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Selling oil reserves staves off sequestration

Pocono Record -- America has a piggy bank it no longer needs, a piggy bank with sufficient resources to pay for the current fiscal year's sequestration, albeit a resource unlikely to be used because friends and foes might misinterpret its purpose.

Sequestration, which is scheduled to go into effect on March 1 per the Budget Control Act of 2011, mandates budget cuts for the next 10 years, beginning with $85 billion this year. Congress is struggling to come up with cuts and revenue to offset this, but has so far failed.

There is another solution. In 1975, responding to OPEC's (Organization of Petroleum Exporting Countries) 1973 oil embargo, the United States established the SPR (Strategic Petroleum Reserve), which now includes four sites in Louisiana and Texas holding approximately 695 billion barrels of..

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Submitted Feb 22, 2013 By: EZExit

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rjr54 Champion Author Winnipeg Posts:1,110 Points:394,395 Joined:Feb 2005	Message Posted: Mar 12, 2013 12:08:16 AM Ignore rjr54 Report Abuse honda105, if imports were interrupted, then I suppose the SPR would last twice as long, 2 months.
tomok Champion Author Portland Posts:33,020 Points:2,345,510 Joined:Aug 2006	Message Posted: Mar 6, 2013 1:03:06 AM Ignore tomok Report Abuse Selling oil reserves staves off sequestration,No Selling Oil From The SPR! NEVER! 'Coming out of the closet' Sneeky's lousy, smoke and mirrors, lack of jobs, dog and pony show and in the crapper economy, the jobs are Not here. Sneeky's economy is not improving but continues to hurt the population and the job numbers continue to be down! The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! The price at the pump needs to go down to $2/gallon - $3, $3.50/gallon or *$4.00 is Not the new low! More Refineries are Not the answer, Stop exporting fuel! Take care of the domestic fuel market first and above all else! Drive vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. The price of fuel at the pump is too high!
honda0105 Champion Author Tallahassee Posts:18,624 Points:1,609,520 Joined:Nov 2008	Message Posted: Feb 27, 2013 5:50:55 AM Ignore honda0105 Report Abuse still gonna be better than nothing. We'd hope that it wouldn't be the whole country needing "oil bailout," rjr.
rjr54 Champion Author Winnipeg Posts:1,110 Points:394,395 Joined:Feb 2005	Message Posted: Feb 26, 2013 12:08:15 AM Ignore rjr54 Report Abuse SPR won't help much in an emergency. Since the USA is using some 20 million barrels or so a day, 695 million barrels would only last 35 days. That is not much of a safety net.
honda0105 Champion Author Tallahassee Posts:18,624 Points:1,609,520 Joined:Nov 2008	Message Posted: Feb 26, 2013 12:00:56 AM Ignore honda0105 Report Abuse and even when the numbers would not be wrong, rjr, I have to say, the "piggy bank" is not for this purpose. I have to say, if the airheads (all parties) inside the Beltway did their jobs and not worry about everything else, esp. partisanship, then perhaps this problem would have long been resolved.
rjr54 Champion Author Winnipeg Posts:1,110 Points:394,395 Joined:Feb 2005	Message Posted: Feb 24, 2013 1:34:53 AM Ignore rjr54 Report Abuse This is full of mistakes. The most glaring is: "695 billion barrels of oil worth nearly $63 billion". At approximately $100/barrel it is obvious one of these numbers is wrong. If the "$63 billion" is wrong, then all the financial numbers are worthless. If the mistake is the "695 billion barrels", then the "695 Million barrels" would have nearly no effect on the world price of oil, given that the whole world is burning about 90 million barrels a day. So the stuff about "boon to the economy" is also worthless.
rjr54 Champion Author Winnipeg Posts:1,110 Points:394,395 Joined:Feb 2005	Message Posted: Feb 24, 2013 1:32:40 AM Ignore rjr54 Report Abuse Here is another mistake. "aided only by Canadian oil imports, can expect to achieve energy independence within five years." This is not energy independence, that is still dependance on foreign oil, although Canada would be somewhat better than OPEC. How about an article with some CORRECT facts?!?
bell013 All-Star Author Atlanta Posts:516 Points:100,150 Joined:Feb 2013	Message Posted: Feb 23, 2013 11:26:21 AM Ignore bell013 Report Abuse More smoke and mirrors.
