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Selling oil reserves staves off sequestration

Pocono Record -- America has a piggy bank it no longer needs, a piggy bank with sufficient resources to pay for the current fiscal year's sequestration, albeit a resource unlikely to be used because friends and foes might misinterpret its purpose.

Sequestration, which is scheduled to go into effect on March 1 per the Budget Control Act of 2011, mandates budget cuts for the next 10 years, beginning with $85 billion this year. Congress is struggling to come up with cuts and revenue to offset this, but has so far failed.

There is another solution. In 1975, responding to OPEC's (Organization of Petroleum Exporting Countries) 1973 oil embargo, the United States established the SPR (Strategic Petroleum Reserve), which now includes four sites in Louisiana and Texas holding approximately 695 billion barrels of..


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Submitted Feb 22, 2013 By: EZExit
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rjr54
Champion Author Winnipeg

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Message Posted: Mar 11, 2013 10:08:16 PM

honda105, if imports were interrupted, then I suppose the SPR would last twice as long, 2 months.
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tomok
Champion Author Portland

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Message Posted: Mar 5, 2013 11:03:06 PM

Selling oil reserves staves off sequestration,No Selling Oil From The SPR! NEVER!
'Coming out of the closet' Sneeky's lousy, smoke and mirrors, lack of jobs, dog and pony show and in the crapper economy, the jobs are Not here. Sneeky's economy is not improving but continues to hurt the population and the job numbers continue to be down!
The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! The price at the pump needs to go down to $2/gallon - *$3, *$3.50/gallon or *$4.00 is Not the new low!
More Refineries are Not the answer, Stop exporting fuel!
Take care of the domestic fuel market first and above all else!
Drive vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.
The price of fuel at the pump is too high!
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 27, 2013 3:50:55 AM

still gonna be better than nothing. We'd hope that it wouldn't be the whole country needing "oil bailout," rjr.
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rjr54
Champion Author Winnipeg

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Message Posted: Feb 25, 2013 10:08:15 PM

SPR won't help much in an emergency. Since the USA is using some 20 million barrels or so a day, 695 million barrels would only last 35 days. That is not much of a safety net.
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 25, 2013 10:00:56 PM

and even when the numbers would not be wrong, rjr, I have to say, the "piggy bank" is not for this purpose.

I have to say, if the airheads (all parties) inside the Beltway did their jobs and not worry about everything else, esp. partisanship, then perhaps this problem would have long been resolved.
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rjr54
Champion Author Winnipeg

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Message Posted: Feb 23, 2013 11:34:53 PM

This is full of mistakes. The most glaring is:
"695 billion barrels of oil worth nearly $63 billion". At approximately $100/barrel it is obvious one of these numbers is wrong.
If the "$63 billion" is wrong, then all the financial numbers are worthless.
If the mistake is the "695 billion barrels", then the "695 Million barrels" would have nearly no effect on the world price of oil, given that the whole world is burning about 90 million barrels a day. So the stuff about "boon to the economy" is also worthless.
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rjr54
Champion Author Winnipeg

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Message Posted: Feb 23, 2013 11:32:40 PM

Here is another mistake.
"aided only by Canadian oil imports, can expect to achieve energy independence within five years." This is not energy independence, that is still dependance on foreign oil, although Canada would be somewhat better than OPEC.
How about an article with some CORRECT facts?!?
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bell013
All-Star Author Atlanta

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Message Posted: Feb 23, 2013 9:26:21 AM

More smoke and mirrors.
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PetroCrap
Veteran Author Toronto

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Message Posted: Feb 23, 2013 9:25:39 AM

Taking the average consumption of the USA in 2011 of oil, the 695 billion barrels of oil, if needed, would last about 95 years. There's your oil independence right there!!
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merlinCO
Champion Author Colorado

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Message Posted: Feb 23, 2013 8:16:22 AM

Would only get to sell to wholesalers for $25 not $125....and they still make huge profits
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rjr54
Champion Author Winnipeg

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Message Posted: Feb 23, 2013 4:23:52 AM

This is full of mistakes. The two most glaring are:
"695 billion barrels of oil worth nearly $63 billion". At approximately $100/barrel it is obvious one of these numbers is wrong. If it is the "$63 billion", then all the financial numbers are worthless. (great pun, isn;t it LOL) If it is the "695 billion barrels", then the "695 Million barrels" would have nearly no effect on the world price of oil, given that we, the whole world, are burning about 90 million barrels a day. So the stuff about "boon to the economy" is also worthless.
"aided only by Canadian oil imports, can expect to achieve energy independence within five years." This is not energy independence, that is still dependance on foreign oil, although Canada would be somewhat better than OPEC.
How about an article with some CORRECT facts?!?
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SkooterG
Champion Author Phoenix

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Message Posted: Feb 23, 2013 1:25:38 AM

What a stupid idea. Selling off the SPR does not fix the problem. We need to force our government to start living within its means.
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Sisu58
Champion Author Michigan

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Message Posted: Feb 23, 2013 12:53:45 AM

Sneakers55: Your comment says more about you, than it does about me.
Hint, it's not good.
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Sneakers55
Champion Author Houston

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Message Posted: Feb 23, 2013 12:16:51 AM

On Feb 22, 2013 11:13:38 PM, nomad228 wrote:

>how about actual oil regualtion(setting the price for others
>to meet/bringing the prices back down through? actual
>competition as to whom gets the united states business)
>of pricing around the world so everyone can afford to
>live again.

