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Obama wants to tap US OIL RESERVES

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posted on Mar, 6 2011 @ 09:24 PM

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).

Yep, that's what I heard too, that's two months supply from Libya, as I understand it.

Some great comments in this thread!

posted on Mar, 6 2011 @ 09:36 PM

Originally posted by charles1952
reply to post by Libertygal

Dear 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

I understand about the conspiracy theory thing heheh.

I will say this, however. I do not necessarily see it as a "conspiracy", not right now. I see it as business. It just so happens their business burns our backsides at the moment.

It happened the same way the last time we got into a gasoline crunch, too. Obama came out and threatened the speculators, and the prices amazingly dropped.

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.

Yep. Business as usual! Will he do it again? That should be telling, no?

edit on 6-3-2011 by Libertygal because: (no reason given)

posted on Mar, 7 2011 @ 10:19 AM

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.

Exactly! The administration has all but stifled any new oil development, and have put in front of us the Chevy Volt? NEWSFLASH: The Volt only sold 281 units in January.


And, the car costs more to manufacture than what it saves. Originally, the car was to be 100% electric, but at the last moment in design, the engineers realized that they had to install a gas engine.

I laugh when I see the GE commercials where the cars pull up to the "Charging Stations" -- they don't exist now, and wont for a very long time. Do you realize the HUGE investment in electrical infrastructure that would have to happen in order to have free standing charging stations littered through out cities and refueling points? The cost of this infrastructure would have to be in the hundreds of billions of dollars to lay the electrical cabling needed to charge cars. Think about it.

And all along, wind power might be a viable source of electricity, but the environmentalists are now coming on strong with the argument that we are killing birds.

Folks, we are at gridlock.

Whether you like it or not, oil is a part of our lives. It is necessary. Those who cry foul when it comes to big oil company profits just dont understand, or are unwilling to look at the facts, that they are making less than 10% profit most of the time. Thats not a lot of money, and when it comes down to it, who cares!? We need the oil, and the ones making the money are the ones who own the oil -- Lybia, Saudi Arabia, Iran, etc....Instead of being mad at Exxon and BP, you need to turn your anger toward those who are holding hostage this resource, and to those who are preventing the USA from drilling its own resources which are right under our feet.

And the final hypocrisy are those who cry fowl with the big oil profits, yet have 401K's invested into the very same. They don't seem to cry fowl when their portfolios climb on big oil profits, now do they?

No, because it all comes down to greed. Everyone wants what every else has. Capitalism allows people the opportunity to go out and make their own cash, yet, a vast majority of those who cry the loudest are those who are too lazy to go out and make it on their own.

If you want fortune, you have to go out and make it.

Sorry for getting so off topic here....excuse the rant.

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