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
Fun Guy
June 24th, 2011
6:10 am
happy friday. first
JF McNamara
June 24th, 2011
6:16 am
I’d bet a bag of nickels that the poll will render the decision wrong just because Obama made it.
ByteMe
June 24th, 2011
6:22 am
Why can’t it be both a good move for consumers and playing politics?
The goal of the release is to create some elasticity in supply to help drive some spectators out of the market during the high-demand summer months. Just the announcement (as opposed to the actual release) caused the price of oil to tumble a bunch. Let’s see if that translates into a drop in the price of refined gas, which got a bit disconnected from the price of oil this spring.
I’d like to see this policy happen every summer. Sell enough to keep some extra supply in the market and then slowly buy it back during the fall/early winter when oil demand isn’t as high and prices have dropped further. Turn a profit AND help consumers. How much more political can you get?
Bettina Louise
June 24th, 2011
6:27 am
You left out a valid choice: Yes, Obama is just practicing politics.
Ayn Rant
June 24th, 2011
6:48 am
The release was a good move to dampen speculation. As it was a coordinated release by several nations it will serve to discourage wild excursions in oil prices for a few months. It’s important for the US because it will lower fuel prices in the summer vacation period, and in the fall period when heating oil is delivered. Perhaps it will offset the dampening effect on the economy from the Japanese earthquake disaster.
Besides, the oil reserve needs to be tapped periodically to make sure the process is working. The reserve can be replenished slowly as oil prices fall.
DR M
June 24th, 2011
6:53 am
This is a rediculous wastefull use of our emergency reserves. All that has to be done is to anounce open drilling in our country and prices would immediately begin to drop. Also, reduce restrictions on building refineries.
Joel Edge
June 24th, 2011
6:53 am
It’s throwing something at the wall and and hoping it sticks.
DeborahinAthens
June 24th, 2011
6:56 am
It was brilliant! Not because the amount of oil released means much to us in reality (we use that much oil in one day!), but it sure kicked the patootie out of the speculators that had been running up the contracts. I would have loved to have seen the faces of some of the traders when the news came out of the blue and bit them in the butt! If more countries did this, the speculators would think twice before playing games with our lives. And to those people that don’t believe that these guys are responsible, you are very uninformed. You talk about the need for regulation of an industry…
GW
June 24th, 2011
6:56 am
The release was a clever one. Well played, President Obama. Now let Goldman Sachs explain the artificial rise in aluminum prices as a result of their efforts. Wall Street is the biggest US source of artificially elevated commodity prices and their efforts have nothing to do with true supply and demand effects. It’s purely about manipulative methods in money making.
DR M
June 24th, 2011
7:00 am
Hey, Speculators buy oil driving up prices when it looks like supply is not going to keep up with demand in the future. If they believe that supplies will increase then they know that prices will drop and they will get out of oil. It is a self fulfilling proficecy. When they thing supplies will go up, They will get out and prices will drop.
Toby
June 24th, 2011
7:04 am
This the same release the Cons were screaming for a couple weeks ago? Should get everyones support then.
Road Scholar
June 24th, 2011
7:06 am
After announcing, the price of oil was $5 lower per barrel! And oil speculators had a lump in their throats!
DR M
June 24th, 2011
7:06 am
By the way, we have a 160 year supply of natural gas and a 150 year supply of oil right here in the US. We don’t need any foreign oil. We have used 1 trillion barrels of oil in the history of the US. We have 2 Trillion barrels left in the ground. This whole shortage thing is government make.
DR M
June 24th, 2011
7:08 am
I mean, “Government made”.
seabeau
June 24th, 2011
7:17 am
We need to quit burning oil for transportion!! We have to save it to lube our industries. Without oil our industries will come to a halt. Transportation can use other means.
DR M
June 24th, 2011
7:20 am
Another thing, Stock, Bond, and Commodities investors are all “speculators”. Anyone who buys investments is spculating that the price will rise, unless they are shorting of course. SO, oil speculators are investors the believe the price of oil will rise. If they believe that the price will drop they get out which accelerates the decline. Bottom line. They buy into oil if they believe that oil supplies will tighten and sell if they believe they believe supplies will increase in the future. Therefore, if we anounce that will open up drilling prices will immediately drop even if the increase in oil has not happened yet.
ms21701
June 24th, 2011
7:21 am
People please take time and read the entire article before you post. The article states that we would use 30 million barrels of oil in just two days. How is this going to affect the price of gs, maybe drop it by 1-2 cents. Next week it will go up 5 cents to make up the loss from this week. The only solution is to drill for our own oil and become energy independent and quit relying on foreign oil for our own consumption.
destin dawg
June 24th, 2011
7:24 am
Yes DR M… just pitiful politics… Obama is a sick community organizer… now what if we have a hurricane next month or 2.. and Really NEED the petroleum reserve… watch.. it won’t lower gas prices …. got any CHANGE left ??? Vote “em out !!!
destin dawg
June 24th, 2011
7:26 am
Yes !! we need to use Nat. gas for ALL trucking/buses etc… Pickens plan.. No Obama Plan here ??