PetroCrap Sophomore Author Toronto Posts:200 Points:107,875 Joined:Mar 2004	Message Posted: Feb 23, 2013 11:25:39 AM Ignore PetroCrap Report Abuse Taking the average consumption of the USA in 2011 of oil, the 695 billion barrels of oil, if needed, would last about 95 years. There's your oil independence right there!!
merlinCO Champion Author Colorado Posts:1,640 Points:341,395 Joined:Mar 2012	Message Posted: Feb 23, 2013 10:16:22 AM Ignore merlinCO Report Abuse Would only get to sell to wholesalers for $25 not $125....and they still make huge profits
rjr54 Champion Author Winnipeg Posts:1,110 Points:394,395 Joined:Feb 2005	Message Posted: Feb 23, 2013 6:23:52 AM Ignore rjr54 Report Abuse This is full of mistakes. The two most glaring are: "695 billion barrels of oil worth nearly $63 billion". At approximately $100/barrel it is obvious one of these numbers is wrong. If it is the "$63 billion", then all the financial numbers are worthless. (great pun, isn;t it LOL) If it is the "695 billion barrels", then the "695 Million barrels" would have nearly no effect on the world price of oil, given that we, the whole world, are burning about 90 million barrels a day. So the stuff about "boon to the economy" is also worthless. "aided only by Canadian oil imports, can expect to achieve energy independence within five years." This is not energy independence, that is still dependance on foreign oil, although Canada would be somewhat better than OPEC. How about an article with some CORRECT facts?!?
SkooterG Champion Author Phoenix Posts:1,359 Points:328,585 Joined:May 2012	Message Posted: Feb 23, 2013 3:25:38 AM Ignore SkooterG Report Abuse What a stupid idea. Selling off the SPR does not fix the problem. We need to force our government to start living within its means.
Sisu58 Champion Author Michigan Posts:1,274 Points:355,280 Joined:Jun 2008	Message Posted: Feb 23, 2013 2:53:45 AM Ignore Sisu58 Report Abuse Sneakers55: Your comment says more about you, than it does about me. Hint, it's not good.
Sneakers55 Champion Author Houston Posts:51,306 Points:2,143,925 Joined:Nov 2005	Message Posted: Feb 23, 2013 2:16:51 AM Ignore Sneakers55 Report Abuse On Feb 22, 2013 11:13:38 PM, nomad228 wrote: >how about actual oil regualtion(setting the price for others >to meet/bringing the prices back down through? actual >competition as to whom gets the united states business) >of pricing around the world so everyone can afford to >live again. You must be living pretty good. You don't have a job (according to your profile), your hobby is sleeping (again, according to your profile) , and still you have access to a computer to post your tripe on GasBuddy. Maybe you should move to a Socialist country where they do set the price of everything, but then they also expect everyone to work and not goof off. >or just invest in nationwide switchover to electric power >from solar,wind,water,and subsidize it so every >home/business can have it. OK, who is going to subsidize it? You can't because you admit you're not working. I'm not working either, but then I'm retired and don't have to work unlike the wage slaves and the bums. >then we would depend on no one No, you'd depend on the Government. Are you among the 47% of lazy bums that depend on the Government? I'm proud to say I'm among the 53% where the Government depends on me. >and big earl would wonder wha? I happen to like Big "Earl." I also happen to like a lot of things. What I don't like is people who want to propose price controls.
Sneakers55 Champion Author Houston Posts:51,306 Points:2,143,925 Joined:Nov 2005	Message Posted: Feb 23, 2013 2:00:11 AM Ignore Sneakers55 Report Abuse On Feb 22, 2013 10:49:14 PM, Sisu58 wrote: >We need a transaction tax on Wall Street Speak for yourself. You're most likely a blue-state Democrat who would like everybody on food stamps and free Obamaphones.
tbbMI Sophomore Author Michigan Posts:135 Points:755,320 Joined:Jul 2008	Message Posted: Feb 23, 2013 1:26:49 AM Ignore tbbMI Report Abuse N4Pip is right! If you don't do the job right, you don't get paid! Why should the rich be any different?! We need to keep our oil here in the US for when we need it; how stupid can they get talking about getting rid of it, when gas is so high now as it is!!!
yakstar Champion Author Montreal Posts:2,420 Points:479,645 Joined:Jan 2012	Message Posted: Feb 23, 2013 1:05:01 AM Ignore yakstar Report Abuse holy cow!
rahcat Champion Author Grand Rapids Posts:2,473 Points:663,175 Joined:Jan 2010	Message Posted: Feb 23, 2013 12:19:46 AM Ignore rahcat Report Abuse If you hang all of the stupid legislators......the halls of Congress would be an incredibly large echo chamber.
nomad228 Champion Author Columbus Posts:3,117 Points:575,140 Joined:Feb 2011	Message Posted: Feb 23, 2013 12:13:38 AM Ignore nomad228 Report Abuse how about actual oil regualtion(setting the price for others to meet/bringing the prices back down through? actual competition as to whom gets the united states business) of pricing around the world so everyone can afford to live again.and? the world markets can recover again?or how about we just release the reserves and dump it on the world market for U.S to benefit greatly then stockpile our own resources from now on. blah blah blah blah means president bush threatened to do this and gas prices dropped almost a dollar in the same day.when the world market found out oil prices dropped drastically per barrel. that or just invest in nationwide switchover to electric power from solar,wind,water,and subsidize it so every home/business can have it. then we would depend on no one and big earl would wonder wha? jus happin??? (ole bugs bunny reference).i say cut gov'ment jobs til they feel threatened their jobs are on the line jus like ours were/are. : ) then maybe they will realize the well is closed to them. no more lining their pockets on the taxpayers dime/time.
