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
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121 comments Add your comment
Dearie
June 24th, 2011
11:43 am
First Sergeant
“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”
My answer is the same ~ you can not have it both ways.
I could ask the same question of you – substitue the name “Bush” for “Obama” in your post. That is what I heard for 8 years and of course the last 3 years too.
The real difference is that the GOP candidate, and winner, of the presidence in 2012 will not be putting the blame on his predesessor, Obama, three years later. It is time for the President to take responsibility for what he has contributed to the state of our economy. Responsibility is the key word here.
First Sergeant
June 24th, 2011
11:48 am
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.
Dearie, first, Sarah Palin was an elected official, by the people of Alaska, who quit her elected position. Appointees are just that, “Appointed”. So, your analogy is flawed. However, it has been civil debating you, but IMO, your knowledge of why appointees seek other opportunities is also flawed.
Question for you: Wouldn’t you like to be able to put on your resume, ” Appointed as _____ during the _______ Presidential administration. Not always does an appointee’s departure mean the departure was negative in nature.
JKL2
June 24th, 2011
11:56 am
“I am sick and tired of people who say that if you debate and you disagree with this administration, somehow you’re not patriotic, and we should stand up and say, “WE ARE AMERICANS AND WE HAVE A RIGHT TO DEBATE AND DISAGREE WITH ANY ADMINISTRATION!” -Hillary Clinton
I guess it just depends on who is sitting in the chair. I guess times have changed, because now if you disagree with the president you’re a racist as well as unpatriotic. Keep marching us toward that cliff little Demwit lemmings. Maybe someday you;ll get what you asked for.
MrLiberty
June 24th, 2011
12:15 pm
First Sergeant – Does that include the illegal war in Libya that the current president started??
For the record, since your blast of Bush makes me think you think I actually support that war criminal’s actions, I don’t. Bush was a war criminal, Obama is a war criminal, and both administrations have spent us into oblivion. My statement stands. I see no hope from either side to significantly reduce government spending. Only Ron and Rand Paul are putting forth both legislation and ideas that promote SERIOUS cuts in our spending. I don’t hold out hope that their legislation will be enacted. And by the way, get back to me when these wars are ACTUALLY over (if either of us is still alive).
Logical Dude
June 24th, 2011
12:16 pm
Lil’ Barry Bailout
June 24th, 2011
10:16 am
gm, stop trying to impress us with your fancy words and Harvard tea-room intellectualism.
(okay, this one is just wayyyyy tooo easy)
Barry, why, you can’t keep up with those who are smarter than you? When you can’t argue with logic and reason, you resort to statements like this??
(/too easy)
MrLiberty
June 24th, 2011
12:19 pm
JKL2 – And all things are also not equal. We are increasing the money supply at a staggering rate – so the supply of money is not equal for sure.
The Energy War « theslittyeye
June 24th, 2011
12:49 pm
[...] interested in digging out the real political incentives of such moves, most of them circulating on the role of Obama administration; others are questioning the capability or SPR release and its effectiveness on the global oil [...]
Dearie
June 24th, 2011
1:02 pm
First Sergeant ~ I am having a bad day ~ sorry I vented my anger in responses to you. I don’t think that everything President Obama does is wrong. I do question his thinking on some issues, but it seems unfair to be labeled as being “negative and Obama bashing” when just questioning, and that is what I hoped I was doing.
Lil' Barry Bailout
June 24th, 2011
1:10 pm
Logical Dude
June 24th, 2011
12:16 pm
———
Please try to keep up with the rest of the class, and start by reading the posts. Those who have “get it” and are laughing their arses off at you.
Logical Dude
June 24th, 2011
1:30 pm
Hi Barry,
I was just skimming posts, and saw your comment.
It is more of a knee-jerk response than an actual argument that tries to make any kind of point. If you can actually describe to me (or others) how any points someone else made were in error, or had conflicting information, then that would be nice to see. However, your statement on “fancy words and Harvard tea-room intellectualism.” makes you look incapable of actually giving a reasoned response.
Tell me again why someone who is intellectual is bad? It seems that half the country decries intellectualism! We should be celebrating those who excel intellectually instead of trying to degrade them for being so. (and we wonder why education is failing in this country)
Lil' Barry Bailout
June 24th, 2011
1:32 pm
Logical Dude, read a gm post or two and I’m sure you will understand.
First Sergeant
June 24th, 2011
2:31 pm
MrLiberty
June 24th, 2011
12:15 pm
First Sergeant – Does that include the illegal war in Libya that the current president started??
