Poll Position: Was Obama’s oil release a good move?
The White House caught everyone off-guard Thursday by announcing that it would release about 30 million barrels of crude oil from emergency reserves, as part of a multinational effort aimed at boosting supplies and bringing down gas prices.
In all, members of the International Energy Agency — the oil-importing nations’ answer to the OPEC cartel — plan to release 60 million barrels. The stated rationale was making up for the 1.4 million barrels a day not being supplied due to the Libyan civil war. The fact that crude prices were up almost 20 percent this year, before falling Thursday to a four-month low, was also surely a factor.
So, too, was the agony in the U.S. over gas prices that, in metro Atlanta and elsewhere, hit an average of more than $4 a gallon at one point this spring.
That said, the Associated Press reported two interesting facts about the size and timing of the release:
[T]he 30 million barrels to be sold by the United States represents less than two days’ worth of domestic oil consumption and about three days of oil imports. …
The move comes as retail gasoline prices dropped for the 20th consecutive day, down a penny from Wednesday, to $3.61 per gallon, according to the AAA Daily Fuel Gauge Report. That’s about 21 cents lower than a month ago.
Was releasing oil from emergency reserves a good move?
- No, Obama is just playing politics. (108 Votes)
- Yes, consumers need relief and the economy needs more consumer spending. (60 Votes)
- No, this wasn't a true emergency. (29 Votes)
- No, 30 million barrels won't make a difference in gas prices. (21 Votes)
- Yes, we still have plenty of reserves. (16 Votes)
Total Voters: 234
Loading ...A skeptic might suggest the move is much ado about nothing. A cynic might suggest that President Obama knows that, and was simply trying to pick up a few political points for a development that was already under way. A worrier might suggest that releasing some of the reserves absent a true supply crunch is a reckless thing to do. An optimist might suggest that, with nearly 700 million barrels still in the reserves, such worries are unfounded. A proponent of the move might suggest that anything that eases gas prices and allows consumers to spend money elsewhere is welcome in a fragile economy.
So, which of those arguments do you buy? Answer in the poll to the left and in the comments thread below.
P.S. — Congratulations to the reader who submitted the name chosen for this new Friday poll question feature, Poll Position. The reader has posted under a few names in the past, but the most recent one was Atticus Finch. Congrats, Atticus; you’re entitled to a little mild gloating in the thread should you wish.
– By Kyle Wingfield
Tell us what you think about the site
Customer Care »
Vacation stops, manage subscriptions and more
AJC Services
Sections
Other Editions
Visitor Agreement | Privacy Statement
© 2013 The Atlanta Journal-Constitution
121 comments Add your comment
gm
June 24th, 2011
8:19 am
This guy does what ever it takes to get America moving, President Obama truly fight for the people, George W was in bed with the big Oil and the retards on the right kept their mouth shout.
This is why big oil and business hate him, because is not and will not be part of the good old white boy control America tradition, keep your morles and vaule President Obama””””
DR M
June 24th, 2011
8:19 am
First Sergeant, Obama is not qualified for the job. He is under educated. A 4 year “Arts and Parties” degree in political science and a 3 year law degree does not qualify you to run a gas station! He has no previous executive experience, However he is an excellent reader. He may have a high IQ, but he is ignorant in the things necessary to run the country. He is also an instructor in “Rules for Radicals” which he has taught. He is a marxist, and is definitely not a christian. This I know by his own words. Inshort he is a person with a not so hidden agenda. An agenda to bring the US down so that he can “fundamentally transform America” into a government controlled economy, and defeating capitalism. He is for turning americans into slaves of the state.
Tall
June 24th, 2011
8:21 am
Nice column Mr. Wingfield. One fact that everyone seems to overlook, is that the released crude oil has to be replaced at some point in the future. The DOE’s cost basis in the crude that is being released is $29.76 per barrel. The cost to replace it in the future will be much higher. So much for those speculators.
