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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: ChinuSFO who wrote (102121)	9/24/2011 12:37:46 PM
From: tonto	Read Replies (2) \| Respond to of 149317

GETTY IMAGES/CHRIS ROSS Oil Rigs In a move with major political, economic, and foreign policy implications, Energy Secretary Steven Chu announced on Thursday that the U.S. and its partners in the International Energy Agency will release a total of 60 million barrels of oil onto the world market over the next 30 days to offset the disruption in the oil supply caused by unrest in the Middle East. The U.S. will release 30 million barrels of oil from the nation’s Strategic Petroleum Reserve. This is only the third time the U.S. has tapped the emergency oil reserve since its creation in 1973 in response to the Arab oil embargo. President George H.W. Bush authorized an emergency oil release during the first Gulf War in 1991, and President George W. Bush released 11 million barrels in 2005 after Hurricane Katrina, to help ease gasoline prices. And administration officials said they may consider releasing even more oil next month, depending on the impact on global markets of Thursday's move.

To: ChinuSFO who wrote (102121)	9/24/2011 11:40:44 PM
From: Nicholas Thompson	Respond to of 149317

Just to follow up on oil and gas statistics; US oil production reached a post 1950 low in 2008 of 4,950,000 barrels a day and is up 11% since then, rising to 5,474,000 barrels a day in 2010.The peak US production of over 9 million barrels a day was in the early 1970's and except for a few years in the late 70's and very early 80's production slowly dropped year to year. This was mainly due to decreasing north slope production, somewhat offset by deep gulf production which accelerated in 2009 and 2010.Also the ND Bakken formation is now contributing about 190,000 barrels a day and rising. As oil is a world commodity there are many reasons for production shifts; not the least is the easily pumped and generally sweet crude in the ME; for which we pay a lot extra in military costs, national security concerns, etc which are not reflected in pump prices. US Gas production is also increasing up from 18.9 mcf a day in 2005 to 22.6mcf a day in 2010, this was the best production year for gas in 37 years.