FNC is reporting that the Obama administration authorized the tapping of the strategic oil reserves in this country.
No, not DRILLING, digging into our "disruption fuel".
GRRRR
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FNC is reporting that the Obama administration authorized the tapping of the strategic oil reserves in this country.
No, not DRILLING, digging into our "disruption fuel".
GRRRR
Obama Considered Tapping Oil Reserves to Improve Economy: Chu
Published: Wednesday, 15 Jun 2011 | 12:26 PM ET
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A plan that would have tapped into the strategic petroleum reserves was one of many ideas President Obama has considered to bring down the price of oil, Energy Secretary Steven Chu told CNBC Wednesday.
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"The president has said over the last few weeks that all tools will be on the table to first correct for the disruption of the supply of Libyan oil and also to stabilize prices," he said.
He has also said that higher oil prices are causing strains on the U.S. economic recovery.
Chu was reacting to a Reuters report that the U.S. at one point considered shipping some of the light low-sulphur, or "sweet," crude out of the Strategic Petroleum Reserve to European refiners, who needed it after the war in Libya cut off shipments of its premium crude varieties coveted for making gasoline and diesel.
In return, Saudi Arabia would sell its heavier high-sulphur or "sour" crude at a discount back to the United States to top up the caverns that hold America's emergency stocks.
"We're very cognizant of the pain for all Americans but also to the fact that higher gasoline prices so impede the economic recovery," said Chu, who said he was not involved in the discussions on the proposed swap.
Obama reverses policy on tapping emergency oil reserves
ABC News (blog) - 6 minutes ago
... “We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery,” and he signaled there might be more tapping of the oil reserves later. ...
I can't get to that link at work, they have it blocked for some reason.
You should be able to click the link and get there yourselves though.
Related to US:
Energy Resources
House moves on domestic energy bill
Published: June 23, 2011 at 8:01 AM
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WASHINGTON, June 23 (UPI) -- A bill passed by the U.S. House of Representatives removes obstacles to energy production on the Outer Continental Shelf, lawmakers said.
The Jobs and Energy Permitting Act, H.R. 2021, passed 253-166 on a bipartisan vote. The bill would remove obstacles to tapping into oil and natural gas reserves in the Outer Continental Shelf.
U.S. Rep. Fred Upton, R-Mich., chairman of a House energy committee, said the bill, was a common sense measure to increase jobs and domestic energy production.
"It is about cutting through the red tape and harnessing our vast resources," he said in a statement.
Rep. Cory Gardner, R-Colo., one of the bill's authors, said by tapping into resources offshore in states such as Alaska, U.S. consumers can get some relief from high energy prices.
"Exploration in Alaska will bring relief at the pump, take us one step closer toward energy independence and create tens of thousands of jobs in Alaska and the rest of the country," he said in a statement.
The bill's prospects in the Democrat-controlled Senate are uncertain. The administration of President Barack Obama voiced opposition to the House bill.
Read more: http://www.upi.com/Business_News/Ene...#ixzz1Q6mDizbq
UN apparently trying to prevent Israel from tapping oil:
Berri demands swift action on offshore oil, gas
June 23, 2011 02:22 AM
The Daily Star
BEIRUT: Speaker Nabih Berri slammed Wednesday the sloppiness with which the issue of exploiting Lebanon’s offshore gas reserves was being treated despite his efforts to ratify the oil law.
Speaking to MPs during a weekly meeting at Parliament, Berri said issuing the necessary decrees to render the oil law functional should be among the new government’s top priorities.
He said major revenues could be secured if Lebanon’s offshore reserves of gas and oil were properly exploited.
A private petrochemical firm has estimated the amount of fossil fuel reserves in Israeli waters to be 450 billion cubic meters; Lebanon says its share should prove to be greater.
Berri told MPs that Italian petroleum experts had informed him that Lebanon could gain $70 million if it exploits one of the gas fields found in its territorial water.
Lebanon had sent a letter to the U.N. asking for support in preventing Israel tapping oil and gas resources under the eastern Mediterranean seabed and U.N. Special Coordinator for Lebanon Michael Williams has repeatedly promised his organization will help safeguard Lebanon’s reserves.
Separately, Berri stressed the need for a swift drafting of the new government’s policy statement, adding that the Cabinet has a set of internal and external challenges to tackle.
“The main challenge the new government faces is to succeed its mission,” the speaker was quoted as saying by MPs. “[The Cabinet] should be allowed to restore trust among the Lebanese on the political and economic levels.”
Berri also highlighted inconsistency in the United States with regard to Lebanese governments, and accused it of adopting double standards.
