obamuh:

I’m going to compile his quotations, place them in a book and become rich.

Mao had his “little red book,” Obamuh will have his.

OhEssYouCowboys on February 24, 2012 at 2:15 PM

Don’t worry, Solyndra will power all cars for free… That’s the cool thing about magic flagrant corruption.

kunegetikos on February 24, 2012 at 2:16 PM

We are in thrall of a hateful Tyrant. Timothy 1 comes to mind.

Bulletchaser on February 24, 2012 at 2:13 PM

Yes. It is not hyperbole. Growing up in the land of the free and the home of the brave, I never thought I could seriously say, with 100% conviction, that America was living under a tyrant.

That sounds so out-there. But by any political definition you use, for the first time in American history, there is no intellectually honest analysis other than to say we have a true tyrant in office. This wasn’t supposed to happen to America….

This presidency feels like a sci-fi movie.

cane_loader on February 24, 2012 at 2:17 PM

Current US oil supplies are high right now, more than we need. That’s why refineries are EXPORTING refined products. Big question I have is, will any of the oil companies/refineries want to buy the SPR oil? Why should they, they have imports coming in on contract that they have to buy, and we are already overflowing (the exports) with supply, and domestic consumption is down with the crappy economy.

These guys are clueless to the bone.

iurockhead on February 24, 2012 at 2:18 PM

Can anyone think of a president with such an undeniable record of just ignoring laws he wants to break?

Roosevelt is the only one who comes to mind, but I’m not sure – Court-packing scheme aside – whether 0bama may have surpassed Roosevelt as the American Tyrant (TM).

cane_loader on February 24, 2012 at 2:19 PM

With the Iran thing heating up we should be expanding it just in case they do carry out their threat to close the Strait’s of Hormuz?

agmartin on February 24, 2012 at 2:20 PM

This presidency feels like a sci-fi George Orwell/Ayn Rand movie.

cane_loader on February 24, 2012 at 2:17 PM

Fixed

iurockhead on February 24, 2012 at 2:20 PM

Why not get that darn pipeline built, begin drilling in Anwar and elsewhere. When Israel bombs Iran this Summer, as our Secretary of Defense believes, we are going to need every damn drop of oil in the strategic reserve and more.

SC.Charlie on February 24, 2012 at 2:22 PM

The solution to this is simple, and we should have learned our lesson from the HHS. The Department of Energy needs to issue a mandate that gas stations must provide gas to consumers for free. With such a mandate in place, the cost of oil will simply go away and we will all be able to enjoy our Constitutional right to transportation.

Shump on February 24, 2012 at 2:22 PM

What do you think we should do about that?

ted c on February 24, 2012 at 1:25 PM

LOL. Good one.

IrishEi on February 24, 2012 at 2:22 PM

If the Republicans are victorious this November, they need to put in place legislation specifying that the Strategic Petroleum Reserve can only be tapped in the event of a major disruption of oil supply and not in response to changing market prices. Only then will presidents of either party stop using it for political purposes.

Shump on February 24, 2012 at 2:14 PM

Why even bother? They’re already violating existing law. A new law isn’t going to stop them.

Tomolena1 on February 24, 2012 at 2:23 PM

It’s not the supply of Oil. The value of oil hasn’t increased. What’s happened is the VALUE of the dollar has decreased – thus it buys less oil which means you pay more for it.

Wake up

MoreLiberty on February 24, 2012 at 1:23 PM

So would this be what they call inflation?

DDay on February 24, 2012 at 2:24 PM

I like it. It will fail in as spectacular a fashion as the last time he tried it, plus, it carries that sweet, sweet smell of flop sweat in the Oval Office,..and everyone knows it. Anything to strip away the veneer.

a capella on February 24, 2012 at 2:26 PM

Can someone do a thesaurus look-up and give us a superlative equivalent to “desperatation” x 10 (?)

I desperately need it for future posts.

Tsar of Earth on February 24, 2012 at 2:01 PM

.
.
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Fear
Obama
Pain
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.

teke184 on February 24, 2012 at 2:08 PM

I sees what you did there. I’m going with ‘Obama Fear’. (ty)

Tsar of Earth on February 24, 2012 at 2:29 PM

Hey! Anyone detect any Obama Fear lately?

Tsar of Earth on February 24, 2012 at 2:31 PM

For crying out loud.

Turbo Timmy is doing his best to properly play the “Strategic Petroleum Reserve” card
. It doesn’t mean that they will actually release any oil from the reserve or, even if they do, that they will release very much from the reserve, but when properly played, the “Strategic Petroleum Reserve” card can scare speculators temporarily out of the market and thus reduce the price of crude oil.

J_Crater on February 24, 2012 at 2:33 PM

I thought they had to tap the reverse already, to keep up with Michelle Obama’s Vacation trips.

portlandon on February 24, 2012 at 1:23 PM

deranged Michelle fan in the house

residentblue on February 24, 2012 at 2:06 PM

Product of Democrat Public Education in the house

Del Dolemonte on February 24, 2012 at 2:34 PM

I thought we might be getting something from Palin on this subject.