Road Scholar
June 24th, 2011
7:27 am
ms: yes that is true…if there was no other oil available. This release over time will take the peaks off the supply curve and address demand…at least through the summer.
DR M
June 24th, 2011
7:28 am
Toby, No right thinking capitalist was screaming for oil release from the oil reserve. Only RINOs and people that are ignorant of economics and capital markets. Of course most people on the left don’t know squat about economics, hence the problems we are having in our economy.
destin dawg
June 24th, 2011
7:32 am
left ( Dems ) = lawyers and Unions = a devil’s brew
GW
June 24th, 2011
7:33 am
And the Libya mess has resulted in a drop of 1.4 million bpd. So Obama and others need to release 42 million barrels for each month of confrontation in Libya. Works for me.
Sick
June 24th, 2011
7:34 am
Obama was behind this. He initiated it. It’s all politics. It’s qe3. And it will have little to no effect when venez and iran cut production.
DUMB
June 24th, 2011
7:35 am
Release it now? Why not when prices were 110 a few weeks ago? Just more idiocy from the gov’t, in this case obuma.
destin dumbass
June 24th, 2011
7:38 am
30 mil bar is 5% of the spr.
DR M
June 24th, 2011
7:39 am
Destin Dawg, You are exactly right. Is this oil release part of a plan to further weaken america. We will need that oil if Texas and LA. get his again. By the way. Progressives are famout for telling half truths like, “ilegal aliens will do the work that americans won’t do” The rest is “at that price. There two camps of marxists, Violent overthrowers and those who want to overthrough the us progressively. So, the half truth is the left are Progressive. The rest is They are Progressive Marxist. And yes we do need to vote them out of office. Both Republican and Democrat.
Bacchus
June 24th, 2011
7:40 am
Cheap shot at buying some votes. The next flare-up in the Middle East will erase any drops in the oil prices. Just think of this move as a way to depress oil stocks into a “buy” position to make a quick 5%…
DR M
June 24th, 2011
7:40 am
Sorry for the typos in my last post.
WillieRae
June 24th, 2011
7:43 am
Obama has shot the wad now, not that it mattered much. After the couple of days of effect wears off, then there is no fear left in the commodities market. Releasing the oil was a pathetic attempt to claim credit for the fall in gas prices that will follow the already falling oil prices. It’s an admission of his impotence and a cynical political ploy.
Buzz G
June 24th, 2011
7:46 am
Why would anyone care if it is good for America? It is good for Obama. He is spreading around the wealth that President Bush put away for a rainy day. Oh Dear Leader Obama, we are not worthy!
GW
June 24th, 2011
7:47 am
Once again Obama has outsmarted his opponents. All they are left with is their continued hate talk and he just tunes that out for the noise that it is.
Whacks Eloquent
June 24th, 2011
7:49 am
While I would not consider the releases vital now (they would have been more helpful a couple of months ago), it is obvious that they have had the desired effect. Gas futures are tumbling, as well as crude – and even though they were headed that direction this accelerated it.
In the long run, I think this will be of little consequence. The reserves will fill back up, and gas and oil will probably steady back out a bit, at least until the next crisis. President Obama did it as a political calculation to help his sagging PR numbers, and the first part of the strategy worked, we’ll see if it gets reflected in the polls. Not sure it really matters this far out from the election though.
DR M
June 24th, 2011
7:52 am
Bacchus, exactly, you are right. Any positive from the release could vaporize over night. Speculating into a buy position is a good idea. Unless the US anounces that they are opening up drilling. I guess that makes you an oil speculator. Me too.
Fletch
June 24th, 2011
7:54 am
Not a big Obama fan, but perhaps you geniuses could explain the motives of the other nations in the IEA. Are you saying that they purposely released their reserves as well to ensure an Obama victory in 2012. If so, please explain your theory as to why. If I like what I hear, I’ll give you a crack at the moon landing and 9/11.
My 2 Cents Worth
June 24th, 2011
7:55 am
Please get the facts before piling on Mr. Obama’s efforts as a political move. I believe there were over twenty other nations whose leaders released their oil reserves also.