The U.S. approved of certain issues under former Prime Minister Saad Hariri’s Cabinet, while it vetoed the same issues under current Prime Minister Najib Mikati,” he said without elaborating.
Sounds like the start of vote for me season. Full contact politicing.
Didn't Clinton do that a while back too?
Restricting oil supplies? Take a look in the mirror
Posted on June 22, 2011 by Conservative Byte
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A Senate committee last week passed legislation that would attempt to allow lawsuits in U.S. courts against any foreign state or cooperative for limiting the production of oil or natural gas. The bill, nicknamed “NOPEC,” targets the Organization of the Petroleum Exporting Countries (OPEC).
It’s ironic that the “NOPEC” bill tries to ban the very thing that U.S. energy policy does on a daily basis – limiting production of oil and natural gas supplies. Consider the following:
•The majority of America’s offshore acreage remains off-limits to oil and gas exploration and production.
•Exploration and development in the U.S. Gulf of Mexico – which accounts for 30 percent of all U.S. crude oil production – was effectively banned for the past year.
•Legislation enacted in the U.S. is targeted at restricting the supply of oil from Canada – a country whose oil reserves are second only to Saudi Arabia’s.
Like the “use it or lose it” smoke screen, this legislation is nothing but a tactic to divert Americans’ attention from the fact that U.S. politicians continue to restrict access to domestic energy supplies – a decision with negative consequences for U.S. energy security and energy markets.
Obama Depletes America’s Strategic Oil Reserves. Is he selling out America?
dublin9 June 23, 2011 15:12:26
Being a science fiction addict, I’ve always loved stories about aliens posing as world leaders to undermine our capacity to defend ourselves. Is Obama an extraterrestrial? No. He’s not smart enough. Is he making America ever more vulnerable through design? I believe he is.
America’s Strategic oil reserves of 727 million barrels are stored in salt caverns along the Texas and Louisiana coast. It was created in response to the Arab oil embargo in the 1970s and last tapped in 2008 after hurricanes Gustav and Ike hit. But reserves are usually rebuilt quickly. They are essential for national survival.
Our Reserves give us a 31 day supply of oil necessary for America and its military to function, if imports are cut off. That’s not much when you think about it.
"We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery," Energy Secretary Steven Chu said Thursday.
The administration said the uprising in Libya has resulted in a loss of about 1.5 million barrels of oil a day. Sorry Mr. President, but the problem was caused by YOU when you attacked a nation that posed no threat to us or our national interests and cut off its oil exports.
You are still illegally waging war against Libya in direct conflict with the Democrat Sponsored War Powers Act of 1973. Instead of going to Congress, you simply secured approval of the 3rd World dominated United Nations, which shows where your loyalties lie.
In the past, government was wary of dipping into the petroleum reserve, releasing oil from it only in extreme cases, such as hurricanes, that affect oil supplies. But in this case, the natural disaster is YOU.
It is YOU who are making America more vulnerable through support of Muslim Brotherhood forces destabilizing the oil rich Middle East. It is YOU who illegally wage war at the bequest of the United Nations.
It is YOU who will not replace the oil reserves in order to make America vulnerable to forces hostile to them. It is YOU who make decisions out of personal political gain rather than national interest. It is YOU who are betraying our nation by holding back licenses for oil and gas exploration.
It is YOU who are selling out America through incompetence and opting for a second term as President.
Obama Ignores Oil Drillers, Taps Strategic Oil Reserve to Pump His Poll Numbers
Posted on June 24, 2011 by Jane Jamison| 1 Comment
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This president is in full campaign mode looking for a quick way to drop gas prices / Cartoon by Antonio Branco, "ComicallyIncorrect.com"
If Barack Obama is so worried about the price of gasoline for consumers, why isn’t he allowing our oil industry to do its job? Why imperil our safety further by drawing down oil reserves? Taken to the extreme, does this president have our national best interests at heart?
Jazz Shaw at Hot Air:So what is the emergency in this case, since Libya really doesn’t account for all that much of the world supply? The administration may have already given us a hint.Newsmax:
Republicans have repeatedly slammed President Obama over the unusually high prices, and Obama himself has noted his poll numbers appear to rise and fall with the price of gasoline. Many political strategists say that voter anger over near-record oil and gasoline prices could be a determining factor in the 2012 elections.