Lil' Barry Bailout
June 24th, 2011
8:21 am
Someone should let the Idiot Messiah know that “strategic” in “strategic petroleum reserve” is not a reference to his campaign strategy. Yes, your poll numbers are a disaster, but not the kind that calls for releases from the SPR.
Idiot Messiah: self-absorbed moron.
Obozonomics
June 24th, 2011
8:29 am
Good temporary idea, long term it means nothing.
First Sergeant
June 24th, 2011
8:29 am
DR M
June 24th, 2011
8:06 am
“Some of them may do it because it’s a muslim plan.”….”There is a global plan at work here, and it is not good for us. What ever their reasons, it’s a mistake and we shouldn’t copy the mistakes of others”
Dude, you are a sicko and are part of the problems we have with the hate in this country. It is such a shame to see and here people live their lives with so much hate, that they would rather lose their life than see the truth for what it is. President Obama is doing his job: “Taking care of America and Americans”. My takeaway from all the hate: This country has been vandalized and sabatoged for so long, that when someone does come along and initiate policies to benefit the average American citizen, they term it “socializing.” I term it, “Taking care of our own.” You haters need to learn, “President Obama will not be defeated with hate.”
godless heathen
June 24th, 2011
8:31 am
But, but, but…. We are constantly lectured over at Jay’s place that increasing domestic oil production will have no effect on the price of oil because it’s a world market and adding our drop in bucket will not help.
However this piddly, one time shot of 60 million barrels is going to lower the price of oil??
There’s somethin’ scwewy around here.
brad
June 24th, 2011
8:33 am
Itty-bitty, you’re hilarious. The same comment on every topic.
gm
June 24th, 2011
8:44 am
Lil’ Barry Bailout
For eight years, retards like you on the right let George W stick in to Americans, the oil President let big Oil do what ever they want and you idiots just bent over and grind, now we have a President that trying to help the America people and you hicks still have something to say.
I wish we could ship you retards hicks and bigots on the right to another country and send the people in the other coutnry over here to make America great, low middle class conservatives whites love to get rape by the rich and big business, you guys are truly the sickos in our country.
Fletch
June 24th, 2011
8:49 am
Being as the average voter has the memory span of a Goldfish, I find the release of the reserve neither political or necessary. However, as part of a coalition of nations, sometimes the U.S. does things to keep things in balance.
We’re in the IEA, the member nations of the IEA agreed to release the reserves, end of story. It’s not the end of the world, nor is it the first step into everyone wearing jackboots and brownshirts.
larry
June 24th, 2011
8:53 am
Let’s see, he acknowledges that increasing supply will bring prices down, but he (and Harry Reed) won’t allow operations to continue in the Gulf, won’t open up other areas. There are bills passed by the house to address those issues (which would have the added benefit of increasing jobs without taxpayer support) sitting on reed’s desk and he won’t allow them to get to the floor. But this paltry/token release is not playing politics? Sorry, I don’t believe it. His moves this week are all about 2012 – He and Nancy and Harry will be out there with the press trumpeting their story about how the president has reacted to the evil oil companies and continues to hold to his promise of withdrawal from afghanistan.
tar and feathers party
June 24th, 2011
8:54 am
Bozoo released the oil very late in the game, after prices had peaked and were on the way down. He is clearly trying to take credit for reducing gasoline prices. The fool does not realize the bottle neck is in refining, not in light sweet crude. Since oil companies must agree to replace with like kind oil any oil they take under this release, I suspect most of the oil will either go off shore, or not be taken, as the price could very well be much higher to replace the oil than the price at which it can be sold today.
Fletch
June 24th, 2011
9:01 am
Yawnn…..Hey Kyle, I think the sheep are hungry, the Obozo bleets are starting up. Can you please feed them some real controversy so that they can justifiably continue their rants.
Thanks
MrLiberty
June 24th, 2011
9:02 am
There is either a point to having the strategic reserve or there isn’t. Clearly it was not intended to be a giant storehouse of oil to to drawn from when the president’s approval rating is down.
