It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

NEWS: Bush to Open Strategic Petroleum Reserves After Refusing to Do So

page: 1
0

log in

join
share:

posted on Sep, 29 2004 @ 09:12 AM
link   
In a development of the ongoing Oil price crisis it has been announced that President Bush will open the Strategic Petroleum Reserve in order to dull the price hike seen in the last few months. The Oil is being loaned to refineries in order to make up for supplies lost dealing with Ivan but may be a litmus test to whether an increase in US Oil will drop the price.
 


The Strategic Petroleum Reserve (SPR) is a national stockpile that contains some 670 million barrels and the Oil being lent to the refineries will go over a two to three week period. A government source also said that one of the loans would be for 100,000 to 200,000 barrels, and the other for 1 million to 2 million barrels.

Senator Kerry has called on Bush to suspend shipping oil into the reserve in order to give prices a break but President Bush continues to send oil into the reserve to fill it to its 700 million barrel capacity.



"We've always said that the Strategic Petroleum Reserve was set up to protect against physical disruptions of oil supplies, such as national emergencies or natural disasters, and not to manipulate prices of oil for political purposes, and certainly Hurricane Ivan had an effect on the temporary supply of oil imports and production,"
Press Secretary Scott McLellan




Bush - 4 Months ago www.theage.com.au...]Link

"We will not play politics with the strategic petroleum reserve," Bush told reporters at the White House after a cabinet meeting.

"The idea of emptying the strategic petroleum reserve ... would put America in a dangerous position in the war on terror," he said.

"We're at war. We face a tough and determined enemy on all fronts, and we must not put ourselves in a worse position in this war. And playing politics with the strategic petroleum reserve would do just that."

Please visit the link provided for the complete story.


He seems to have had a change of heart.



Energy Secretary Abraham - Today - CNN

The federal government said Thursday it plans to loan out a limited amount of crude oil from the nation's strategic reserve in a bid to offset shortages caused by Hurricane Ivan.

The move comes less than six weeks ahead of the presidential election, and could help ease oil shortages and rising gasoline prices in Florida, Louisiana and other battleground states.

The Energy Department said it would negotiate with companies whose oil refineries were affected by the storm.

"I have authorized these negotiations in response to the physical disruption of offshore oil production and imports in the Gulf Region caused by Hurricane Ivan's destruction," said Energy Secretary Spencer Abraham in a statement.

Please visit the link provided for the complete story.


However, many see this action as a good call for the Bush administration as the oil is being released in an emegency condition and is not intended to drive the price of oil down. However, if it does draw the price of oil down then theres plenty more left in the SPR before November. The reserve holds supplies for 34 days of normal consumption for the entire United States.



Business Week
Hasn't it been controversial to keep filling the reserve when prices are so high?
Yes, a number of oil industry experts and critics of the Administration, most prominently Senator Carl Levin (D.-Mich.), have called for Bush to stop filling the reserve. Oil industry consultant Philip K. Verleger Jr. believes that government purchases have been boosting demand and adding $4 to $5 per barrel to the price of oil. "What those higher prices did was discourage companies from building inventories," he says.

Please visit the link provided for the complete story.





Related:
Forbes
Bloomberg
BBC News
Reuters
ATS:
Oil Hits $50
Saudi's Boost Production



posted on Sep, 29 2004 @ 09:18 AM
link   
How about if people stop using big cars and start commuting or using public transportation that will help in case of a crisis people should help also in controlling gas spending.

I only drive a small car so I am doing something.



posted on Sep, 29 2004 @ 10:47 AM
link   
Not to make this discussion overly political, but who is supposed to be the stalwart and who is supposed to be wishy-washy?

Sounds like flip-flopping is just part of politics, not a trait inherent only in this election's incumbent. For all his steadfastness, it seems that sometimes Bush is allowed to change his mind too.

