http://thehill.com/leading-the-news/pelosi-wants-bush-to-stop-filling-petroleum-reserve-2008-04-24.html
House Speaker Nancy Pelosi (D-Calif.) Thursday called on President Bush to stop filling the Strategic Petroleum Reserve as a way to reduce gas prices at the pump.
So here is my question - why are we still filling the SPR when prices are at an all time high, and why don't we start selling that on the open market to alleviate some debt or something?
I am sure there is a way I could research this, but I wonder if the 70,000 barrels a day is a higher or lower amount than previous - i.e. is Bush trying to move more public money to his Big Oil buddies?
Friday, April 25, 2008
Strategic Oil Reserve Controversy
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Daily consumption is 21 million barrels. 70,000 barrels a day is 0.3% which is insignificant.
The price reduction from this will be lost in the upward price pressure from world-wide shortage.
Of course everything else equal, filling up the strategic reserve means 70,000 more barelles a day sales for Bush's friends. That's about $8.4 million a day or about $3 billion in extra sales per year.
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