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Exclusive: White House studying potential oil reserve release

Reuters -- The White House is "dusting off old plans" for a potential release of oil reserves to dampen rising gasoline prices and prevent high energy costs from undermining the success of Iran sanctions, a source with knowledge of the situation said on Thursday.

U.S. officials will monitor market conditions over the coming weeks, watching whether gasoline prices fall after the September 3 Labor Day holiday, as they historically do, the source said.

It was too early to say how big a drawdown would be from the U.S. Strategic Petroleum Reserve and, potentially, other international reserves if a decision to proceed was taken, the source said.

Oil prices have surged in recent weeks, with Brent crude prices closing in on $120 a barrel, up sharply from around $90 a barrel in July.

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Submitted Aug 17, 2012 By: Mudsprings

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LetemEatCake Champion Author Oklahoma City Posts:5,596 Points:1,206,355 Joined:Mar 2008	Message Posted: Aug 18, 2012 9:44:50 PM Ignore LetemEatCake Report Abuse Good article Mud..thanks for posting!
GatorGuy Champion Author Columbia Posts:2,233 Points:1,208,220 Joined:Jan 2009	Message Posted: Aug 17, 2012 1:40:23 PM Ignore GatorGuy Report Abuse Why don't they look at the root of the problem.
FuelBarge Champion Author Long Island Posts:9,205 Points:2,077,265 Joined:Aug 2005	Message Posted: Aug 17, 2012 12:42:01 PM Ignore FuelBarge Report Abuse Sorry, this is not a crisis. The only "crisis" is the possible loss of an election due to high energy prices.
sydb7 Champion Author Atlanta Posts:3,560 Points:1,919,940 Joined:Mar 2003	Message Posted: Aug 17, 2012 9:51:55 AM Ignore sydb7 Report Abuse Does the US government want to do something for the gouged drivers?
Alfied Champion Author Riverside Posts:7,945 Points:1,757,235 Joined:Jun 2001	Message Posted: Aug 17, 2012 9:47:38 AM Ignore Alfied Report Abuse What a waste.
leemun Champion Author Utah Posts:5,539 Points:1,041,100 Joined:May 2010	Message Posted: Aug 17, 2012 9:41:44 AM Ignore leemun Report Abuse Use the reserve for political manipulation? Nein, danke.
bston Champion Author Oklahoma City Posts:1,825 Points:643,250 Joined:Mar 2011	Message Posted: Aug 17, 2012 9:25:00 AM Ignore bston Report Abuse Pure politics.
bobsalwaysmt Champion Author Long Island Posts:4,665 Points:266,040 Joined:Oct 2007	Message Posted: Aug 17, 2012 8:53:23 AM Ignore bobsalwaysmt Report Abuse Pure election season maneuver. THIS IS NOT WHAT THE SPR if for. Fire Obama! Recall Congress!!
BudsterMO Champion Author Kansas City Posts:3,715 Points:704,905 Joined:Aug 2009	Message Posted: Aug 17, 2012 8:24:29 AM Ignore BudsterMO Report Abuse Why would the Federal government strongly consider releasing oil from the Strategic Petroleum Reserve to off set the run up in crude oil prices but do nothing to change the rules for buying oil futures contracts? Speculators cause the price of a gallon of gas and diesel to inflate by a third (1/3) to a half (1/2) at the pump. Could be they are afraid of the 1%ers pulling back on their "contributions".
F81M Champion Author Indiana Posts:1,504 Points:788,110 Joined:Aug 2008	Message Posted: Aug 17, 2012 8:16:13 AM Ignore F81M Report Abuse More stupidity from Obama and company. Want 4 more years of this? I certainly don't!
BCM1 Champion Author Pennsylvania Posts:1,864 Points:782,995 Joined:Jun 2007	Message Posted: Aug 17, 2012 8:02:03 AM Ignore BCM1 Report Abuse There is no shortage. We have 12 million barrels over last years supply.
indyjim Champion Author Indianapolis Posts:10,101 Points:2,320,405 Joined:Jul 2006	Message Posted: Aug 17, 2012 7:59:53 AM Ignore indyjim Report Abuse More incompetency from the Obamatards............the real reason might be to temporarily lower gas prices long enough to make the "sheep" Democratic followers to think that Obama's failed efforts are finally working. If only they could think for themselves and see the danger that ensues with another Obama term.
