Whoops, I of course meant the Strategic Petroleum Reserve. President Barack Obama faced stiff resistance to the possibility of releasing emergency oil reserves to quell rising energy prices on Friday, with Asian allies and the head of the West's energy agency rejecting any need for action now. A day after Reuters reported that the White House was "dusting off" plans for potentially tapping the Strategic Petroleum Reserve, the executive director of the International Energy Agency, Maria van der Hoeven, was blunt in her assessment: "There is no reason for a release." The IEA "bases our actions on data and reality. The market is sufficiently supplied," she told reporters in Houston. She said she had not discussed a potential release with members of the Paris-based IEA, which is charged with coordinating use of consumer nations' strategic inventories. But if U.S. gasoline prices, currently at about $3.80 a gallon, keep rising ahead of the Nov. 6 election, Obama could face increasing pressure to use the SPR to ease prices. more here: http://www.cnbc.com/id/48710765
I saw someone pointing out several months ago that releasing oil from the SPR would have no affect on prices. The oil would simply be moved from one tank to another. Without more refinery capacity it means nothing in this particular environment.
Obama is setting up a still to try and make some gasoline on the White House lawn as we speak. I wonder if he needs to get any permits? This picture was taken on White House grounds yesterday. <img src="http://2.bp.blogspot.com/_Zm6JXvXXze4/StG3AEEe0zI/AAAAAAAAHps/s-YRIMc82wY/s320/Moonshine.jpg">
The Government should sell the whole reserve, lock in huge profits, then refill it at cost by drilling on public lands