Obama Mulls Tapping U.S. Oil Reserve
U.S. Chamber SBN
Last night, two of the three network news broadcasts reported that President Obama is considering tapping into the country's Strategic Petroleum Reserve, as gas prices continue a sharp rise, according to White House sources. These broadcasts focused on how the rising prices at the pump are affecting consumers and the American economy. If prices continue to increase, how will your business be affected? Do you think President Obama should utilize our oil reserve?
Watch ABC News' coverage here: http://media.bulletinnews.com/playclip.aspx?clipid=8cdab154956ee76
Ervon Fairbanks
I have already made a comment but I would like to add the following. How rising prices at the pump are affecting consumers and the American economy? Rising prices at the pump consume more and more of consumers income leaving less and less to spend on food and other consumer merchandise. It results in the slow down in spending in basically all segments of the economy. As for myself I paid $4.055 per gallon for gasoline just yesterday, $63.00 for 15.5 gallons. As for my business, I just paid an oil bill for heat of $1726 dollars for heating oil. This has to be factored into the price of groceries. Consumers have to pay the bill. But it is not just the price of gas at the pump or the cost of my heat bills. The price of oil factors into every segment of the economy contributing to growing inflation. My groceries are transported from Seattle, WA to Skagway, AK via tug and barge. Tug fuel has increased and so freight rates have increased. For a shipping container from Seattle to Skagway, AK the freight charge is right at $3000. This has to be factored into the price of my groceries. Truck and rail rates have increased for all transportation. Grocery prices for the past two years have been very stable with even some price declines. We have, however, experienced about 300 price increases for each of the past two weeks. I truly expect that there is going to be considerable inflation in food costs in the near future. The prices at the pump are only a small part of the total cost to consumers and to the economy. Again, oil prices affect the entire economy. It was on the internet just a few hours ago that the ceasession of oil and gas drilling in Alaska could create a power shortage in Anchorage, AK. That city relies on natural gas from oil drilling in Alaska. It was also on the internet today that Khadafi has blown up some oil facilities in Libya. I believe this situation is with us for some time. And, from what I have read there is not enough oil in the Federal Oil Reserve to do much good. It is time that president Obama comes to the realization, whether he likes it or not, he better resume drilling in this country. Eighty five per cent of the energy used in this country comes from fossil fuels. Without that oil and gas he just may not be able to turn on the lights in Washington, DC. I truly believe that he does not know what he is doing. He is the most unqualified person to ever sit as president. He is the most anti-business president in the history of this country. He is also a president who does not have the welfare of people at heart nor does he have the welfare of the nation as a whole at heart.
March 9th at 5:10pm
joe bonness
price freeze like Nixon placed durring the oil embargo?
March 9th at 10:25am
Ervon Fairbanks
Do I think President Obama should utilize our oil reserve. No I do not. Use of that oil would be less than a band aid fix. During the last few days there have been varying figures on the oil in the reserve and statements that the reserve woulb be only enough oil to serve the country for from 35 to 75 days. Open up drilling in the Gulf of Mexico and Alaska and begin to produce our own. America, according to the Congressional Research Service has more oil than any other country on the planet. Create the jobs at home and keep the billions of dollars in this country rather than send the money overseas to create jobs in foreign countries. Until we, as a nation, stop sending our money overseas and create jobs in those countries, the economy of this nation will never truly recover.
March 8th at 5:15pm