TAT36 Champion Author Florida Posts:6,809 Points:1,304,975 Joined:Sep 2009	Message Posted: Aug 17, 2012 7:57:27 AM Ignore TAT36 Report Abuse It is election season. But it may be to close to the election to be of any benefit to the administration or have any relevancy in the election.
PathTrack Champion Author Twin Cities Posts:1,204 Points:134,855 Joined:Jan 2005	Message Posted: Aug 17, 2012 7:53:42 AM Ignore PathTrack Report Abuse Political stunt in election year. We have more oil than last year at this time
bojiway1 Champion Author Minnesota Posts:2,054 Points:480,010 Joined:Dec 2011	Message Posted: Aug 17, 2012 7:53:01 AM Ignore bojiway1 Report Abuse how about releasing oil from our ground
Fitwit Champion Author Stockton Posts:6,404 Points:1,356,845 Joined:May 2009	Message Posted: Aug 17, 2012 7:51:22 AM Ignore Fitwit Report Abuse We the voters should have studied Obama's potential for evil before whoever voted for him did so. Get him out.
letmathe Champion Author Chicago Posts:14,316 Points:3,134,045 Joined:May 2001	Message Posted: Aug 17, 2012 7:50:33 AM Ignore letmathe Report Abuse Interesting how some in this thread are critical of Obama for using the reserve (it's a political ploy) while others condemn him for not doing so (it's a political ploy). The problem is not in Washington but in the use of a resource that cannot be fully provided locally and is provided by firms whose primary purpose is making profits for shareholders. Say what you want about Obama. You will be saying it about a Romney administration too because the underlying causes of high gas prices will not be changed by a pipeline or a presidential policy.
hauler43 Champion Author Oakland Posts:8,158 Points:2,597,750 Joined:Sep 2003	Message Posted: Aug 17, 2012 7:48:14 AM Ignore hauler43 Report Abuse Corp. greed is more too blame an speculators also.
greenfog Champion Author Illinois Posts:6,495 Points:1,639,995 Joined:Feb 2008	Message Posted: Aug 17, 2012 7:47:42 AM Ignore greenfog Report Abuse last time they did that it lasted about two days, all the speculators bought it up as soon as it was released.
Insuremn Champion Author Twin Cities Posts:4,957 Points:1,031,985 Joined:May 2010	Message Posted: Aug 17, 2012 7:47:15 AM Ignore Insuremn Report Abuse Drill here now and put US citizens to work in the oil and gas industries. Stop sending our money to OPEC. Get rid of Obama.
Gasazhunter Champion Author Phoenix Posts:4,215 Points:1,028,695 Joined:May 2010	Message Posted: Aug 17, 2012 7:47:03 AM Ignore Gasazhunter Report Abuse Do it.
waterwerks Veteran Author New Mexico Posts:349 Points:185,930 Joined:Mar 2012	Message Posted: Aug 17, 2012 7:45:42 AM Ignore waterwerks Report Abuse and yet again the Obama administration is failing the public...more shadow games and lying about the actual cost! Sounds pretty familiar...
scrossi Champion Author Indiana Posts:3,889 Points:1,049,465 Joined:Dec 2008	Message Posted: Aug 17, 2012 7:45:13 AM Ignore scrossi Report Abuse True porotito.
Diesel_Ram Champion Author Dallas Posts:6,507 Points:1,519,435 Joined:Jan 2009	Message Posted: Aug 17, 2012 7:44:40 AM Ignore Diesel_Ram Report Abuse Stupid idea before and it's still a stupid idea today!
deaconjones Champion Author Cleveland Posts:2,139 Points:319,155 Joined:May 2006	Message Posted: Aug 17, 2012 7:44:25 AM Ignore deaconjones Report Abuse THIS CRAP AGAIN.....APPROVE THE KEYSTONE PIPE LINE NOBAMA......
lindact Champion Author New Haven Posts:8,741 Points:1,717,945 Joined:May 2008	Message Posted: Aug 17, 2012 7:44:02 AM Ignore lindact Report Abuse Band aid for an amputation.
N4PIP All-Star Author Miami Posts:910 Points:420,405 Joined:Jan 2012	Message Posted: Aug 17, 2012 7:43:59 AM Ignore N4PIP Report Abuse That would be a temporary band-aid solution. Bad idea. Go after the speculators and lets get some new refineries built.
cardjcsk Champion Author Toronto Posts:3,960 Points:1,874,490 Joined:Feb 2007	Message Posted: Aug 17, 2012 7:42:30 AM Ignore cardjcsk Report Abuse Will the price go down, NO
pa79th Champion Author Pennsylvania Posts:1,787 Points:1,217,825 Joined:Jun 2007	Message Posted: Aug 17, 2012 7:41:57 AM Ignore pa79th Report Abuse Just in time for a big nudge downward for election day. Way to buy votes, O!
