In response to OPEC’s inability to come to agreement on boosting oil production, the White House indicated that it would not shy away from tapping into the Strategic Petroleum Reserve (SPR), which holds 700 million barrels of unrefined petroleum reserves in underground salt caverns, in order to smooth over oil supply disruptions originating from the Libyan conflict. A temporary oil price increase, however, is not a valid reason to tap into the U.S. emergency oil supply, which is, after all, a national security asset. Although President Obama’s approval ratings have …
As gas prices hit $4 per gallon, White House spokesman Jay Carney assured Americans on Monday that the administration is well aware of the toll high fuel costs are taking on American families. So what’s President Obama’s solution to America’s pain? According to White House chief of staff Bill Daley, the administration may tap into the nation’s oil safety net – the Strategic Petroleum Reserve (SPR) – in order to bring down the cost of fuel. Big mistake. While most folks want to pay less at the pump, dipping into …
As Americans continue to feel the effects of President Obama’s anti-oil agenda at the pump, defensive liberals are circling back to a familiar line of counter-attack: blame Bush. The media vacuum on gas prices has made this line of attack all the more promising with very little national coverage being given to the president’s destructive domestic drilling agenda. Unfortunately it misses an obvious point. President George W. Bush was mostly attacked for wanting to drill too much (or being “cozy” with the oil industry), while President Obama’s policies are rooted …
Barack Obama released his “New Energy for America” plan today during his speech at Michigan State University. His entire energy plan is laid out here. Relieving America from its foreign oil addiction was the gist of his speech: Without a doubt, this addiction is one of the most dangerous and urgent threats this nation has ever faced – from the gas prices that are wiping out your paychecks and straining businesses to the jobs that are disappearing from this state; from the instability and terror bred in the Middle East …
Tapping the Strategic Petroleum Reserve (SPR) is an energy solution for politicians who are not serious about real energy solutions, but H.R 6578 seeks to do just that. Entitled The Consumer Energy Supply Act – in case you hadn’t noticed, truth in advertising laws don’t apply to the names of energy bills – the bill would tap 70 million barrels of oil from the 700 million SPR in an attempt to flood the market and bring prices down. It would add it back at a later time. This is bad …
On May 20th Speaker Nancy Pelosi issued a statement celebrating House passage of a bill preventing President Bush from adding oil to the Strategic Petroleum Reserve. From the statement: “As the price of oil per barrel nears $130, suspending purchases will expand oil supplies and help bring down fuel costs for consumers.” Oil closed at $129 that day and by July 11th Pelosi’s oil policy had driven the price of a barrel of oil all the way down up to $147. On July 14th President Bush lifted the executive ban …
