Strategic Petroleum Reserve
Congress raiding our Oil: About to require the sale of U.S. SPR (Strategic Petroleum Reserve) to fund additional spending
Today, as part of H.R. 2354, Congress is requiring the sale of $500 million of Strategic Oil Reserves - and then requiring any money from those reserve sales be used to fund additional spending as part of the general treasury.
This sets a terrible precedent, threatens our national security and is in all likelihood not entirely legal.
On the floor of the house today Congressman McClintock called it a scandal - and we agree. This is nothing more than accounting tricks and blatant disregard for the very idea behind the Strategic Oil Reserve.
The vote is tomorrow, spread the word.
I was puzzled by the recent news that PresBO has decided to release 30 million barrels of oil from the US Strategic Petroleum Reserve and several days later, my confusion remains despite reading a number of articles addressing this surprising move. It occurs to me that it is just indicative of the current administration’s leadership strategy, which is frankly equal parts reactionary and political, but always misguided.
So here are my thoughts on this current attempt to ease the high prices Americans are facing at the gas pump…
First, this move is too little too late. The fact is oil prices were at their peak around April of 2011 and have been steadily declining over the last few months so that prices were already easing slightly. So why release this oil now? Particularly when we are in the beginning days of hurricane season, and we realize how beneficial it is to have the Strategic Petroleum Reserve (SPR), for example, in the days following Hurricane Katrina, when supply was majorly disrupted. So, instead of maintaining the SPR until a real crisis occurs, the President has opted to release 30 million barrels of the Reserve for seeming little more that earning political brownie points with the American people.