bluebird1 Champion Author Toronto Posts:15,740 Points:3,109,100 Joined:May 2004	Message Posted: Aug 17, 2012 7:40:19 AM Ignore bluebird1 Report Abuse Shows you what little the white house knows...gas prices have nothing to do with supply vs demand...unless talking paper bbls/gals perhaps.
darraghON Sophomore Author Ontario Posts:174 Points:241,755 Joined:Sep 2011	Message Posted: Aug 17, 2012 7:39:54 AM Ignore darraghON Report Abuse leave reserves alone, sh**t some future traders, oops I mean tell them to stop
tomok Champion Author Portland Posts:33,047 Points:2,346,485 Joined:Aug 2006	Message Posted: Aug 17, 2012 7:39:00 AM Ignore tomok Report Abuse No release from the SPR is necessary at this time. A release will Not lower the cost of fuel at the pump and the reserves are needed for 'just in case' (Justin Case?). Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost. The price of fuel at the pump is too high! 12/22/2012!
naw62 Champion Author Maine Posts:9,437 Points:2,217,890 Joined:Sep 2006	Message Posted: Aug 17, 2012 7:38:55 AM Ignore naw62 Report Abuse They haven't een taslking about riasing crude prices
dad2two Champion Author Dallas Posts:3,549 Points:751,370 Joined:May 2010	Message Posted: Aug 17, 2012 7:38:42 AM Ignore dad2two Report Abuse Political ploy.
cj003 Champion Author Michigan Posts:2,221 Points:1,256,295 Joined:Mar 2006	Message Posted: Aug 17, 2012 7:38:22 AM Ignore cj003 Report Abuse just in time for the election in Nov. no doubt?
Black Wagon Champion Author Illinois Posts:7,317 Points:1,803,745 Joined:Mar 2004	Message Posted: Aug 17, 2012 7:37:57 AM Ignore Black Wagon Report Abuse BOTH POLITICIANS AND DIAPERS NEED TO BE CHANGED OFTEN AND FOR THE SAME REASON!.
Prov1322 Veteran Author Atlanta Posts:370 Points:387,645 Joined:Nov 2011	Message Posted: Aug 17, 2012 7:37:31 AM Ignore Prov1322 Report Abuse Buying votes is not a reason to release any SPR. [Edited by: Prov1322 at 8/17/2012 10:39:03 AM EST]
dlzastera Champion Author Minnesota Posts:4,515 Points:1,024,320 Joined:Mar 2006	Message Posted: Aug 17, 2012 7:37:31 AM Ignore dlzastera Report Abuse This won't buy my vote for you Obama.
BANZAI56 Rookie Author Columbus Posts:85 Points:541,050 Joined:Jun 2005	Message Posted: Aug 17, 2012 7:37:20 AM Ignore BANZAI56 Report Abuse Just in time for the election no doubt...
MTM Champion Author Mobile Posts:52,649 Points:3,072,360 Joined:Oct 2004	Message Posted: Aug 17, 2012 7:36:44 AM Ignore MTM Report Abuse Right. Another lame attempt by Obama to buy votes. Won't help us or him.
tarheelcoastie Champion Author Greensboro Posts:5,201 Points:1,112,130 Joined:Jan 2009	Message Posted: Aug 17, 2012 7:36:05 AM Ignore tarheelcoastie Report Abuse a purely political move that has no effect on gas prices!
tdmedan All-Star Author Colorado Posts:580 Points:148,945 Joined:May 2012	Message Posted: Aug 17, 2012 7:35:42 AM Ignore tdmedan Report Abuse oh
toneOH All-Star Author Ohio Posts:551 Points:32,195 Joined:May 2011	Message Posted: Aug 17, 2012 7:35:37 AM Ignore toneOH Report Abuse ok
donny47 Champion Author New Hampshire Posts:2,666 Points:987,390 Joined:Feb 2009	Message Posted: Aug 17, 2012 7:35:02 AM Ignore donny47 Report Abuse leave reserve alone!
keo Champion Author Colorado Posts:10,261 Points:2,035,815 Joined:May 2004	Message Posted: Aug 17, 2012 7:34:37 AM Ignore keo Report Abuse ...oh, and this is just a way to see what the public reaction would be, since he never makes his own decisions.
porotito Champion Author Houston Posts:2,155 Points:580,660 Joined:Dec 2010	Message Posted: Aug 17, 2012 7:33:06 AM Ignore porotito Report Abuse Do it...that's why it's there...
keo Champion Author Colorado Posts:10,261 Points:2,035,815 Joined:May 2004	Message Posted: Aug 17, 2012 7:32:45 AM Ignore keo Report Abuse Just another ObamACORN tactic that proves he is clueless and has no leadership skills.
BWJM Champion Author KW Posts:1,113 Points:303,780 Joined:Oct 2011	Message Posted: Aug 17, 2012 7:32:20 AM Ignore BWJM Report Abuse ok
chyguy3 Champion Author Wyoming Posts:2,855 Points:859,990 Joined:Sep 2006	Message Posted: Aug 17, 2012 7:31:55 AM Ignore chyguy3 Report Abuse Leave it alone for "strategic" uses
traumer Champion Author Twin Cities Posts:5,379 Points:1,339,425 Joined:Aug 2006	Message Posted: Aug 17, 2012 7:31:35 AM Ignore traumer Report Abuse Wow Obama, just in time to buy more votes!