I heard half a soundbyte last night about the president releasing oil from the reserve in order to stabilize gasoline prices in the face of the Venezualan strike. Is that happening ? Why is there no uproar about it as there was when Clinton suggested doing the same ?
My WAG is that trade rules prevent Canada and Mexico from not selling oil and gas to the US, meaning that the US no longer needs to depend on its own inventory.
Note that I haven’t checked into this-- I just seem to recall something along these lines being discussed the last time this was an issue.
Even if that’s so, what does it have to do with Venezuela?
Simple: SOuth America has a significant quantity of Oil, and the Venezualan Strike is sending the price all over the place. The President is ensuring stability.
Yeah. I got the point about releasing oil from the reserves to increase supply. I was wondering what Barbarian’s comments about the US’s trade agreements with Canada and Mexico was all about.
Let me restate the question a little here.
The only place I’ve heard anything about tapping the strategic oil reserve was in a couple senetences on the “nightly business report” last night.
A search of google news for “strategic oil reserve” turns up squat. Google turns up a recent bit on filling the reserve here, but nothing on diversions or drawdowns.
So what’s the straight dope here ? Is oil being moved from the reserve or not ? Are the nightly business guys really in touch with the energy pulse of america, or are they just saying things to make us feel good about the economy ?
Here’s a piece on the controversy that erupt the last time someone proposed tapping the reserves.
Well, heres the skinny. If you read the articles linked on the left of the site you posted, you will see the gas crisis as it was unfolding at the time. Heres the funny part.
There wasnt any oil shortage.
The prices were high and any person with the basic grasp of economics would automatically think that it was due to a shortage. Fact of the matter is, the prices were high in europe because of too much taxation and their prices affected US prices.
The big stink was that AL Gore suggested to tap the US oil reserves to stabilize gas prices. If there is no oil shortage, why should the oil reserves be tapped? what would happen when there actually was an oil shortage?
Todays situation does involve an small oil shortage. everyone could see that and everyone agrees that tapping into the reserves for this situation is logical.
Bush is not releasing oil from the U.S. Strategic Petroleum Reserve to stabilize oil supplies:
(Emphasis mine.)
Source: http://www.washingtonpost.com/wp-dyn/articles/A2313-2002Dec17.html
Thanks Duckster !
Still, it’s odd that the nightly biz report would tell us today’s news yesterday 
and I suppose we’ll never know just which oil firms got the Energy Department’s favor on this.
Just like when in gov’t a budget increase is not as big as planned it is called a cut, the oil releases is oil not being returned right now.
When Clinton released it there were 2 problems - One there was no true shortage - this caused some speculators to buy this oil really cheap, and 2 he made a big media event of it so everyone and his brother knew.
“When Clinton released it there were 2 problems…”
So it’s OK this time because:
•It’s being kept pretty secret.
•The shortage doesn’t arise from the oil co’s manipulating the gas supply.
-Okey-doke 
Hey you live by the photo opp. you die by the photo opp.