Author Topic: Oil reserves: "Money in the bank" or "Spend it!" ?? (Read 773 times)

Ripsnort · « **on:** May 17, 2004, 12:51:49 PM »

Poll in regards to this article about oil reserves:
http://www.quicken.com/investments/news_center/story/?story=NewsStory/dowJones/20040517/ON200405170007000005.var&column=P0DFP

Should we continue to horde the oil away for an emergency in these trying times of terrorism that we live in, or should we open up the "bank" and take a withdrawl to lower prices?(Assuming the latter *would* indeed lower prices, some analysts say it would do nothing but lower it a few cents a gallon)

Mickey1992 · « **Reply #1 on:** May 17, 2004, 01:16:14 PM »

"....the U.S. and other nations have a combined 1.4 billion barrels of oil stored away.."

I wonder how much of that is US reserves? The US would use 1.4 billion barrels in less than 3 months.

Ripsnort · « **Reply #2 on:** May 17, 2004, 01:18:44 PM »

For this administration, its a double edged sword. If they keep it reserved, the left hollars that the president could have given us relief but didn't. If they release it, the left will claim its a campaign tactic and the admin is artificially helping the economy. Just wait and see. I'll punt this come October.

rpm · « **Reply #3 on:** May 17, 2004, 03:00:47 PM »

Releasing the reserves will do nothing but increase profits for the Oil companies. Until we get some sort of regulations in place to stop the wild profiteering get used to $2+ a gallon for cheap gas.

mosgood · « **Reply #4 on:** May 17, 2004, 03:46:08 PM »

Quote

Originally posted by Ripsnort
For this administration, its a double edged sword. If they keep it reserved, the left hollars that the president could have given us relief but didn't. If they release it, the left will claim its a campaign tactic and the admin is artificially helping the economy. Just wait and see. I'll punt this come October.

I totally agree! I think that no matter what the right does, the left will hollar foul. And whatever the left does, the right will hollar foul. Rip, the message that you continue to promote is completely valid... it just needs to be directed in BOTH directions.

Ripsnort · « **Reply #5 on:** May 17, 2004, 03:48:15 PM »

Quote

Originally posted by rpm371
Releasing the reserves will do nothing but increase profits for the Oil companies. Until we get some sort of regulations in place to stop the wild profiteering get used to $2+ a gallon for cheap gas.

Whoops! I missed one of the left rants if the reserves are free'd up.

Curval · « **Reply #6 on:** May 17, 2004, 04:06:55 PM »

If we find a cheap alternative for fossil fuels it would make the reserves moot. It would also be the end of the problems in the Middle East.

But, hey....right now it is more important to have a gas guzzling cool car to cruise around and ***** about high gas prices in.

ravells · « **Reply #7 on:** May 17, 2004, 04:08:01 PM »

We could run the entire planet on the amount of hot air generated from this BBS alone!

Ravs

mosgood · « **Reply #8 on:** May 17, 2004, 04:11:10 PM »

Quote

Originally posted by Curval
If we find a cheap alternative for fossil fuels it would make the reserves moot. It would also be the end of the problems in the Middle East.

ROFL I agree. It would solve them for us. But the problems would still be there... we just wouldn't care.

rpm · « **Reply #9 on:** May 17, 2004, 04:11:48 PM »

Quote

Originally posted by Ripsnort
Whoops! I missed one of the left rants if the reserves are free'd up.

Call it a "left rant" if you want, it's the truth. Using the reserves would cut transportaion costs, import tarriffs and many other expenses only to drop the pump price a few cents temporarily. After we dip into the reserves we then have to replentish the reserves with more expensive crude.

We are not talking about oil wells sitting idle. The Strategic Petroleum Reserves are giant underground salt domes that have been filled. Their purpose is to provide a short term domestic military fuel source in case of war. Using them is as smart as driving down the freeway with no insurance. You can get away with it as long as you don't get in an accident...then you are screwed.

Maverick · « **Reply #10 on:** May 17, 2004, 05:33:27 PM »

Even if we stopped using oil tomorrow for transportation and energy, there would still be a massive use of oil in manufacturing. It's a vital component in quite a bit of manufactured goods like plastics and so on.

Having said that, I'd still like a VIABLE alternative for transportation purposes and that hasn't shown up yet.

ravells · « **Reply #11 on:** May 17, 2004, 05:34:42 PM »

It's all about plastics.

No oil. No plastics.

Sod the bloody cars

ravs

Ripsnort · « **Reply #12 on:** May 17, 2004, 06:50:06 PM »

Quote

Originally posted by Curval
If we find a cheap alternative for fossil fuels it would make the reserves moot. It would also be the end of the problems in the Middle East.

Agreed, and no ones given credit for this administrations quest to find alternative fuel sources ($$ for hydrogen and nanotechnology which go hand in hand when you discuss separating hydrogen from oxygen without burning fossil fuels)

I really think this craving to release ourselves from dependence on middle east oil (fueled by 9.11) goes across all party lines and everyone agrees with it.

ygsmilo · « **Reply #13 on:** May 17, 2004, 10:31:32 PM »

Quote

Originally posted by rpm371
Releasing the reserves will do nothing but increase profits for the Oil companies. Until we get some sort of regulations in place to stop the wild profiteering get used to $2+ a gallon for cheap gas.

Please back up this statement with facts.

Nash · « **Reply #14 on:** May 17, 2004, 10:42:19 PM »

I don't know what the big deal is about using the reserves. They can always be filled up again.

If there actually IS the kind of war to the extent that ya become tapped out, you'll simply annex Canada's... and yer laughin'.

Until then, this BS oil price manipulation should be exactly the kind of thing to trigger DIY.