U.S. to Release 30 Million Barrels of Oil from Strategic Reserve

U.S. to Release 30 Million Barrels of Oil from Strategic Reserve

The U.S. is releasing 30 million barrels of oil from the Strategic Petroleum Reserve as part of an international effort to make up for the loss in supply from the disruption in Libya’s production in the face of ongoing “kinetic military action,” the Energy Department announced Thursday.

The release coincides with another 30 million barrels to be released in the coming month from other nations in coordination with the International Energy Agency.
U.S. Energy Secretary Steven Chu said the SPR is currently at a record 727 million barrels in storage.

He said the situation in Libya — which the U.S. began bombing in March, but which has been under NATO control since May — has caused a loss of roughly 1.5 million barrels of oil per day — particularly light, sweet crude – from global markets.

“We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery,” Chu said in a statement. “As we move forward, we will continue to monitor the situation and stand ready to take additional steps if necessary.”

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U.S. to Release 30 Million Barrels of Oil from Strategic Reserve

I realize that I’m just a redneck, Neanderthal, knuckle dragging blogger from Texas and I don’t know much about the world, or *The BIG Picture* we hear so much about. 

I obviously don’t understand the nuance of world government and the way our leaders work to keep this nation safe and solvent, that’s what the U.S. leadership would tell you, but I have got to say, in MY opinion, this story and its premise, and every action that the Obama regime foists off on this nation, is designed to destroy the American economy and to take the United States of America into the abyss of third world chaos.

In the first place; why are we importing oil from Libya? Why do we import oil from Kuwait, Saudi Arabia and Venezuela? Why are we allowing ourselves to be held hostage by the enemies of this nation? OPEC is NOT our friend, they don’t care if we live or die as long as we keep on pumping BILLIONS of U.S. dollars into their economy.

We don’t need foreign oil!

On March 13, 2011 I published this piece: New report says U.S. has largest fossil fuel reserves in world along with this commentary:

Yet WE rely on the Muslim world for most of OUR oil. We are held hostage and are subject to any whim or political shift the Arab world wants to force upon us.

It appears that Obama, his fellow Muslims, and the assorted moonbats and tree huggers are good with it too. All I can figure is, these tree hugger types MUST make a lot of money, they don’t seem to care how expensive oil gets and what that expense does to the U.S. financial markets and the manufacturing segment that relies on oil for a lot more than just gasoline.

In that same piece I also pointed out this little tidbit:

New drilling method opens vast oil fields in US

A new drilling technique is opening up vast fields of previously out-of-reach oil in the western United States, helping reverse a two-decade decline in domestic production of crude.

Companies are investing billions of dollars to get at oil deposits scattered across North Dakota, Colorado, Texas and California. By 2015, oil executives and analysts say, the new fields could yield as much as 2 million barrels of oil a day — more than the entire Gulf of Mexico produces now.

This new drilling is expected to raise U.S. production by at least 20 percent over the next five years. And within 10 years, it could help reduce oil imports by more than half, advancing a goal that has long eluded policymakers.

“That’s a significant contribution to energy security,” says Ed Morse, head of commodities research at Credit Suisse.

Full Story Here:
New drilling method opens vast oil fields in US (Editors Note: This link to the Yahoo story has expired)

Wow, we have new and innovative methods of drilling that can open up vast fields of previously out-of-reach oil in the western United States, helping reverse a two-decade decline in domestic production of crude. Isn’t that amazing?

Did anyone think to point this out to Barack Hussein Obama?

Oil Drops as International Reserves Are Tapped

Oil plunged nearly 5 percent Thursday after the International Energy Agency said it will release 60 million barrels of oil from its reserves to make up for a loss of Libyan exports in global oil markets. SOURCE

For those that don’t know, or don’t watch the stock markets as closely as others, the Dow DUMPED 215 points on this news. At last check the Dow was recovering and had regained some of its losses at the time this post was made, but the question is; WHY do we have to tap reserves and why are we still buying oil from OPEC?

We have made OPEC nations RICH with our purchases of oil, and don’t think I blame Obama exclusively, I don’t. This goes back a long time before he came on the scene.

There is one thing that I have known for many years; we have the oil, more than enough oil to keep the USA swimming in oil for many generations to come.

I remember Oklahoma in the 1960’s, we were buying gasoline for .16 per gallon in places, sometimes even cheaper than that if the stations decided to have a little *price war*.

For those too young to remember, at .16 per gallon, you got your windshield washed, your oil and water was checked, your tires were pressure checked with a gauge and your lights were wiped clean. FULL SERVICE at what we called, ‘A Service Station’.

There is only one thing I ever heard Sarah Palin say that I can 100% agree with, and that was her “Drill Baby Drill”.

If America would drill its own oil we could once again be paying less than a dollar a gallon for gasoline, but hey, what do I know, I’m just a redneck, Neanderthal, knuckle dragging blogger from Texas.