Sir, I’m not quite sure I understand your question, however, as for Libya, we have no troops on the ground. And, from my understanding, the United States is supporting a National Allied Treaty mission (coalition), in an attempt to rid the Libyan citizens from the oppression and killings of Kadafi. To be factual, no war has been declared; this is only a description assigned by opponents of President Obama. I do appreciate the opportunity to debate you, but I can’t get with the fabrication of facts and lies. President Obama has commited no war crimes. Now, as for former President G.W. Bush, I think you may be on to something.
Sorry Kyle, don’t mean to hijack the subject matter, but these comments are all relative, IMO. However, thanks for the opportunity to have these discussions.
1SG
Lil' Barry Bailout
June 24th, 2011
2:51 pm
Someone get 1SG his tap shoes, top hat, and cane.
First Sergeant
June 24th, 2011
3:00 pm
Dearie
June 24th, 2011
1:02 pm
Dearie,
No problem, for I don’t take these attacks personally. However, I will stand firm on the fact that people on the right (many Tea Partiers) are purposely out to sabatoge President Obama’s term as the United States President. And I stand firm on the fact that in most cases, the attacks have nothing to do with his policies. Just ask Mitch McConnell, R-Kentucky! He told the whole country of his and his comrades intent. Or, just ask John McCain (the same gentleman who, once he returned to his Senate job after losing the election, stated, “I will not work with this administration for the rest of this year). McCain made this statement in March 2010. Neither of these gentlemen statements were political; they were personal and hateful. And, no one from the right opened their mouths. Not one comment about McCain admitting to his constitients that he refuse to do his job for the next 8 months (2010 elections). And people come onto these opinion sites trying to convince people like me that “it’s about his policies”. Simply not true!!
First Sergeant
June 24th, 2011
3:13 pm
Lil’ Barry Bailout
June 24th, 2011
2:51 pm
Someone get 1SG his tap shoes, top hat, and cane.
I’m pretty much like Logical Dude, in that, I ocassionally skim these blogs and posts. What I have concluded is that Lil Barry is an instigator. They provide little to no analytics o what come out of their mouth. And yes Logical Dude, I’ve always thought Lil Barry was intimidated by those providing logical analysis. And to be honest, I truly don’t believe Lil Barry believes all they spew.
1SG
gm
June 24th, 2011
3:36 pm
Amazing for 8 years we had a President who did nothing about oil prices, and the idiots on the right said nothing, finally we get a President that does something to ease our pain and the pumps and the retards on the right attack him.
How in the world does anybody belong to this selfish, anti America party call the rep party””
George P. Burdell
June 24th, 2011
5:45 pm
Speculation works both ways and I’m sure there were plenty of investors who made money on the announcement yesterday. I know of at least one who did.
Lil' Barry Bailout
June 25th, 2011
8:19 am
When Obozo fails, America wins big.
First Sergeant
June 25th, 2011
7:27 pm
“Lil Barry”, “Lil Johnny”? Your choice!
Tom
June 26th, 2011
4:47 am
Yes it is only two day’s supply, but it has whipped those investors and will lead to lower prices.
Gee – The reminder in a comment that Obama was a community organizer – used as an insult. What a wonderful qualification for a president – living in the real world, earning $8000 a year, helping people who most need help. What other president has had this experience? If a man can’t organize in the community, he certainly won’t be able to at presidential level. Does anyone really think somebody like George W could organize a p–s up in a brewery after the mess he left this nation in?
We are drilling more oil than ever, causing more pollution than any other nation on the planet. Is that something to be proud of? Last year was another hottest year on record. This year is going the same way. Extreme weather is becoming the norm as the climate heats up. The oil companies are in the pockets of politicians and all the Republicans can do is say keep on drilling,
We need solutions other than keep on doing the same things that have led to this mess. There is not a single Republican who has any solutions.
This is America. We should be leading the world through science and innovation – moving on from the combustion engine that is 19th century technology. We sent man to the moon and now we have a political party that is kicking and screaming in its refusal to accept basic scientific concepts.
dom youngross
June 26th, 2011
8:47 am
You have to be okay with Obamaclintonmccain starting a more-Bush-than-Bush third war to be okay with this SPR release. The Obamaclintonmccain train jumped the track with Libya, and think they can continue on bare ground so long as they keep the price of gasoline down.
Bad news if Kaddafi does get iced — Obamaclintonmccain will shift to trying to put us on the even-bigger federal-debt hook for nation-rebuilding. We all lose.
Bad news if Kaddafi survives — Obamaclintonmccain will bang the drum to drag us in even deeper. We all lose, again.
All that to feed their sociopathic megalomania.
Our main economic problem is that the federal middlemen in the necessary wealth-transfer process are sociopathic megalomaniacs, and exact an unsustainably-high fee for their ’service.’ Hence, the feedback loop which creates new wealth stays broken, resulting in more rich getting richer while more poor get poorer.