[BluewayAllere]

They are drilling more in the gulf, they are drilling more on land doing fracking. More oil is being drilled for.

[Bondjrno]

Blahblahblah.

You don't want us drilling. I get that. You want us to be dependent on foreign oil. I get that, too.

Reducing our oil consumption to what we produce is a fucking pipe dream, and it'll never happen. Ever.

But, hey, if we could do it in 30 years, why not use our own oil now while we're getting to that point?

OK, then where is the oil that you want to drill?
Do you seriously believe that there is the capacity to produce another 5 or 6 million barrels of oil a day that is just lying idle, doing nothing? That our capitalist system just ignored it until environmentalists could lock it all up?

There just isn't that much oil out there, and it's in places where it's hard (and expensive) to get to.

And even if we do increase the supply enough to cover another 10% of our current usage, it wouldn't mean that much to the world market, we'd still have to buy most of what we need.

[Kryfamid]

They are drilling more in the gulf, they are drilling more on land doing fracking. More oil is being drilled for.

that damn previous administration at work again!

[BluewayAllere]

that damn previous administration at work again!

it started before george.

[Zaebal]

This is a perfect opportunity for a short squeeze, a highly inelastic commodity bid way up, put some downward pressure on the market, get a big block of shorts, and with any luck you could send oil limit down for a week.

Nothing confirms more clearly how little someone knows then when he pretends to know.

You don't even know what a "short squeeze" is, as your idiotic attempt to use it in your post clearly proves.

[jeaccatty]

As I type this morning, crude is down 5.5% to $90.39/barrel and RBOB wholesale gasoline is at $2.81/gallon. A decision has been made to increase the supply of US oil on the market even as demand is down. Interesting political calculations at work here.

Strategic Petroleum Reserve Being Tapped To Offset Lost Crude : The Two-Way : NPR

Interesting--but it's all POLITICAL. Obama--has obviously watched his approval rating tank over the last few days and decided to give another one of those perfectly pronounced speeches last night--regarding withdrawing troops from Afganistan--10,000 right before the election in 2012--and today he (Obama) has decided to release 30 million barrels of oil out of our 737 million barrels to TEMPORARILY bring down the price of gasoline. The old Hail Mary Pass.

Of course with the Obamabots in this country it will give him a shove up at about 1 or 2 points in the polls--and next week he'll do something stupid again.

[P3bWjm1j]

we cant do shit to harm the planet Maybe not, but we sure as heck can poison it bad enough to render it completely inhospitable to life on it.

[BluewayAllere]

Interesting--but it's all POLITICAL. Obama--has obviously watched his approval rating tank over the last few days and decided to give another one of those perfectly pronounced speeches last night--regarding withdrawing troops from Afganistan--10,000 right before the election in 2012--and today he (Obama) has decided to release 30 million barrels of oil out of our 737 million barrels to TEMPORARILY bring down the price of gasoline. The old Hail Mary Pass.

Of course with the Obamabots in this country it will give him a shove up at about 1 or 2 points in the polls--and next week he'll do something stupid again.

It is not just Obama and the USA doing it, there are other countries. Speculator busting is the main aim and you should be grateful that someone is doing you a favor.

[zoppiklonikaa]

OK, then where is the oil that you want to drill?
Do you seriously believe that there is the capacity to produce another 5 or 6 million barrels of oil a day that is just lying idle, doing nothing? That our capitalist system just ignored it until environmentalists could lock it all up?

There just isn't that much oil out there, and it's in places where it's hard (and expensive) to get to.

And even if we do increase the supply enough to cover another 10% of our current usage, it wouldn't mean that much to the world market, we'd still have to buy most of what we need.

How about Green River? There's more oil there than in the entire Middle East combined; and for the most part, it's just sitting there.

[Bondjrno]

How about Green River? There's more oil there than in the entire Middle East combined; and for the most part, it's just sitting there.

Because the economics don't work for shale oil projects until the price of oil gets a lot higher. That's why it's just sitting there.

[zoppiklonikaa]

Because the economics don't work for shale oil projects until the price of oil gets a lot higher. That's why it's just sitting there.

Um, no; it gets profitable at about $70/barrel (not to mention employing Americans, cutting foreign dependence on a strategic commodity, etc.)

[investor]

Question for everyone: Has anyone noticed their miles per gallon dropping this summer? My MPG has dropped about 5%, possibly 10%, over the last month. What is the experience of others?

[CatLuvkaLover]

Question for everyone: Has anyone noticed their miles per gallon dropping this summer? My MPG has dropped about 5%, possibly 10%, over the last month. What is the experience of others?

Making the assumption that there is not some issue with your vehicle, have the ethanol levels changed for your state?

[jeaccatty]

Question for everyone: Has anyone noticed their miles per gallon dropping this summer? My MPG has dropped about 5%, possibly 10%, over the last month. What is the experience of others?

Ha.Ha.--Well you must have listened to our great leader--when he stated that tire pressure was an enormous factor in gas milage. In fact--I am kind of surprised that Obama didn't offer another billion dollar taxpayer funded subsidy to purchase tire pressure gauges--

Because that was Obama's only solution to high gasoline prices.

Attachment 11350

[Almolfuncomma]

Question for everyone: Has anyone noticed their miles per gallon dropping this summer? My MPG has dropped about 5%, possibly 10%, over the last month. What is the experience of others?

Has to be the tire pressure

[Almolfuncomma]

Yes because cheap gas prices and money is far more important than a clean environment. Who cares if some species go extinct when there's an oil spill like the Gulf one, right? We've just got to go! Go go go go go go go go GOOOOOOOOOOOOOO! AND WE NEED THAT GAS TO GO REALLY FAST!

Hey, if your all about the environment, them outlaw cars, planes, trucks, trains, ships, boat motors, motorcycles, lawn-mowers and of course coal etc. Ban it all, because by using evil oil is what you liberals are doing to cause a dirty environment.

Maybe you can start a reevaluating by getting rid of all your gas driven anything. Please set an example. We need a clean environment and you can help, everyone counts. Let us know how your doing.

[Gcromqgb]

The SPR is for emergencies. High prices is not an emergency accept to the President's approval ratings.

[bitymnmictada]

Question for everyone: Has anyone noticed their miles per gallon dropping this summer? My MPG has dropped about 5%, possibly 10%, over the last month. What is the experience of others?

My MPG is kicking ass, you might want a tune up or to get gas at a different station.

[erepsysoulperj]

I'm kind of an energy guy, so it's tempting to make comments about ethanol and oil shale, etc. The facts are misunderstood and misrepresented so often that it's no wonder we can't get a rational national energy policy here.

This little SPR decision does have the potential to lower gasoline prices, though it may have to be repeated over and over to make speculators moe wary of trading the crude futures niche. 60 million barrels of supply (half from SPR) over a month more than offsets the 1 million barrels per day from Libya, so it takes away part of the story being sold about why oil should be higher. At least temporarily.

[Wetekemieluth]

Since when is the summer driving season an emergency? More manipulation of the markets with no real clear direction. They spend three years creating polices that devalue the dollar and pushing asset prices higher, then they pull the rug out from under us. The dollar is now being artificially inflated, the market is plummeting, and futures are dropping off. Assholes.