MSNBC: Bush orders halt of oil deliveries to national strategic reserve

[Bush_Eats_Beef]

Just a breaking headline...no details yet.

http://www.msnbc.msn.com/

[William769]

1. I smell a rat hiding in a bush!

[Norquist Nemesis]

2. Next he'll be pumping gas and shaking hands! Photo-op!!! n/t

[Inland]

3. He's the decider!

Of course, this only make sense if Bush thinks a) we don't really need a strategic oil reserve or b)the price of oil is going to DROP someday or c) is the only way to pretend to do something no matter if it helps or hurts America all in all.

[flpoljunkie]

4. Putting oil in reserves has helped to keep the price of oil high--just

what the oil bidness ordered.

[meegbear]

5. But shouldn't the National Strategic Reserve already be full?

I don't recall him allowing any out, did he?

[aquart]

9. Not a single drop.

[Nimrod2005]

6. Right, he ordered deliveries directly to Shell and ExxonMobil stations

instead...

[Turbineguy]

7. Are these

the deliveries that we were getting from the oil companies to compensate for borrowings???

When oil was $55 per barrel I thought one of the good things (OK, the only good thing) coming from the Bush Admin was to buy oil into the reserve at that price.

[aquart]

8. Didn't we beg him to do this at the last pump increase?

And he swore up and down there was nothing he could do or something like that?

[C_U_L8R]

10. this seem like the dumbest thing he could do

actually I'm sure there are dumber things that he can (and will) do...
but this seems pretty darn dumb.

[Bush_Eats_Beef]

11. Fox has details...nothing on MSNBC yet.

Bush Halts Oil Deposits to National Reserves
Tuesday, April 25, 2006

WASHINGTON — President Bush has decided to temporarily halt deposits to the nation's strategic petroleum reserve to make more oil available for consumer needs and relieve pressure on pump prices, a senior administration official said Tuesday.

Bush, under pressure to do something about gasoline prices that are expected to stay high throughout the summer, was to announce the decision in a speech. It was part of a flurry of actions designed to demonstrate that the administration was trying to deal with rising prices. The government also asked states on Tuesday to guard against unfair pricing.

http://www.foxnews.com/story/0,2933,192999,00.html

[Pab Sungenis]

14. Oil over $70/bbl? Now's the time to SELL OFF some of the reserve.

This will help drive prices down. Then, when the prices are lower, we can refill.

[Bush_Eats_Beef]

12. Story added to MSNBC:

WASHINGTON - President Bush has decided to temporarily halt deposits to the nation’s strategic petroleum reserve to make more oil available for consumer needs and relieve pressure on pump prices, a senior administration official said Tuesday

Bush, under pressure to do something about gasoline prices that are expected to stay high throughout the summer, was to announce the decision in a speech. It was part of a flurry of actions designed to demonstrate that the administration was trying to deal with rising prices. The government also asked states on Tuesday to guard against unfair pricing. The president has also order investigations into whether the price of gasoline has been illegally manipulated.

During the last few days, Bush asked his Energy and Justice departments to open inquiries into possible cheating in the gasoline markets, said White House press secretary Scott McClellan said Monday. Bush planned to announce the action Tuesday during a speech in Washington.

Bush is under pressure to do something about gas prices that have reached nearly $3 a gallon. In a new CNN poll, 69 percent of respondents said gasoline price increases had caused them personal hardship. Other polls suggest that voters favor Democrats over Republicans on the issue, and President Bush gets low marks for handling gas prices.

http://www.msnbc.msn.com/id/12469582/

[Sinti]

13. His spin masters are at work

They're going to try to turn this into a positive for him, and the pugs, at the voting booth. See, * is doing something to help the little guy, talking tough with the oil companies. They're starting a little early, though.

[KansDem]

15. Folks, don't forget, Bush was a Texas oil man who failed in every endeavor

Why should this be any different?

[Mojorabbit]

16. I think it is a mistake

We will need that oil in an emergency. An example...What if say, a pandemic struck and national borders closed down worldwide which is expected to happen in this case. It would become invaluable then.It could make the difference between life and death for many to get supplies moving around the country.

It will be a drop in the bucket and will make no difference long term. China is setting up their own reserve so the oil on the world market will be sold at a premium anyway. Political posturing is all it is and shortsided too.
We should also nationalize or make some kind of deal re the oil that exists in this country that is being drilled. The profits should stay here. Does that sound too socialist?

[cboy4]

17. Paid 3.19 for mid-grade last night in Sacramento!!!! This un-elected prez

couldn't give a rat's ass.

He and his cronies shower in crude oil every morning.

This halt is all a big bull-shit P.R. stunt as we know.

B*** and his friends at Exxon Mobile, Shell, Chevron, Arco, BP etc., have *ard-on's in anticipation of $4

Outrageous! :grr:

edit...spelling

[napi21]

18. Please tell me why you all think this is a bad idea.

As far as I know, the last time any oil was released from the reserves was by Clinton, and that was quite a while ago! I know this admin has been buying oil for the reserves ever since they took office. I know I thoght it was pretty dumb when they were buying it after the PPB went up. To me, all that does is force the prices higher.

So at what point do you stop adding to the reserves? If we never take any out, why do all of you think it's a bad idea to stop adding to them for now?

[flpoljunkie]

19. Amount diverted will equal a whopping 1/3 of 1% of our daily oil usage!

The proverbial "drop in the bucket. " Ony effect psychological, if folks discontinue panic buying to keep their tanks full before price goes up again.

Edited to add link to verify the above:

http://www.washingtonpost.com/wp-dyn/content/linkset/2005/04/11/LI2005041100879.html

Dow Jones reports that the move would free up about 70,000 barrels a day otherwise destined for the reserve in the coming weeks.

By my calculations, that's about one third of one percent of the total U.S. consumption of about 20 million barrels a day -- anyone want to call that a drop in the bucket?