You must be living pretty good. You don't have a job (according to your profile), your hobby is sleeping (again, according to your profile) , and still you have access to a computer to post your tripe on GasBuddy. Maybe you should move to a Socialist country where they do set the price of everything, but then they also expect everyone to work and not goof off.

>or just invest in nationwide switchover to electric power
>from solar,wind,water,and subsidize it so every
>home/business can have it.

OK, who is going to subsidize it? You can't because you admit you're not working. I'm not working either, but then I'm retired and don't have to work unlike the wage slaves and the bums.

>then we would depend on no one

No, you'd depend on the Government. Are you among the 47% of lazy bums that depend on the Government? I'm proud to say I'm among the 53% where the Government depends on me.

>and big earl would wonder wha?

I happen to like Big "Earl." I also happen to like a lot of things. What I don't like is people who want to propose price controls.
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Sneakers55
Champion Author Houston

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Message Posted: Feb 23, 2013 12:00:11 AM

On Feb 22, 2013 10:49:14 PM, Sisu58 wrote:

>We need a transaction tax on Wall Street

Speak for yourself. You're most likely a blue-state Democrat who would like everybody on food stamps and free Obamaphones.
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tbbMI
Sophomore Author Michigan

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Message Posted: Feb 22, 2013 11:26:49 PM

N4Pip is right! If you don't do the job right, you don't get paid! Why should the rich be any different?! We need to keep our oil here in the US for when we need it; how stupid can they get talking about getting rid of it, when gas is so high now as it is!!!
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yakstar
Champion Author Montreal

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Message Posted: Feb 22, 2013 11:05:01 PM

holy cow!
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rahcat
Champion Author Grand Rapids

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Message Posted: Feb 22, 2013 10:19:46 PM

If you hang all of the stupid legislators......the halls of Congress would be an incredibly large echo chamber.
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nomad228
Champion Author Columbus

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Message Posted: Feb 22, 2013 10:13:38 PM

how about actual oil regualtion(setting the price for others to meet/bringing the prices back down through? actual competition as to whom gets the united states business) of pricing around the world so everyone can afford to live again.and? the world markets can recover again?or how about we just release the reserves and dump it on the world market for U.S to benefit greatly then stockpile our own resources from now on. blah blah blah blah means president bush threatened to do this and gas prices dropped almost a dollar in the same day.when the world market found out oil prices dropped drastically per barrel. that or just invest in nationwide switchover to electric power from solar,wind,water,and subsidize it so every home/business can have it. then we would depend on no one and big earl would wonder wha? jus happin??? (ole bugs bunny reference).i say cut gov'ment jobs til they feel threatened their jobs are on the line jus like ours were/are. : ) then maybe they will realize the well is closed to them. no more lining their pockets on the taxpayers dime/time.
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toxigas
Champion Author Oakland

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Message Posted: Feb 22, 2013 10:12:57 PM

Sure it is hard, politically, but outside of politics some of the solutions seem obvious.

Like, end energy subsidies of all kinds.

Clean up the corrupt farm subsidy fiasco.

Those two alone should cover it.
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arb0526
Champion Author Greensboro

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Message Posted: Feb 22, 2013 10:10:28 PM

A minor burp in our world.
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roadrunnerMO
Champion Author Kansas

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Message Posted: Feb 22, 2013 10:08:49 PM

jorod 55 said "Wana cut the budget and save billions?
Cut Congress's salaries in half.
Get them back down to earth where they belong."

Actually no need to pay them as they are paid by those trying to sway their votes.

The reserves have a purpose and not for congress and the messiah to mismanage
their purpose. Congress has a spending problem.
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naspa
Champion Author Cleveland

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Message Posted: Feb 22, 2013 10:07:33 PM

Congress is a joke of inefficient manipulators.
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hammer219115
Veteran Author Pennsylvania

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Message Posted: Feb 22, 2013 10:05:12 PM

Do tell!
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ClassicWheeler
Champion Author Montgomery

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Message Posted: Feb 22, 2013 10:04:27 PM

Sounds like a political stall to me. But what's new there?
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ManOfLeisureII
Champion Author Philadelphia

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Message Posted: Feb 22, 2013 10:02:52 PM

No doubt the DC crowd will do all sorts of creative things to avoid cutting spending
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clermont40miles
Champion Author Cincinnati

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Message Posted: Feb 22, 2013 10:01:13 PM

An astoundingly stupid suggestion.

