President Barack Obama Message Board

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Politics : President Barack Obama

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To: Wharf Rat who wrote (24538)	6/24/2008 4:27:19 PM
From: tejek	Read Replies (2) of 149317

SPR is for emergency supply shortages; like after Katrina when supply was disrupted. This is BAU, and we shouldn't waste our emergency stash now. Might come in handy in the fall. My friend who created the peak export model is keeping his eye on imports into the Gulf. They've fallen like 26%, and gulf inventories are dropping 800K barrels every day. He thinks releases from the SPR will be required to keep the Gulf running. Be a shame to waste it now just so you can have 3 dollar gas. What worries me is that it won't make any difference in the price of gas. Think about it.....within the past week China has raised the price of gas to Chinese consumers by 18%, presumably blunting demand and the Saudis have agreed to raise oil production. What has the price of oil done......stayed within 5% of its all time high. I think the only thing that might move the price of gas down is the feds asking for a voluntary 10% reduction in consumption by Americans. And even that might not work. The world is in a heap of trouble........and the US will suffer some of the worst of it.

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