Wanting to Tap That

White House Considers Tapping Oil Reserves

The revolution in the Middle East and the crisis in Libya is pushing prices of oil past $105 a barrel. The rise in prices is hurting our economic recovery. Is it time to access our emergency reserves?

One of the things I’ve supported in the past is energy independence. Since our addiction to oil rivals that of junkies, why not make it as a cheap as possible. Plus, our interests in the Middle East could be curtailed if we have our own resources.

After the gulf spill, I’m hesitant. Something like that should never happen again. Safety regulations were tossed aside like litter on the highway. And that sickens me.

I don’t know. Considering the prices of gas I’ve seen around the world, we have it pretty good. If I don’t have to see pictures like the one above again, I’ll pay $10/gallon. Hell, I’d even consider biking the 13 miles to work. We’re stewards of this earth. We need to be better at it.


16 responses to “Wanting to Tap That

  • lobotero

    The reserve is there for any interruption in supply and the price of gas is NOT an interruption….I do not mind paying more for gas, but then I do not own a Hummer-esque beast that gets 2 gallons to the mile….

  • lbwoodgate

    Spinny,

    The U.S. has only roughly 3-5% of known oil reserves but we use 25% of the oil that’s available around the globe. This means unless we reduce our dependence on oil we will always rely on some foreign sources for this, mainly Saudi Arabia.

    Also, the oil that is within our territorial limits doesn’t automatically go to us unless we nationalize the oil companies. Oil is set by global entities and all of it is dispersed through private global markets. If we tried to hoard our own the other countries who have oil would do likewise then we would be in a worse mess than we are now.

    Also, to even benefit from some of these resources that haven’t been tapped yet would take years and not necessarily reduce the costs of petroleum. For example, the Arctic National Wildlife Refuge in Alaska (ANWR) that Republicans want us to violate to get at the oil there, would take 10-12 years to actually process before we saw it at the pump and would only produce after 20-30 years a high of 16 billion barrel (bbl) according to USGS estimates. . The U.S., from most recent estimates, consumes roughly 20,680,000 bbl/day.

    This will hardly make a dent in our needs or the overall price.

    Finally, we don’t need to be adding anymore CO2 into the atmosphere. Anthropogenic global warming is real and we are already at dangerous levels that will take 2-3 decades to turn around IF we stop burning fossil fuels today. Why should we keep utilizing these finite sources of energy for our benefit today only to leave our children and grandchildren with the severe climate change crises that will result from this short-sighted view?

    • SpinnyLiberal

      OK, now that you explained it, it doesn’t seem like the benefits aren’t worth the risk. 20B a day?? I saw that chart. We consume almost 3x more than China? Good God we love our oil.

  • lobotero

    lb, To answer your last question……PROFIT!

    I have a page on my blog, Info Ink that has a few thoughts on what you were asking…

    http://lobotero.wordpress.com/will-the-addict-return/

  • pbenjay

    I live in NYC and where we pay a premium for gas BUT I, also NEVER want to look at oil-soaked pelicans, sea gulls downed, dead fish floating…NEVER!

  • happykidshappymom

    What a sad picture. You are right. We are stewards of this earth, and have more to think about than immediate gratification, or the easy-way-out. Thanks for posting about this issue. I don’t think it’s at the forefront of many of our thoughts, until a crisis happens. At our house, we try to do the right thing, we recycle, we change to “green” products when we learn about them — but of course we can always do more. Glad to read the post and comments.

  • The Patriotic Democrat

    As someone who works in the oil industry I can tell you emphatically there is no shortage of oil in the USA. There is a glut of oil right now coming from wells already drilled and in production.

    The whole shortage of oil thing and higher prices is contrived to dupe the American people into thinking we must “Drill Baby Drill” When it is really just so much Repub BS. And, I’m sure that once again Americans will fall for it and take the bait – hook, line, and sinker.

    • SpinnyLiberal

      Man that is just terrible! I guess I fell for it. Glad to learn something from someone who is in the know.

    • lbwoodgate

      So true. And the rising prices are based on market speculations, not realistic costs for producing the crude.

      “Turmoil in the Middle East does not impact the intrinsic value of crude oil. It has no effect on extraction technologies or labor intensiveness of oil production or refinement. These costs are relatively fixed. So as prices are driven higher by fears of future supply disruptions or shortages, the oil the companies have is worth more, and profits rise too. This tandem price-profit rise is characteristic of the oil industry, as the chart above demonstrates.” SOURCE

  • ogremkv

    Hi, there is one other point that probably doesn’t matter.
    It seems that with the rise in sea levels, and hurricanes Rita and Katrina, a lot of the salt domes in Louisiana where the reserves are are failing.

    We’re going to lose that oil unless we use it. I certainly don’t mind losing it, but that may motivate the oil companies to use it, rather than lose it.

    Personally, I’m all about wind power.

  • The Patriotic Democrat

    I have dealt with oil companies one way or another all of may life and the one thing I have learned through all my years of experience with them is that they lie – all the time and every time. It’s like embedded in their DNA or something.

    My X Brother-N-law made a good living by cheating the land owners and being a Bitch of the oil companies.

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