Reserves - do not touch unless an emergency requires withdrawal.

Sequestration is a political device that must be solved politically. BHO & Co. put us where we are.

It will be interesting to see if the media can save face for BHO once again, being the emperor is wearing no clothes. Now, THAT is transparency.

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lasriog
Veteran Author Texas

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Message Posted: Feb 22, 2013 10:00:13 PM

695 billion barrels of oil would sell for a lot more than $80 billion
Even if you sold it for $60 a bbl
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southrob
Champion Author Tucson

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Message Posted: Feb 22, 2013 9:59:56 PM

dhan
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Ferdman17
Champion Author Albany

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Message Posted: Feb 22, 2013 9:57:42 PM

Don't think it would do much by doing this.
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vibdata
Champion Author Massachusetts

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Message Posted: Feb 22, 2013 9:53:35 PM

I think this is a big bunch of hogwash. Plain and simple.
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oppdetcon
Champion Author Ottawa

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Message Posted: Feb 22, 2013 9:52:23 PM

OK...
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Sydman
Veteran Author Grand Rapids

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Message Posted: Feb 22, 2013 9:52:20 PM

What "Sisu58" said
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grt197
Champion Author Illinois

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Message Posted: Feb 22, 2013 9:51:22 PM

have no idea
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runningmp
Champion Author Corpus Christi

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Message Posted: Feb 22, 2013 9:50:59 PM

The Strategic Petroleum Reserve use is for emergencies..not to pay for a fiscal crisis.
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gasmack
Champion Author Ventura

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Message Posted: Feb 22, 2013 9:50:11 PM

OK.
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Sisu58
Champion Author Michigan

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Message Posted: Feb 22, 2013 9:49:14 PM

We need a transaction tax on Wall Street, that should slow down the speculators a bit.
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nwsynthetics
Champion Author Oregon

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Message Posted: Feb 22, 2013 9:46:05 PM

cut salaries on teh big deals, get rid of sponges sucking teh system dry on welfare, along with illegals and thier 20 kids, etc. Stop subsidizing everything,etc,etc, etc.
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1Casey
Champion Author Albany

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Message Posted: Feb 22, 2013 9:45:16 PM

?
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prassu2012
Champion Author Illinois

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Message Posted: Feb 22, 2013 9:41:54 PM

nope
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bmsgolf
Champion Author Amarillo

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Message Posted: Feb 22, 2013 9:41:14 PM

No
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jorod55
Champion Author California

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Message Posted: Feb 22, 2013 9:39:59 PM

Wana cut the budget and save billions?
Cut Congress's salaries in half.
Get them back down to earth where they belong.
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us4usa
Champion Author Missouri

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Message Posted: Feb 22, 2013 9:37:51 PM

Switch all vehicle to NG, then lets talk about it...
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singlemom27
Champion Author Ventura

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Message Posted: Feb 22, 2013 9:36:37 PM

Stop the speculation and we'll see prices plummet.
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BREW9
Champion Author Tampa

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Message Posted: Feb 22, 2013 9:35:51 PM

great
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ESCORT6768
Champion Author Iowa

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Message Posted: Feb 22, 2013 9:35:24 PM

Just get the price of fuel down at the pump. Instead of a few people getting rich off inflated oil prices, lower prices at the pump would lower transportation costs which would lower the price of goods which would mean the consumers would be able to purchase additional goods and services and create more jobs. More jobs means more people paying taxes instead of living off tax dollars.
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SpankyMI
Champion Author Kalamazoo

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Message Posted: Feb 22, 2013 9:35:13 PM

We need the sequestration, its time to begin to cut spending.
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gasokie
Champion Author Oklahoma

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Message Posted: Feb 22, 2013 9:34:14 PM

I like these blogs. Just about everyone is correct except perhaps the Pocono Record as PetroCrap noted in his excellent blog. One point in the Pocono is very important to keep in mind. We might have needed the reserve back when but each and every day the arab oil becomes a little less important to the world in general. As it turned out, we weren't running out of oil. And we will not. No one knows just how long it will last but I don't think we can figure stuff out too far in advance. The world responds only to perceived reality...not long range plans such as those foisted by global warming priests.

selling the reserve produces very little cash when compared to what we owe.Talking about trillions of $$$$ is hard to do. Hard to keep your desmal points in line.
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katmandue
Champion Author Detroit

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Message Posted: Feb 22, 2013 9:33:43 PM

Dream on and it will not fix the problem in the long term!
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rawdog1313
Champion Author Lexington

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Message Posted: Feb 22, 2013 9:31:17 PM

Whatever........
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