Funny, but I though flexibility and making the right decision based on current circumstances was something we would want in a president, not obstinance and a go-it-alone attitude.



posted on Sep, 29 2004 @ 11:07 AM
link   
***By the Sugarhill Gang ****

.... I said a flip flop the flippie the flippie
to the flip flip flop, a you don't stop
the rock it to the bang bang boogie say up jumped the boogie
to the rhythm of the boogie, the beat


This man has changed directions more times than a weather vane in a hurricane!


There have been no flip flops by Kerry , just blatant misquotes & piecemeal soundbytes attreibuted to him. Bush, on the other hand, has reversed nearly everthing that he's strongly weighed in on.



posted on Sep, 29 2004 @ 12:40 PM
link   


Love this:


"We will not play politics with the strategic petroleum reserve," Bush told reporters at the White House after a cabinet meeting.


...Until absolutely necessary.



posted on Sep, 29 2004 @ 12:47 PM
link   
Heard two interesting news stories today on CNN television about this:

1. The US oil reserves are at a low level not seen for 28 years.

2. The US oil reserves are unexpectedly high at the moment.

If bothstories are true then expectations were VERY low. At least you get good news that way.. Strange though. Me personally, I think someone is trying to manipulate markets.



posted on Sep, 29 2004 @ 01:12 PM
link   
Hate to break this to ya, but Bush will win the election no matter what the price of oil is.



posted on Sep, 29 2004 @ 01:25 PM
link   

Originally posted by Nerdling


"We've always said that the Strategic Petroleum Reserve was set up to protect against physical disruptions of oil supplies, such as national emergencies or natural disasters, and not to manipulate prices of oil for political purposes, and certainly Hurricane Ivan had an effect on the temporary supply of oil imports and production,"
Press Secretary Scott McLellan



Energy Secretary Abraham - Today - CNN

The federal government said Thursday it plans to loan out a limited amount of crude oil from the nation's strategic reserve in a bid to offset shortages caused by Hurricane Ivan.
The move comes less than six weeks ahead of the presidential election, and could help ease oil shortages and rising gasoline prices in Florida, Louisiana and other battleground states.

The Energy Department said it would negotiate with companies whose oil refineries were affected by the storm.

"I have authorized these negotiations in response to the physical disruption of offshore oil production and imports in the Gulf Region caused by Hurricane Ivan's destruction," said Energy Secretary Spencer Abraham in a statement.

Please visit the link provided for the complete story.


However, many see this action as a good call for the Bush administration as the oil is being released in an emegency condition and is not intended to drive the price of oil down. However, if it does draw the price of oil down then theres plenty more left in the SPR before November. The reserve holds supplies for 34 days of normal consumption for the entire United States.

Seems consistent to me.

from Bout Time
This man has changed directions more times than a weather vane in a hurricane!


There have been no flip flops by Kerry , just blatant misquotes & piecemeal soundbytes attreibuted to him. Bush, on the other hand, has reversed nearly everthing that he's strongly weighed in on.

Right! And besides that, did you know that Bush has been spraying the Atlantic with chemtrails in order to spawn hurricanes that hit Florida so that he can make both himself and his brother look good in a sinister plot to steal the election again!


:shk:



posted on Sep, 29 2004 @ 03:18 PM
link   
The circumstances are somewhat different now than they were when Bush first said he would not divert oil from the Reserves. The four hurricanes that hit Florida also hit the oil industry very hard and has stanched the flow of gasoline from refineries, thus affecting gasoline prices.

I am quite sure that this does not qualify as a flip-flop given the extreme circumstances and oil diverted will be on loan.



The federal government said Thursday it plans to loan out a limited amount of crude oil from the nation's strategic reserve in a bid to offset shortages caused by Hurricane Ivan.


Ths is not a flip-flop, but a concession, an accomodation, that will not negatively affect the Strategic Reserves.

I think it is a very judicious tactic to relieve some of the misery caused by this horrific hurricane season.



posted on Sep, 29 2004 @ 03:18 PM
link   

"The idea of emptying the strategic petroleum reserve ... would put America in a dangerous position in the war on terror," he said.


Hmm I thought he was suppose to keep us out of Danger, not put us in it.
Can't wait to see how this spins. Bill??? Paging Mr Orielly.....







 
0

log in

join