toxigas Champion Author Oakland Posts:1,212 Points:407,590 Joined:Oct 2011	Message Posted: Feb 23, 2013 12:12:57 AM Ignore toxigas Report Abuse Sure it is hard, politically, but outside of politics some of the solutions seem obvious. Like, end energy subsidies of all kinds. Clean up the corrupt farm subsidy fiasco. Those two alone should cover it.
arb0526 Champion Author Greensboro Posts:1,976 Points:410,620 Joined:Mar 2011	Message Posted: Feb 23, 2013 12:10:28 AM Ignore arb0526 Report Abuse A minor burp in our world.
roadrunnerMO Champion Author Kansas Posts:8,411 Points:1,700,440 Joined:Jul 2008	Message Posted: Feb 23, 2013 12:08:49 AM Ignore roadrunnerMO Report Abuse jorod 55 said "Wana cut the budget and save billions? Cut Congress's salaries in half. Get them back down to earth where they belong." Actually no need to pay them as they are paid by those trying to sway their votes. The reserves have a purpose and not for congress and the messiah to mismanage their purpose. Congress has a spending problem.
naspa Champion Author Cleveland Posts:1,271 Points:352,150 Joined:Jan 2012	Message Posted: Feb 23, 2013 12:07:33 AM Ignore naspa Report Abuse Congress is a joke of inefficient manipulators.
hammer219115 Veteran Author Pennsylvania Posts:411 Points:22,950 Joined:Aug 2006	Message Posted: Feb 23, 2013 12:05:12 AM Ignore hammer219115 Report Abuse Do tell!
ClassicWheeler All-Star Author Montgomery Posts:660 Points:309,100 Joined:Apr 2012	Message Posted: Feb 23, 2013 12:04:27 AM Ignore ClassicWheeler Report Abuse Sounds like a political stall to me. But what's new there?
ManOfLeisureII Champion Author Philadelphia Posts:1,879 Points:455,125 Joined:Jan 2012	Message Posted: Feb 23, 2013 12:02:52 AM Ignore ManOfLeisureII Report Abuse No doubt the DC crowd will do all sorts of creative things to avoid cutting spending
clermont40miles Champion Author Cincinnati Posts:10,576 Points:1,772,940 Joined:Apr 2008	Message Posted: Feb 23, 2013 12:01:13 AM Ignore clermont40miles Report Abuse An astoundingly stupid suggestion. Reserves - do not touch unless an emergency requires withdrawal. Sequestration is a political device that must be solved politically. BHO & Co. put us where we are. It will be interesting to see if the media can save face for BHO once again, being the emperor is wearing no clothes. Now, THAT is transparency.
lasriog Sophomore Author Texas Posts:144 Points:336,880 Joined:Jan 2012	Message Posted: Feb 23, 2013 12:00:13 AM Ignore lasriog Report Abuse 695 billion barrels of oil would sell for a lot more than $80 billion Even if you sold it for $60 a bbl
southrob Champion Author Tucson Posts:3,600 Points:688,175 Joined:Mar 2011	Message Posted: Feb 22, 2013 11:59:56 PM Ignore southrob Report Abuse dhan
Ferdman17 Champion Author Albany Posts:1,288 Points:374,535 Joined:Feb 2012	Message Posted: Feb 22, 2013 11:57:42 PM Ignore Ferdman17 Report Abuse Don't think it would do much by doing this.
vibdata Champion Author Massachusetts Posts:4,090 Points:849,300 Joined:Nov 2005	Message Posted: Feb 22, 2013 11:53:35 PM Ignore vibdata Report Abuse I think this is a big bunch of hogwash. Plain and simple.
oppdetcon Champion Author Ottawa Posts:1,436 Points:499,575 Joined:Feb 2011	Message Posted: Feb 22, 2013 11:52:23 PM Ignore oppdetcon Report Abuse OK...
