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Originally posted by RizeorDie
americans will be fine
The current inventory is displayed on the SPR's website. As of August 31, 2009, the current inventory was 724 million barrels (115,100,000 m3).
Originally posted by charles1952
reply to post by Libertygal
I've already taken my hat off once, so you'll just have to accept a symbolic second doffing.
I'm not a supporter of very many conspiracy theories, (Then what are you doing HERE, kid?) but I remember the President's energy secretary saying he thought American Gasoline should be closer to European levels. Perhaps the Administration doesn't want low oil prices. They'd get a lot of benefits that way.edit on 6-3-2011 by charles1952 because: clarification
Will Obama reign in oil speculators?
Obama unveils clampdown on oil speculators
(AFP) – Jun 22, 2008
WASHINGTON (AFP) — White House hopeful Barack Obama attacked energy speculators Sunday, outlining new regulatory proposals that his campaign said would slash record-high oil prices and help hard-pressed consumers.
The Democrat attacked the so-called Enron loophole, a 2000 deregulation of oversight by the Commodity Futures Trading Commission that critics say opened the way to a speculative free-for-all in the oil markets.
"For the past years, our energy policy in this country has been simply to let the special interests have their way -- opening up loopholes for the oil companies and speculators so that they could reap record profits while the rest of us pay four dollars a gallon," Obama said in a statement.
House Panel Hears Speculators Are Key in Oil Prices
June 24, 2008 Industry analysts say if not for speculators, oil prices would be half of what they are today. Congress is looking into what roles speculators may have played in rising gas prices. The House Energy Subcommittee on Oversight and Investigation heard from regulators, market chiefs and analysts Monday — but speculators were missing from the hearing.
Originally posted by Libertygal
Originally posted by vjr1113
im gonna stick my head out on the guillotine...
wouldn't we have some sort of alternative energy or alternative to oil by the time we run out of our own oil?
The US oil reserves are purported to be two months worth of the oil we get from Libya. I doubt in two months time we could even start drilling enough oil in the US to dent that, let alone come up with alternatives.