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The Obama administration is staying mum about the possibility of opening up the Strategic Petroleum Reserve as a way to curb the rise in gas prices -- declining to rule it in or out while insisting all along that officials are not interested in "short-term fixes."
Treasury Secretary Tim Geithner stirred speculation on Friday when, in an interview on CNBC, he said "there's a case for the use of the reserve in some circumstances."
Geithner said the administration would "continue to look at those and evaluate that carefully."
Originally posted by Echo007
They just need to force like 85% of the gas made here must be sold here. We would see gas prices drop a lot if that would happen. I bet if that pipeline ever gets built it won't do a damn thing to lower US gas prices. All the gas made here should be taxed, it shouldn't matter if it won't be used in the US, make other countries pay the tax just like we have to pay VAT on anything we order from UK/EU.
Originally posted by Wrabbit2000
I'd just like to note that the Strategic National Reserve is there and was created for a specific purpose. That wasn't for a cheaper gallon of gas to get to work each day, but to supply petro products and fuel for the military in a time of war and shortage of oil for the refineries.
Given that we're messing with Syria on the west and Iran on the East of the primary Oil supply region for the whole planet, this would seem to be the worst time imaginable to take a single barrel from that.
It MAY just be needed for it's original purpose after all, however unthinkable that was until recently.
Originally posted by THE_PROFESSIONAL
Could be a psychological trick. Keep raising gas prices until we can't take it, then attack Iran, and then bring them down and say, 'see we had to attack them'
Originally posted by newcovenant
reply to post by xuenchen
I think the reserves are huge.
The President is likely to free up reserves and lower oil prices when it is politically expedient.
Originally posted by xuenchen
Obama did release 30 million barrels last summer however.
(don't know if it helped or if it hurt)
Is there enough oil in the reserve to make a difference ?