The Regime sells our oil reserves

[Janice]

Some oil from reserve to be sold

WASHINGTON — The government is preparing to sell $500 million worth of crude oil the U.S. has stockpiled for emergencies because of problems with the integrity of one of the underground caverns where it is stored.

Energy Secretary Steven Chu defended the plan Wednesday amid concerns the sale of crude from the Strategic Petroleum Reserve would leave the U.S. more vulnerable to disruptions in the supply of Mideast oil.

Chu said it was better for the government to cash in on the crude rather than risk it seeping out of a salt dome cavern in southeast Louisiana or chance an overflow of oil as it is moved to other brimming storage sites. >>>

Congress has authorized the Energy Department to spend $33.5 million for a replacement, and officials are buying a privately owned cavern - also in the Bayou Choctaw salt dome - with a 10-million-barrel capacity.

The government's plan to sell the oil from the strategic reserve was part of President Barack Obama's budget plan for the 2012 fiscal year that begins in October. Obama delivered that budget blueprint to Congress on Monday, and the Senate energy panel was studying it Wednesday.

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As someone has aptly put it: "When not out golfing, vacationing or shooting hoops, the First Usurper passes the time thinking 'What new way can I damage the USA today?' "

[thundley4]

His ultimate goal of hurting the US notwithstanding, Teh Won hopes to keep a little control over gas prices through the next election.

[Janice]

Also from the article:

"Before Chu's explanation, some senators questioned the plan to sell oil while unrest in the Middle East underscores the risks of U.S. reliance on foreign oil. They also wondered if the sale was really aimed at raising money for the cash-starved federal government.

Sen. Jeff Bingaman, D-N.M., the energy committee chairman, noted that the administration's budget proposal contains "very little in the way of justification."

And so in other words they are trading oil for cash. That’s a fair chunk of change he can siphon off to "redistribute" to his base for re-election.

[true_blood]

Wow. I don't know what to say?? This man communist is without a doubt trying to bring this great Country to it's knees.
Almost sounds like a little redistribution to me. I am disgusted.

[JohnnyReb]

$500,000,000 at $100 per barrel ='s about 5,000,000 barrels or 1/4 of a usual days worth of oil.

I heard on the radio that they discovered a lot more oil in Texas but the problem is we lack refineries to refine it. Also heard on the same show that they is more oil in Alaska than in Saudi Arabia.

One of the first things Nancy P. and crowd did was cut us off from oil produced at the Canadian sand slope oil when they took power in '07. Canada produces almost half (9 million) of the 21 million barrels we use every day. ....and in Alaska they put extreme environmental rules on drilling there. They are having to truck the drilling slurry from the wells over 200 miles to an approved proper landfill. ...and since there are no roads in that area it means they have to drill in the dead of winter so they can truck on frozen ground.

DAMN DUMBASSES, formerly known as democrats, piss me off.

[ironhorsedriver]

Go figure, oil is up, midle east tension, hey, sell off our reserves.
http://www.chron.com/disp/story.mpl/business/7430875.html

[thundley4]

Go figure, oil is up, midle east tension, hey, sell off our reserves.
http://www.chron.com/disp/story.mpl/business/7430875.html

Libya has said that they are halting oil production.

[Janice]

Posted here too.