The economically ignorant continue to push the ridiculous notion that speculators, greed, foreign conspiracies, etc. are driving up the price of oil. Certainly there are contributions from all, but the bottom line is that the DOLLAR IS BECOMING WORTH LESS (or worthless depending on your perspective). When the Federal Reserve and the Treasury print literally trillions of dollars out of thin air that dilutes the value of every dollar in circulation. The result is that prices rise in dollars regardless of other factors. Speculators behavior serves as the warning signs we are SUPPOSED to be paying attention to. They are responding with their own money to their beliefs regarding the signs the market is sending. The market clearly is sending signals that the Fed and the Treasury will not let up on the massive infusion of worthless dollars into the market. The Euro is just about as worthless as it too is not backed by anything real except hope and faith as are every other currency on the planet. Relative to gold the price of oil is generally holding steady. Once people finally realize what the government is up to we might be able to force change (or elect Ron Paul who has been warning about this for 30 years).
This is just a ploy to buy votes and stave off criticism. The timing was clearly meant to deflect attention to the horrible economic news that should have been expected. We have not liquidated the bad debt. The criminals were all bailed out and continue to exist in the market, Government spending is at record pace with no real hope of slowing, and the government regulatory and tax apparatus are working daily to destroy american business and savings. Once the little decrease in price subsides where will we be? With less oil in reserve and worse off than we are now.
If Obama wanted to do something useful he would have destroyed a trillion dollars and shut down the printing presses. That would have resulted in lower prices for everything. But he, like most americans, is too economically ignorant to understand the relationship between quantity of money and inflation.
Lil' Barry Bailout
June 24th, 2011
9:06 am
The economically ignorant continue to push the ridiculous notion that speculators, greed, foreign conspiracies, etc. are driving up the price of oil.
——-
Stop talking about gm like that!
First Sergeant
June 24th, 2011
9:08 am
DR M
June 24th, 2011
8:19 am
“He is a marxist, and is definitely not a christian. This I know by his own words.”
Doc, you lose credibility!!
GW
June 24th, 2011
9:11 am
How about a topic on the minority gay illegal immigrants that pay no federal income taxes once you factor in their free abortions. That’s what will make or break any Republican presidential candidate.
First Sergeant
June 24th, 2011
9:19 am
MrLiberty
June 24th, 2011
9:02 am
“Government spending is at record pace with no real hope of slowing, ….
Liberty,
We are putting an end to these unfunded wars which the former President started!!
These efforts should just about put us on an aggressive road to recovery. You agree?
retired early
June 24th, 2011
9:19 am
The oil speculators are driving up the price of oil…not an oil shortage. This “dump” of oil on the market sends a serious message to those speculators. You may “lose your shirt”, if you keep inflating the price of oil without regard to supply and demand. I was hoping for a “dump” of 100 million or more to suddenly drive down the price and scare the hell out of these “investors”. My brother made this same suggestion a week ago, before any of this happened. We will soon see if this backs off these speculators and stabilizes the price of oil.
gm
June 24th, 2011
9:22 am
The Anti Americans on the right sat back and watch George W, the cowboy idiot let big oil, foreign countries stick it to americans for 8 years.
When will the narrow minded bigot conservatives, tea party on the right realize there are more Americans that are going to vote for Obama, most people with common sense realize where America was when he took office, he is not going to get these right retards Anti America vote any way.
Thanks Obama for giving real Americans some relief at the pump, looking out for Seniors, please dont listen to Hannity, Rush and the rest of these idiots who think America belongs to them.