Obama’s Anti-American Energy Policies Invite the Next Crisis
President Obama doesn’t have an energy plan. He has an energy speech that he continues to give regardless of the facts or his obvious failures. He likes to take credit for actions initiated by the last administration (without telling you that he’s reversed or stymied many of those successes).

We should not be surprised by his detached attitude about America’s pain at the pump. He’s not interested in lowering the price of gas because exorbitantly high gas prices are one of his campaign promises. In September 2008, candidate Obama’s Energy Secretary in-waiting said: “Somehow we have to figure out how to boost the price of gasoline to the levels in Europe.” That’s one campaign promise they’re working hard to fulfill!

President Obama notes that instability in the Middle East causes short-term spikes in the price of oil. But that is precisely why we should take every opportunity to drill here and drill now to lessen our dependence on these dangerous foreign regimes. President Obama’s lack of action simply invites the next oil crisis. It’s as if the White House is purposefully making us more dependent on foreign countries – from running up an unsustainable debt that must be financed by foreign debtors, to constantly apologizing and walking on eggshells around dictators who control oil supplies.

When it comes to our energy security, the only thing holding us back is the lack of political will. We have the resources, the ingenuity, and the manpower. And we need the jobs! Any economic recovery will be hampered by these rising gas prices. And I guarantee the rising prices will only get worse and will halt job growth further.

We must never forget that energy development, job creation, and national security are inextricably linked. Access to affordable and secure energy is the key to economic growth, which is the key to job growth. Securing a stable domestic supply of energy will lead to a more peaceful and prosperous America – an America that’s not subject to the whims of dictators who can cut off energy supplies or shut down the Strait of Hormuz to exports passing through.

President Obama repeatedly claims that there is no “silver bullet” to lower gas prices. But, in fact, we do have proof that the promise of future drilling does lead to immediate price relief as oil producers plan to expand their production.

So what are Obama’s solutions? As luck would have it, they coincide with subsidizing his friends and campaign donors. What a fortuitous coincidence in an election year! While you’re paying $5-a-gallon for gas, President Obama has been picking “winners” and “losers” in the free market. He’s decided that conventional resource development that produces the fuel we use to drive our cars and power our economy are “losers.” His “winners” are the bankrupt green energy companies that his campaign donors invest in. Unfortunately his real “losers” are the American public who are once again hit with massive gas prices (at least those who can’t afford luxury electric cars like the Obama-subsidized Volt that gets 40 miles per battery charge, or like the Obama-subsidized Tesla that turns into a “brick” when the battery completely discharges and then costs $40,000 to repair.)

What are the real solutions? Well, whether you support Newt in 2012 or not, he makes a lot of sense in this video, which is why President Obama targeted it for mockery yesterday. Newt is right that we need to “stop bowing and start drilling.” And not only can’t a gun rack fit in a Volt, but the government will take away our pick-up trucks when they pry the steering wheel “from our cold, dead hands.” Newt explains in this video some commonsense, pro-American solutions to the problems President Obama causes with his terrifyingly naïve assault on U.S. energy production.

With just the stroke of a pen, President Obama could lead us in the direction of real energy security and reduce our oil imports threatened by Iran’s threats to shut down the Strait of Hormuz. Here are just a few commonsense measures we can do right now, and most of them don’t require any new legislation or regulations:

Open Alaska to drilling. Billions and billions of barrels of U.S. crude (and hundreds of trillions of cubic feet of clean natural gas) sit untapped up here in the far north, my friends. We have the TAPS pipeline and infrastructure; we invite the development! Open ANWR. Think of how much safer and secure we would be if we had done this decades ago.

Build the Keystone Pipeline. President Obama doesn’t understand we live in a land woven with untold miles of pipe to carry safe energy supplies to protect and prosper America. Common sense dictates we need another one now to secure our energy future. It is key. It is the Keystone. If we’re worried about instability in the Middle East, it makes no sense to shun safe and reliable oil from Canada. Obviously, China understands this, and we should too.

Drill for natural gas. Natural gas is the future. It’s clean, it’s green, and we’ve got lots of it. Whether we use it to power natural-gas cars or to run natural-gas power plants that charge electric cars – or ideally for both – natural gas can act as a clean “bridge fuel” to a future when more renewable sources are available.

There are many more steps we need in order to establish a true energy plan to secure our future. But these three steps, plus increased resource development in the Lower 48 and reversing President Obama’s nonsensical, knee-jerk, anti-American energy shut down of off-shore developments would create hundreds of thousands of jobs as millions of barrels of oil every single day would flow under American control, and lessen our dependence on the Persian Gulf.

It’s time our country had a real energy plan that includes a genuine all-of-the-above approach that doesn’t ignore conventional resource development. We need the jobs, we need the energy, and we need the security.

- Sarah Palin

WisRich on February 24, 2012 at 2:35 PM

For what “strategic purpose”, Timmy? Saving your boss’s bacon?

mojo on February 24, 2012 at 3:06 PM

It is essentially a national-security program

Evidently THE CHOSEN ONE believes that keeping his ass in office is part of “national security”.

GarandFan on February 24, 2012 at 3:08 PM

I cannot WAIT for a Republican President to do the same thing and watch the howls of indignation from the left/media about how he is doing this for ‘political gain.’

blindside on February 24, 2012 at 3:14 PM

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