Oh, yes. We’re doing this in response to an emergency all right. The emergency is that the president’s poll numbers are tanking and angry voters don’t want to continue to lay out 1/4 of their pay check at the pumps. But rather than actually do something to speed up domestic production and make us more energy independent, let’s just flush away some of the reserve we might really need if the you-know-what seriously hits the fan overseas in the next 12 months. Simply fabulous.”“The price of oil plummeted by nearly 5 percent on Thursday after Energy Secretary Steven Chu announced the U.S. will release 30 million barrels of oil from the Strategic Petroleum Reserve.Mike Krieger of Kam LP says this demonstrates widespread panic in the administration:
[…]
But Republicans in Congress lined up to slam the move, linking it to the need for more drilling in the U.S.
Rep. Marsha Blackburn, who sits on the Energy and Commerce Committee, said, “I am appalled but not surprised that the president views his falling poll numbers as a national crisis.”
And committee chairman, Rep. Fred Upton said, “It’s hard to believe that the Administration would rather tap into our emergency supply than support legislation to produce and develop North American supplies, which will create American jobs.
“Releasing our reserves to calm the market is emblematic of an Administration whose energy policy is irrational and counter-productive.” Upton said 30 million barrels is exactly what could be produced in a month from Alaska’s Outer Continental Shelf.”
“Louisiana Sen. David Vitter said, “We need long-term, expansive domestic energy measures.”
And House whip, Kevin McCarthy called the move “pathetic” saying the reserve should be used for national emergencies “not as a political tool when a President is feeling heat over high gas prices.”
“Simply releasing 36 hours-worth of oil does not constitute an energy plan,” McCarthy added.”“First of all, the world consumes around 85 million b/d of oil so this release isn’t even one day’s worth of demand. It’s a joke.Read more at ZeroHedge. Here’s Mike’s interview with Max Keiser on the topic. [Keiser's a crackpot, but Mike is interesting to hear.]
Second of all it just demonstrates how completely desperate they are to just delay the inevitable. Just like global leaders have shown no interest in dealing with the economic imbalances of the globe resulting from a pyramid scheme global monetary system where money consists of digital confetti that can be and is being printed into oblivion, they have NO INTEREST in dealing with the real issues of peak cheap oil. Just as the solution to every other structural problem has been to pretend it doesn’t exist and place band-aids on cancerous tumors, their solution to real, serious long-term issues in oil are to release reserves? My lord this is sad.”
More than sad; however, this move makes me much more bullish on oil over the next two years than I was before. First of all, the Saudi’s just said that they would increase production to 10 million barrels of day on their own (from 9.3 million b/d), effectively ending OPEC as an organization. Because this didn’t do what the petulant children in charge wanted they resorted to this tactic. First it was speculators. Now it is supply and demand. What is it really? I’ll tell you what it is. They have no freaking clue what they hell they are doing. Just like The Bernank.
It is the third time that oil has been released from the Reserve since it was set up in the mid-1970s to give presidents an emergency response to disruptions in supply. George H.W. Bush’s administration released 17 million barrels at the outbreak of the first Persian Gulf War in 1991 and George W. Bush released 21 million barrels after Hurricane Katrina in 2005.
Obama Decides to Tap Strategic Oil Reserves, Will Release 30 Million Barrels
- Posted on June 23, 2011 at 9:45am by Jonathon M. Seidl
WASHINGTON (AP) — Wary of a new surge in gas prices, the Obama administration has decided to release 30 million barrels of oil from the country’s emergency reserve as part of a broader international response to lost oil supplies caused by turmoil in the Middle East and North Africa, particularly Libya. The release from the U.S. Strategic Petroleum Reserve will amount to half of a 60 million barrel international infusion of oil planned for the world market over the next month.
“We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery,” Energy Secretary Steven Chu said Thursday.
The administration said the uprising in Libya has resulted in a loss of about 1.5 million barrels of oil a day. The release comes as the United States approaches a period of high energy use in July and August.
High oil prices and the resulting increase in the cost of gasoline have contributed to an economic slowdown and have put increased political pressure on President Barack Obama.
The government is wary of dipping into the petroleum reserve, releasing oil from it only in extreme cases, such as hurricanes, that affect oil supplies.
The reserves – 727 million barrels stored in salt caverns along the Texas and Louisiana coasts – were created in response to the Arab oil embargo in the 1970s and last tapped in 2008 after hurricanes Gustav and Ike hit.
Oil prices dropped Thursday after Federal Reserve Chairman Ben Bernanke warned that the U.S. economy was recovering more slowly than expected and after the International Energy Agency announced the release of 60 million barrels of oil.
Retail gasoline prices in the U.S. dropped for the 20th consecutive day to $3.61 per gallon.
