what ever happend to the Strategic Oil Reserve

when oil was $40 we were begging to tap the oil reserve to lower prices.
Now at 130 a barrel, you would think someone would mention it as a possible solution, like they use too... what happened - its not on the talking points anymore... out of sight out of mind...

The Non-Energy Crisis:
video.google.com...


[edit on 23-5-2008 by 888LetsRoll]

[edit on 23-5-2008 by 888LetsRoll]

It's been in the news, we has continually been filling up the Reserve. The House or Senate just introduced legislation that would freeze new oil going into the reserve. It's not made to be tapped due to high prices but actual emergencies. If you want lower oil prices, reduce your demand or seach out new sources of oil or other energy.

Personally, I consume 10 gallons every other week or so...
I was more concerned with my neighbor who has to use 5 gallons a day.

Originally posted by 888LetsRoll
when oil was $40 we were begging to tap the oil reserve to lower prices.
Now at 130 a barrel, you would think someone would mention it as a possible solution, like they use too... what happened

Nothing happened. There are some who are misinformed which are currently asking to tap the oil reserve. The problem is that doing so will have no effect on oil prices which is why this is basically a none issue. The oil reserve is not large enough to cut into the global oil price and secondly, the purpose of the oil reserve is not to lower the price of oil. The purpose of the oil reserve is to run the government and military in case of a disaster.

The main way to lower the price of oil in the long run is for the U.S. to start drilling again for our own oil. Unfortunately, some liberal enviromentalist wackos are blocking all attempts for the U.S. to drill for its own oil on land and in the sea. We can also decrease the use of oil by building more nuclear reactors and by using clean coal but again the liberal environmentalists are blocking this route also.

Originally posted by 888LetsRoll
Personally, I consume 10 gallons every other week or so...
I was more concerned with my neighbor who has to use 5 gallons a day.

Remember, oil is not only used to make gasoline. Oil is used to make plastics and lots of other everyday things. Let's not forget about diesel and jetfuel.

Here's a thread I started just a little while ago, it's got some interesting numbers about drilling for oil, if they're correct.

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