LtCol Razorback,
June 24th, 2011
9:28 am
I think that the Obama administration finally made a good decision. Tapping the strategic supply of oil by roughly 18% doesn’t put us in much of a danger that there will not be enough oil if it is needed for an actual emergency, which is NOT the current case. The current case is a political emergency rather than a defense emergency. If he is half as intelligent as he portrays himself to be, Obama understands that his chance for being elected to a second term rests on what happens to the U.S. economy. Since he has little time left to turn the ship of State around, gas prices must be lower than they were/are because almost every other economic indicator is affected by the price of gas. Agricultural products don’t pick themselves or transport themselves to the market place. Machines, that all require fuel to operate, do that. And the unemployment rate won’t get any better if out-of-work people can’t afford gas so that they can drive themselves to a new job. I could go on and on with examples of why the price of oil is critical to the economy, which won’t turn around unless fuel prices come down and stay down, but you get the idea, I think. And, unless Obama can improve the economy, his chances for re-election are probably less than the 18% supply of the strategic oil reserve.
Finally, for DR M, I recommend that you use your computer’s spell check. Your thoughts go in one ear and out the other unless you spell the words correctly. The word is spelled “ridiculous” not “rediculous”.
stranger in a strange land
June 24th, 2011
9:35 am
godless heathen @ 0831- I kind of wondered about that myself. Need to check with CT (she’s the final authority on issues of this sort) to get her opinion.
retired early
June 24th, 2011
9:41 am
gm
These “anti Americans” feed off a “tongue in cheek” racial prejudice fostered on “talk Radio”. How do I know….I listen to some of those occasionally, to hear what BS they are talking….let me tell you, these bloggers who claim Obama is “socialist, Muslim, etc can only hear that crap from one source. Talk Radio. They sell a steady stream of the most outlandish lies that it is impossible to challenge them one by one. So, you are correct in calling these “right wingers” anti American.
Dearie
June 24th, 2011
9:56 am
First Sergeant
8:06 am
“President Obama is a very, very smart man, with a very smart political administration”
Didn’t you mean to make that past tense? To my knowledge there is only one person left of his entire original administration. Everyone else has found a way to jump from a sinking ship.
Ragnar Danneskjöld
June 24th, 2011
9:56 am
Releasing oil from a reserve onto the open market – for the purpose of constraining the cost of supply – is potentially foolish. If the reserve is to be replenished, the release becomes merely a timing ploy, predicated on fooling the market into thinking the price will stay down. Markets are not easily fooled, but that does not prevent leftists from trying.
First Sergeant
June 24th, 2011
10:06 am
Dearie
June 24th, 2011
9:56 am
“Didn’t you mean to make that past tense? To my knowledge there is only one person left of his entire original administration. Everyone else has found a way to jump from a sinking ship.”
Dearie, I won’t question your “knowledge” (although your statement is totally false); my understanding of those who have departed is quite simple: They sought other opportunities!! Isn’t that the American Dream?
My question to you: Why must everything the President does or his administration (to include seeking other opportunities) be viewed as negative or Obama bashing. I mean, “this is not a Newt Gingrich administration, Gee!!!”
gm
June 24th, 2011
10:10 am
retired early
You are on point:
Had Bush brought home 10,000 troops from Iraq he would have been labeled a President hero, but all Obama received for getting our troops out of harm way is criticism, what a bunch of double standard hyporcrites on the right.
The limbaush and Hannity make millions pumping hate and ignorance to low middle class whites who have to have some one to be angry at because of their own short commings.
Lil' Barry Bailout
June 24th, 2011
10:13 am
Obozo and gm just want to enrich their fatcat oil buddies by dumping the SPR oil, purchased for $30 a barrel, and then refilling the reserve later at $100 a barrel. Ain’t that right, gm?
Lil' Barry Bailout
June 24th, 2011
10:16 am
gm, stop trying to impress us with your fancy words and Harvard tea-room intellectualism.
retired early
June 24th, 2011
10:19 am
LtCol
The state of the economy will decide who gets elected, as you stated. What troubles me is the deliberate attempts by the GOP to hinder economic growth, i.e. Obama’s bill to ease credit restrictions for small businesses, a bill originating from the GOP, but when embraced by Obama, suddenly lost their support. From my conversations with friends who own small businesses, and my own experiences with the credit and banking companies, one thing is crystal clear…credit is hard to get for these companies. All but 3 boat manufacturers have gone out of business in our area of the country, because they could not get the credit they need to stay in business. Also, the boat “dealers” are going out, because they cannot find a reliable credit source for their customers, or themselves to “floor plan” needed inventory. On PBR this week, a noted “expert” stated that “sales of existing homes would increase by roughly 25% if the mortgage bankers would simply go back to lending practices pre dating the policies which caused the 2007 debacle”. Now, banks require 20% down. This credit crisis is stagnating our growth. If, for example, more “existing” homes were to sell, then demand for new homes would grow…then, those long term employed carpenters, plumbers, electricians, etc. could find a job. New home construction is our “greatest economic engine”.