Excellent visual representation of how we are being unnecessarily hamstrung by oil!Quote:
Originally Posted by vector7
http://www.usgs.gov/newsroom/article.asp?ID=1911
Reston, VA - North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.
A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil.
3 to 4.3 Billion Barrels of Oil in North Dakota and Montana
Technically recoverable oil resources are those producible using currently available technology and industry practices. USGS is the only provider of publicly available estimates of undiscovered technically recoverable oil and gas resources.
New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger technically recoverable oil volumes. About 105 million barrels of oil were produced from the Bakken Formation by the end of 2007.
The USGS Bakken study was undertaken as part of a nationwide project assessing domestic petroleum basins using standardized methodology and protocol as required by the Energy Policy and Conservation Act of 2000.
The Bakken Formation estimate is larger than all other current USGS oil assessments of the lower 48 states and is the largest "continuous" oil accumulation ever assessed by the USGS. A "continuous" oil accumulation means that the oil resource is dispersed throughout a geologic formation rather than existing as discrete, localized occurrences. The next largest "continuous" oil accumulation in the U.S. is in the Austin Chalk of Texas and Louisiana, with an undiscovered estimate of 1.0 billions of barrels of technically recoverable oil.
"It is clear that the Bakken formation contains a significant amount of oil - the question is how much of that oil is recoverable using today's technology?" said Senator Byron Dorgan, of North Dakota. "To get an answer to this important question, I requested that the U.S. Geological Survey complete this study, which will provide an up-to-date estimate on the amount of technically recoverable oil resources in the Bakken Shale formation."
The USGS estimate of 3.0 to 4.3 billion barrels of technically recoverable oil has a mean value of 3.65 billion barrels. Scientists conducted detailed studies in stratigraphy and structural geology and the modeling of petroleum geochemistry. They also combined their findings with historical exploration and production analyses to determine the undiscovered, technically recoverable oil estimates.
USGS worked with the North Dakota Geological Survey, a number of petroleum industry companies and independents, universities and other experts to develop a geological understanding of the Bakken Formation. These groups provided critical information and feedback on geological and engineering concepts important to building the geologic and production models used in the assessment.
Five continuous assessment units (AU) were identified and assessed in the Bakken Formation of North Dakota and Montana - the Elm Coulee-Billings Nose AU, the Central Basin-Poplar Dome AU, the Nesson-Little Knife Structural AU, the Eastern Expulsion Threshold AU, and the Northwest Expulsion Threshold AU.
At the time of the assessment, a limited number of wells have produced oil from three of the assessments units in Central Basin-Poplar Dome, Eastern Expulsion Threshold, and Northwest Expulsion Threshold.
The Elm Coulee oil field in Montana, discovered in 2000, has produced about 65 million barrels of the 105 million barrels of oil recovered from the Bakken Formation.
Results of the assessment can be found at http://energy.usgs.gov.
OIL---you better be sitting down when you read this ! !
You "will" pay $5 a gallon + again and you won't complain loud enough to make a difference, RIGHT!
Here's an astonishing read. Important and verifiable information :
About 6 months ago, the writer was watching a news program on oil and one of the Forbes Bros. Was the guest. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer; how much oil does the U.S. Have in the ground?" Forbes did not miss a beat, he said, "more than all the Middle East put together." Please read below.
The U. S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota, western South Dakota, and extreme eastern Montana ..... Check THIS out:
The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable... At $107 a barrel, we're looking at a resource base worth more than $5...3 trillion.
"When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.." says Terry Johnson, the Montana Legislature's financial analyst.
"This sizable find is now the highest-producing onshore oil field found in the past 56 years," reportsThe Pittsburgh Post Gazette. It's a formation known as the Williston Basin , but is more commonly referred to as the 'Bakken' It stretches from Northern Montana , through North Dakota and into Canada . For years, U. S. Oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves..... And we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!
That's enough crude to fully fuel the American economy for 2041 years straight. And if THAT didn't throw you on the floor, then this next one should - because it's from 2006!
U.. S. Oil Discovery- Largest Reserve in the World
Stansberry Report Online - 4/20/2006
Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?
They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth.. Here are the official estimates:
- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen
- and it's all right here in the Western United States .
HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy.....WHY?
James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.
Don 't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to. Think OPEC just might be funding the environmentalists?
Got your attention yet?
That's a Hoax email Luke.
There's no where near that quantity of oil in the Bakken foundation.
Good to know Mal, seemed a little unbelievable.
I still firmly believe that the best solution for the US is to open Federal refineries and gas stations. All profit could be reinvested into the program.