Obama prepared to tap oil reserves
March 11th, 2011
02:20 PM ET
4 years ago

Obama prepared to tap oil reserves

New York (CNNMoney) - President Obama said Friday that he is prepared to tap the nation's strategic oil reserves to deal with any supply disruptions as part of his effort to keep gas prices under control.

Obama attributed the recent run-up in oil and gas prices to increased global demand, combined with uncertainty in the oil market due to political turmoil in North Africa and the Middle East.

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Filed under: President Obama
soundoff (18 Responses)
  1. DemoCommunists for a Better Way - Bankruptcy

    "Here at home, everybody should know that, should the situation demand it, we are prepared to tap the significant stockpile of oil that we have in the Strategic Petroleum Reserve," Obama said during a press conference in Washington.

    Obama would not specify what price level would trigger a release form the strategic reserve. But, in a pointed message to the oil market, he said the United States and its allies will do what ever it takes "to make sure that oil supplies remain stable and that economic growth will continue."
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    Just more double talk drivel from this buffoon president. The guy has ZERO leadership abilities. An empty suit that gives good speeches, if he has a telepromper. 2012 can't get here soon enough to be rid of this clown.

    March 11, 2011 02:30 pm at 2:30 pm |
  2. Sniffit

    "combined with uncertainty in the oil market due to political turmoil in North Africa and the Middle East."

    Not to mention the real problem, which is the rampant speculation that goes with it...people trying to cash in on hoping that the world's oil supplies take a huge hit by Libya failing to produce, thereby inflating prices drastically.

    March 11, 2011 02:32 pm at 2:32 pm |
  3. Fair is Fair

    Terrible move. The point of the strategic reserve is to have supplies in the event of a national crisis. This does not qualify.

    March 11, 2011 02:37 pm at 2:37 pm |
  4. Anonymous

    A bushel of wheat or corn for a barrel of oil! We have enough of our own energy to grow food .The United States feeds the world . We just need to stop paying for oil with money. Food is the money of today and tomarrow! We all need to back our farmers they are our future. There is no reason our food prices should go up, when we charge for food like they charge for oil.

    March 11, 2011 02:38 pm at 2:38 pm |
  5. Bill in STL

    Need to stop relying on Middle East oil .... not tap the reserves ... the problem is that now after all these years of denying use of our own it will take years to become independent again. We have made this bed, now we have to sleep in it.....

    March 11, 2011 02:39 pm at 2:39 pm |
  6. William

    A bushel of wheat or corn for a barrel of oil! We have enough of our own energy to grow food .The United States feeds the world . We just need to stop paying for oil with money. Food is the money of today and tomarrow! We all need to back our farmers they are our future. There is no reason our food prices should go up, when we charge for food like they charge for oil.

    March 11, 2011 02:40 pm at 2:40 pm |
  7. Bill from GA

    Hopefully the nation's strategic oil reserves will be saved for real emergencies and not used for knee-jerk politics. There is no shortage of gas or oil in this country.

    It would never happen, but Congress should pass a YEARLY (required for registration) gas-guzzler tax on gas-guzzling cars and trucks. For the trucks, it would tie in to a tax credit equal to 90% of the tax: if you use the truck to make (taxable) money, you get most of the tax back. Double the tax for high-horsepower cars (over 350 hp and/or over ten to one pound per horsepower (weight to power) ratio). No tax credit on guzzling cars.

    Our fuel consumption would drop rapidly.

    March 11, 2011 02:58 pm at 2:58 pm |
  8. carrotroot

    There is no need to tap the strategic reserve at this time. Prices are high because of the unrest in Libya, but they will eventually go down once the speculators calm down.

    March 11, 2011 03:00 pm at 3:00 pm |
  9. Lynda/Minnesota

    Good grief, every time someone sneezes in the Middle East, the oil speculators jack up the prices . . . always looking for a way to squeeze the little guy. Now would be a good time to cut all tax subsidies to big oil - squeezing them back, so to speak, and begin regulating the cost charged to consumers. If big oil can't manage itself, why should we the taxpayers continue subsidizing their interests? Seriously, 500B in yearly profit isn't exactly peanuts.

    March 11, 2011 03:01 pm at 3:01 pm |
  10. Bill from GA

    A YEARLY (required for registration) gas-guzzler tax would do much for National Security. We might soon end our dependence of oil from countries that we normally would not like. Saudi Arabia no better reflects our American values than Libya, but we kiss up to them because we have to have their oil. We bend our morals to support our oil addiction.

    Granted, most of our 'foreign' oil comes from Canada and Mexico, and we will need that oil for decades to come.

    March 11, 2011 03:08 pm at 3:08 pm |
  11. Robert Vukovic

    So typical of the media these days, trolling for sound bites. I watched the press conference and Obama strongly indicated there was no immediate plan to open up the oil reserves but if certain criteria were met, the administration was fully prepared to trigger the release. The CNN headline gives the impression that an opening of the strategic oil reserves is imminent.

    March 11, 2011 03:16 pm at 3:16 pm |
  12. Bill from GA

    And Barry "directed the U.S. Attorney General and state regulators "to monitor for price gouging to make sure Americans are not taken advantage of at the pump.""

    Reminds me of 'Casablanca': "Round up the usual suspects", as they ignore the real 'bandits'.

    Can't expect the government to go after the real culprits, rich commodities traders.

    March 11, 2011 03:17 pm at 3:17 pm |
  13. bonrc

    Circumstances don't yet warrant tapping reserves. Second, after scanning comments on many articles to determine bias rumors, its glaringly clear that CNN has an exceptionally healthy share of liberals.

    March 11, 2011 03:32 pm at 3:32 pm |
  14. Mark8131

    Mr. Rooney, did you even listen to what the greatest president ever said! Please tell me again what he is doing to keep the price of gas down? You have done a great spin job on his words! No wonder the loonie liberal sheep don't have a clue!

    March 11, 2011 03:33 pm at 3:33 pm |
  15. Sniffit

    "Terrible move. The point of the strategic reserve is to have supplies in the event of a national crisis. This does not qualify."

    Apparently, you hear only what you want to hear. Obama did not say he IS tapping the reserves...just assured everyone that he is willing to do so IF it becomes warranted. Why you felt you needed to attempt to mischaracterize it into a negative is a mystery to every thinking person who read your post. Had Obama not clarified his willingness to do so, you'd probably have been part of the chorus yammering about him letting oil prices go up and not planning to do anything about it.

    March 11, 2011 03:49 pm at 3:49 pm |
  16. Scott in Atlanta

    You complain if he does something about it. You complain if he doesn't. You're irrelevent: Fair is Fair, DemoCommunists for a Better Way – Bankruptcy, Mark8131, Bill from GA, Four and the Door, etc... You all sure do spend a lot of time on CNN??? Isn't Faux "News" more your cup of Tea (Pun intended)

    March 11, 2011 03:50 pm at 3:50 pm |
  17. Darth Vadik, CA

    ABOUT TIME....

    Why???

    Because Bush would never do that, and anything Bush thought was bad, MUST BE GOOD...

    March 11, 2011 04:08 pm at 4:08 pm |
  18. Darth Vadik, CA

    ohhh yes one more thing....

    ...everyone here complaining sure won't be any more when it eases the pull on your pockets...

    ...anyway, strategic oil reseves are only good for 6 months so..................

    March 11, 2011 04:10 pm at 4:10 pm |