The GOP knows this, but would rather the economy suffer, so they will have a better chance beating Obama in the next election. What was the battle cry from the T Party…”getting Obama out of office is our #1 priority”.
With them, it is always…Party first, Country second.
Fletch
June 24th, 2011
10:22 am
Ragnar – “Releasing oil from a reserve onto the open market – for the purpose of constraining the cost of supply – is potentially foolish. If the reserve is to be replenished, the release becomes merely a timing ploy, predicated on fooling the market into thinking the price will stay down. Markets are not easily fooled, but that does not prevent leftists from trying.”
That is a thoughtful and somewhat accurate analysis. Thank you for not using the phrase “politically motivated” or calling the POTUS “Obozo”.
Hillbilly D
June 24th, 2011
10:23 am
The price of gas has started to come down a little and this release is just a way to make it look they were responsible for the decrease. It’s just a political move. The rise in prices was just a speculative bubble and now it’s deflating.
What they need to do is rein in speculators, in all futures markets. Speculative bubbles are going to be the financial death of us all.
Lil' Barry Bailout
June 24th, 2011
10:23 am
Retired early, you repeat the talking points well. The economy sucks because of what Democrats and Obozo did for two years with no check on their power. Republicans run nothing even now.
Obozo: a failure and an economic know-nothing.
sam
June 24th, 2011
10:27 am
retired early, didnt you realize that us economic history started the day obama was elected? all our problems map to that exact date, everything was perfect before he came on board.
Lil' Barry Bailout
June 24th, 2011
10:31 am
President Bush’s TARP fixed the financial mess and the recession ended in June 2009. Yawn.
Not much good happening since then.
Where’s the “change”?
retired early
June 24th, 2011
10:31 am
Lil Barry
Obama’s “oil dump” hopefully, will make speculators less likely to “over inflate” the price of oil, because they never know if he will do it “again”.
One thing is certain, we will both be able to see if it worked.
sam
June 24th, 2011
10:36 am
and when did that recession begin barry?
Lil' Barry Bailout
June 24th, 2011
10:39 am
I believe it was the end of 2007, when Democrats stopped paying their mortgages. Why do you ask?
Lil' Barry Bailout
June 24th, 2011
10:40 am
With the recession over for two years now, why hasn’t your Idiot Messiah lowered the unemployment rate?
Fletch
June 24th, 2011
10:50 am
LBB – “With the recession over for two years now, why hasn’t your Idiot Messiah lowered the unemployment rate?”
