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To spend on cheap oil or Alternative Fuels?
By Todd Whittemore
This is the current question that the Department of Energy is contemplated in between the transition of president changeover from Bush to Obama. Why is this question so important? Remember, the devastation hurricane Katrina left in not only New Orleans but the oil refineries in the Gulf of Mexico in 2005? The Department of Energy under the direction of President Bush sold 11 million barrels of crude oil from the Strategic Petroleum Reserve to the oil refineries. At that time was to save the nation of a potential oil and gas crisis after the devastating hurricane. Ever since then, the Department of Energy has been sitting on $584 Million from the sale of the 11 million barrels of crude oil. Cash ready and waiting for the approval to spend! The U.S. emergency oil reserve was created in 1975 by Congress after the Arab oil embargo crisis, crippling the U.S. and creating gas station lines with skyrocketing prices. The emergency reserve currently has 702 million barrels of crude oil in stock, but has room for another 727 million barrels of crude oil. Here is the controversy, the Bush administration and Department of Energy would like to replenish the 11 million barrels of oil from 2005 and spend the $584 million in cash for the crude oil emergency stock. The oil prices are just as low as were in 2005 when the department sold the 11 million barrels. Throughout the year in 2008, the department was really wanting to replenish the oil into the reserve, but the price of the oil through most of the year was just too high. The department already has the approval to replenish the 7.7 million barrels loaned to the refiners in the Gulf due to hurricanes Gustav and Ike. This replenishment will take place in January through June of next year. But wait...
There are reports that when Obama becomes president on January 20, he and his administration will want to immediately spend the $584 million in cash on alternative fuels and energy! The Bush administration is looking diligently to analyze and approve the restocking of the emergency reserve with the 11 million barrels of crude oil. The Bush administration strongly believes now is the time since demand is so low and there is plentiful of production supply that buying 100,000 barrels a day for 3 months will have no affect on the market. Thereby, oil and gas prices should not be affected by this purchase. Yet, we don't want to loose our Nation's opportunity of alternative fuel supply and research at a time of transition in oil supply and demand... What are your opinions and recommendations?
This intel first appeared on: http://qualitytw.blogspot.com
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This intel was contributed by qtw
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May, 2012
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