Article

2012-11-04 -Signs, Portents, and the Weather-

Obama opens strategic oil reserve to alleviate Hurricane Sandy shortage

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Posted by Fred 2012-11-04 00:00|| || Front Page|| [17 views ] Top

#1 As long as that fuel is delivered by Teamsters, it will be ok, of course. /sarcasm

Posted by Rambler in Virginia 2012-11-04 00:17|| 2012-11-04 00:17|| Front Page Top

#2 I'm confused; tapping the Home Heating Oil Reserve will alleviate diesel fuel shortage? But heating oil won't run diesels and having ultra-low sulfur diesel for heating oil is incredibly wasteful. But I forgot - it's a gov't program, so of course it's wasteful.

Posted by Glenmore 2012-11-04 01:27|| 2012-11-04 01:27|| Front Page Top

#3 I paid $3.14 at Fort Benning yesterday. (which is the local free-market average) The irony is, there's plenty of oil right now. With so many gas stations closed due to electrical shortages and people staying home from work and travel, demand has actually dropped.

Declining demand results in an oil surplus and lower prices. An infusion of oil (bought by the US Gov't at a premium) will only cock-up the market process. That oil, when purchased and replaced once again, will be bought at (yes) at a premium price.

Proving once again our Champ knows little of economics, but a great deal about media impacts on the simple minded.

Posted by Besoeker 2012-11-04 04:54|| 2012-11-04 04:54|| Front Page Top

#4 Glenmore, as I read the article this fuel isn't intended to heat buildings but rather to power generators, trucks etc. for the National Guard and other DOD responders.

Posted by lotp 2012-11-04 05:39|| 2012-11-04 05:39|| Front Page Top

#5 My understanding is that the SPR is unrefined oil and the problem is power to pump at the station and delivery to the station. Sounds like pre-election eyewash.

Posted by Nimble Spemble 2012-11-04 07:00|| 2012-11-04 07:00|| Front Page Top

#6 Obama opens strategic oil reserve to alleviate ~~Hurricane Sandy~~ Polling Number shortage.

FIFY!

Posted by CrazyFool 2012-11-04 07:44|| 2012-11-04 07:44|| Front Page Top

#7 Is this the same Steven Chu who previously said Somehow, Chu said, we have to figure out how to boost the price of gasoline to the levels in Europe.

Posted by JohnQC 2012-11-04 09:32|| 2012-11-04 09:32|| Front Page Top

#8 The NYC people in the clobbered areas need: Food, water, shelter, medicines/medical help, police protection, adequate clothing as a survival basic. Next they need to get the power back on and things cleaned up. If Bloomberg or the Feds can't do that, then they ought to get the hell out of the way and let someone else do it.

Posted by JohnQC 2012-11-04 09:37|| 2012-11-04 09:37|| Front Page Top

#9 Restoration of power should go on in parallel with providing survival basics to people. Cleanup may have to go on in parallel also to open roads so that these other functions can go on.

Posted by JohnQC 2012-11-04 09:41|| 2012-11-04 09:41|| Front Page Top

#10 "Chu said, "we have to figure out how to boost the price of gasoline to the levels in Europe."

That's easy. Just tax it to death.

Gas price in Germany: 1 gallon would amount to $7.75

Posted by European Conservative 2012-11-04 09:55|| 2012-11-04 09:55|| Front Page Top

#11 There are various components to oil 'Reserves' - originally they were oil fields which had been discovered but not placed on production (Teapot Dome scandal involved such, IIRC), the 'Strategic Petrolum Reserve', which involved underground storage caverns into which oil purchased by the government is pumped, and this thing called Northeast Home Heating Oil Reserve, which I had not heard of. By its title one would be led to believe it held heating oil to be fed into the local market if there was a critical short-term shortage (or if a politician needed some votes), but apparently it must include millions of gallons of prime diesel fuel (which one would/should not use for home heating - though in a pinch we did use a can of kerosene to get through a frigid night.)

Posted by Glenmore 2012-11-04 10:14|| 2012-11-04 10:14|| Front Page Top

#12 That's exactly what it is Glemore. A frankly I think the feds have jumped on the opportunity to dump it. Gas is taking over even the last hold outs in the NE.
It was indeed a strategic assets, but it's time has gone.

Posted by Shipman 2012-11-04 15:27|| 2012-11-04 15:27|| Front Page Top

#13 It's harder to store natural gas though.

Posted by Thing From Snowy Mountain 2012-11-04 19:22|| 2012-11-04 19:22|| Front Page Top

#14 Don't know about the home heating title of that reserve, but DOD uses a *lot* of diesel, FWIW.

Posted by lotp 2012-11-04 19:30|| 2012-11-04 19:30|| Front Page Top

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