Sydman Sophomore Author Grand Rapids Posts:107 Points:1,804,435 Joined:May 2004	Message Posted: Feb 22, 2013 11:52:20 PM Ignore Sydman Report Abuse What "Sisu58" said
grt197 All-Star Author Illinois Posts:578 Points:126,560 Joined:Jan 2013	Message Posted: Feb 22, 2013 11:51:22 PM Ignore grt197 Report Abuse have no idea
runningmp Champion Author Corpus Christi Posts:24,518 Points:2,748,380 Joined:Sep 2005	Message Posted: Feb 22, 2013 11:50:59 PM Ignore runningmp Report Abuse The Strategic Petroleum Reserve use is for emergencies..not to pay for a fiscal crisis.
gasmack Champion Author Ventura Posts:1,713 Points:668,460 Joined:Feb 2011	Message Posted: Feb 22, 2013 11:50:11 PM Ignore gasmack Report Abuse OK.
Sisu58 Champion Author Michigan Posts:1,274 Points:355,280 Joined:Jun 2008	Message Posted: Feb 22, 2013 11:49:14 PM Ignore Sisu58 Report Abuse We need a transaction tax on Wall Street, that should slow down the speculators a bit.
nwsynthetics Champion Author Oregon Posts:1,014 Points:346,425 Joined:Dec 2011	Message Posted: Feb 22, 2013 11:46:05 PM Ignore nwsynthetics Report Abuse cut salaries on teh big deals, get rid of sponges sucking teh system dry on welfare, along with illegals and thier 20 kids, etc. Stop subsidizing everything,etc,etc, etc.
1Casey Champion Author Albany Posts:6,533 Points:1,792,860 Joined:Jun 2004	Message Posted: Feb 22, 2013 11:45:16 PM Ignore 1Casey Report Abuse ?
prassu2012 All-Star Author Illinois Posts:681 Points:148,920 Joined:Dec 2012	Message Posted: Feb 22, 2013 11:41:54 PM Ignore prassu2012 Report Abuse nope
bmsgolf Champion Author Amarillo Posts:2,047 Points:454,255 Joined:May 2011	Message Posted: Feb 22, 2013 11:41:14 PM Ignore bmsgolf Report Abuse No
jorod55 Champion Author California Posts:1,480 Points:431,950 Joined:Dec 2011	Message Posted: Feb 22, 2013 11:39:59 PM Ignore jorod55 Report Abuse Wana cut the budget and save billions? Cut Congress's salaries in half. Get them back down to earth where they belong.
us4usa Champion Author Missouri Posts:5,991 Points:1,113,265 Joined:May 2008	Message Posted: Feb 22, 2013 11:37:51 PM Ignore us4usa Report Abuse Switch all vehicle to NG, then lets talk about it...
singlemom27 Champion Author Ventura Posts:3,113 Points:640,185 Joined:Apr 2011	Message Posted: Feb 22, 2013 11:36:37 PM Ignore singlemom27 Report Abuse Stop the speculation and we'll see prices plummet.
BREW9 All-Star Author Tampa Posts:886 Points:2,912,930 Joined:Jun 2004	Message Posted: Feb 22, 2013 11:35:51 PM Ignore BREW9 Report Abuse great
ESCORT6768 Champion Author Iowa Posts:1,072 Points:610,990 Joined:Sep 2005	Message Posted: Feb 22, 2013 11:35:24 PM Ignore ESCORT6768 Report Abuse Just get the price of fuel down at the pump. Instead of a few people getting rich off inflated oil prices, lower prices at the pump would lower transportation costs which would lower the price of goods which would mean the consumers would be able to purchase additional goods and services and create more jobs. More jobs means more people paying taxes instead of living off tax dollars.
SpankyMI Champion Author Kalamazoo Posts:2,713 Points:760,255 Joined:Jan 2011	Message Posted: Feb 22, 2013 11:35:13 PM Ignore SpankyMI Report Abuse We need the sequestration, its time to begin to cut spending.
gasokie Champion Author Oklahoma Posts:3,448 Points:1,325,475 Joined:May 2007	Message Posted: Feb 22, 2013 11:34:14 PM Ignore gasokie Report Abuse I like these blogs. Just about everyone is correct except perhaps the Pocono Record as PetroCrap noted in his excellent blog. One point in the Pocono is very important to keep in mind. We might have needed the reserve back when but each and every day the arab oil becomes a little less important to the world in general. As it turned out, we weren't running out of oil. And we will not. No one knows just how long it will last but I don't think we can figure stuff out too far in advance. The world responds only to perceived reality...not long range plans such as those foisted by global warming priests. selling the reserve produces very little cash when compared to what we owe.Talking about trillions of $$$$ is hard to do. Hard to keep your desmal points in line.
katmandue Champion Author Detroit Posts:8,071 Points:2,134,120 Joined:Jul 2006	Message Posted: Feb 22, 2013 11:33:43 PM Ignore katmandue Report Abuse Dream on and it will not fix the problem in the long term!
rawdog1313 Champion Author Lexington Posts:3,304 Points:1,643,780 Joined:May 2008	Message Posted: Feb 22, 2013 11:31:17 PM Ignore rawdog1313 Report Abuse Whatever........