This response is neither pro or con for Obama, but whether the UE rate is higher or lower depends on location as indicated below, if your in Nevada, you probablt hate Obama, if your in North Dakota, you probably don’t care either way:
Unemployment Rates for States
Monthly Rankings
Seasonally Adjusted
May 2011p
Rank State Rate
1 NORTH DAKOTA 3.2
2 NEBRASKA 4.1
3 NEW HAMPSHIRE 4.8
3 SOUTH DAKOTA 4.8
5 OKLAHOMA 5.3
6 VERMONT 5.4
7 HAWAII 6.0
7 IOWA 6.0
7 VIRGINIA 6.0
7 WYOMING 6.0
11 KANSAS 6.6
11 MINNESOTA 6.6
13 MARYLAND 6.8
14 NEW MEXICO 6.9
15 MONTANA 7.3
15 UTAH 7.3
17 ALASKA 7.4
17 PENNSYLVANIA 7.4
17 WISCONSIN 7.4
20 MASSACHUSETTS 7.6
21 MAINE 7.7
22 ARKANSAS 7.8
23 NEW YORK 7.9
24 DELAWARE 8.0
24 TEXAS 8.0
26 INDIANA 8.2
26 LOUISIANA 8.2
28 OHIO 8.6
28 WEST VIRGINIA 8.6
30 COLORADO 8.7
31 ILLINOIS 8.9
31 MISSOURI 8.9
33 ARIZONA 9.1
33 CONNECTICUT 9.1
33 WASHINGTON 9.1
36 OREGON 9.3
37 IDAHO 9.4
37 NEW JERSEY 9.4
39 ALABAMA 9.6
40 NORTH CAROLINA 9.7
40 TENNESSEE 9.7
42 DISTRICT OF COLUMBIA 9.8
42 GEORGIA 9.8
42 KENTUCKY 9.8
45 SOUTH CAROLINA 10.0
46 MICHIGAN 10.3
46 MISSISSIPPI 10.3
48 FLORIDA 10.6
49 RHODE ISLAND 10.9
50 CALIFORNIA 11.7
51 NEVADA 12.1
sam
June 24th, 2011
10:56 am
how ironic that that lil barry bailout is touting the effects of w’s…such hypocrisy
Bad Habit
June 24th, 2011
10:59 am
When was the last time we tapped into this emergency supply? Never. Really bad idea, dangerous, and all political. Totally wreckless and totally predictable with these folks ruling.
Fletch
June 24th, 2011
11:01 am
Bad Habit – “When was the last time we tapped into this emergency supply? Never.”
What, you never heard of Hurricane Katrina?
Hillbilly D
June 24th, 2011
11:03 am
Unless, I’m mistaken, the emergency reserve has been tapped into, several times.
Bad Habit
June 24th, 2011
11:03 am
Yes, heard of it. I was unaware that it was tapped at that time. That does qualify as an emergency. This does not.
Fletch
June 24th, 2011
11:07 am
Bad Habit – “Yes, heard of it. I was unaware that it was tapped at that time. That does qualify as an emergency. This does not.”
Agreed. Then you must have either been mistaken or were deliberately trying to mislead others with false information when you made this statement:
“Bad Habit – “When was the last time we tapped into this emergency supply? Never.”
Fletch
June 24th, 2011
11:08 am
Sorry Bad, disregard previous statement as you already admitted your error.
Fletch
June 24th, 2011
11:16 am
THIS JUST IN: In response to the Obama Administrations decision to joine the IEA in the release of 60 million barrels. Sean Hannity of Fox news has decried the action as “purely political” in the hopes that the release would boost Obamas sagging numbers. In addition, Hannity again accused Obama and the Democratic party of political manuvering in order to retain the Whitehouse. when asked for comment, Hannity replied ” It’s the same type of political games the Democrats used to start World War II so that FDR could ignore the constitution and remain in power for 4 consecutive terms” (Not inteneded to be a factual statement)
Much like the conspiricy theory that Obama is basing his entiere 2012 run on 30 million barrels.
Dearie
June 24th, 2011
11:21 am
First Sergeant ~ ” They sought other opportunities!! Isn’t that the American Dream?”
The American Dream ~ yes, but I guess if President Obama thought enough of me to have me in his administration I can’t think of any “opportunity” that I would find to be greater. If your statement is true, why attach Sarah Palin for leaving to pursue other opportunities? You can’t have it both ways….
By the way I think my knowledge is correct.
JKL2
June 24th, 2011
11:37 am
My econ 101 class taught me that if we increase supply, all else equal, the price will come down because the line shifts. If we drain the oil reserves, that means we will have to fill them back up sometime, thus giving a net effect of zero when the line shfts back. I guess the smartest man in the world should have wondered down to the econ dept sometime instead of teaching radicalism.
Maybe we could try drilling? Increasing the supply would give the desired effect. If China can put new wells in the gulf of Mexico, then why can’t we?
Ma