Chester Gleaton
June 24th, 2011
7:56 am
drill baby drill !!!!!!!
hsn
June 24th, 2011
7:56 am
Of course, it is a bad move!
To you cons, even if Obama gave a one dollar bill to a homeless person, it will be a bad move.
Al
June 24th, 2011
7:58 am
I would hardly call down 4.5% tumbling.
First Sergeant
June 24th, 2011
8:06 am
GW
June 24th, 2011
7:47 am
GW, you hit the nail on the head. When will these haters ever learn. President Obama is a very, very smart man, with a very smart political administration. He know politics; he’s studied political history and is well suited to be our President. The haters just keep hating as President Obama continues to make smart moves to progress this country. And, “he kicks their butts everytime”. When will they learn that, he is no dummy!!
DR M
June 24th, 2011
8:06 am
WOW, Fletch this a very complicated subject. Different countries have different reasons for releasing their reserves. They don’t have the huge oil reserves that we do. Some of them may do it because it’s a muslim plan. Some, because they know where their bread is buttered and they have to stabalize prices so the global economy doesn’t crash and they lose money because of decreased demand. 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
Whacks Eloquent
June 24th, 2011
8:07 am
The gas futures have tumbled, not oil. Which is fine in that it’s not actually true commodity pricing. They had been pushing $4 just a little over a month ago, but now under $2.80. By my calcs, that’s about 30%…and it looks like a hockey stick. IMO, that’s a big positive – these idiot futures scammers need to lose some now and then, they have been artificially inflating prices for a few years now!
Fletch
June 24th, 2011
8:08 am
Whacks – “. Not sure it really matters this far out from the election though.”
Exactly. If it was indeed a political ploy, why do it so far away from election time? Oh wait, there is the possibility that the U.S., as a member of the IEA, was actually working in conjunction with other countries in a coordinated release of the oil reserves. Hmmmm…. where could I possibly find proof of this? Perhaps in Kyles own words? “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.”
Roekest
June 24th, 2011
8:09 am
This stinks so much of politics it almost makes me sick. 30 million barrels is enough for 2 days….2 DAYS!!!!! Does POTUS really think Americans are stupid enough to believe that 30 (or 60) million barrels is going to do anything useful??? Even if we got the 30 million barrels the IEA released, that still wouldn’t cover a weeks’ worth of oil consumption. Whoever runs against Obama in 2012 needs to remind voters that this little stunt was nothing more than that: a stunt. I am completely convinced Obama knows nothing about economics. I know more about economics. How sad is that?
First Sergeant
June 24th, 2011
8:09 am
Fletch
June 24th, 2011
7:54 am
Not a big Obama fan, but perhaps you geniuses could explain the motives of the other nations in the IEA. Are you saying that they purposely released their reserves as well to ensure an Obama victory in 2012. If so, please explain your theory as to why.
Fletch, you can bet that some poster will try to validate the theory. Just plain silly!
Fletch
June 24th, 2011
8:11 am
DR M – “What ever their reasons, it’s a mistake and we shouldn’[t copy the mistakes of others”
True, but if all of our international partners shared that logic, we’d have a pretty rough time going it alone in the world.
Call it like it is
June 24th, 2011
8:12 am
Its all a silly game. If American even starts to talk about drilling oil in Alaska, or more in the gulf, OPEC will respond with more oil, prices will go down and we will be right back where we started. Cheap gas and happy, until the cycle starts again.
Jefferson
June 24th, 2011
8:13 am
What does the last two questions tell us about Kyle?
Two questions would suffice, the second and third.
There is no true shortage, has anyone seen pumps shut down? Bill Clinton was the last president that knew how to control gas prices and he’s not giving up the secret…
If everyone would only buy 4 gallons at a time, in a week the storage tanks would be overflowing, just think how many stations you pass going to work. The oil companies are using your gas tanks as temporary storage. Too many folks that don’t know the value of money, they just want it.
Drew
June 24th, 2011
8:14 am
Yes, it kicked the speculators where it hurt. It would’ve done the same 3 months ago when prices were soaring. It would’ve hurt even more if we’d announced more offshore drilling and opening up ANWAR. Funny how certain people can believe that a one-time release of 30 million barrels can effect a change in oil prices, but increasing our domestic oil production won’t. Funny.
Alex Jones
June 24th, 2011
8:16 am
Well this did occur on the exact same day that it was revealed that both the G8 and NATO summits would be held in – Chicago! Rahm Emanuel is behind all of this!
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
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.