[redmenace]

http://www.drudgereport.com/flash4be.htm

Why the hell is he releasing oil from the strategic oil reserves? They are meant to be used in absolute dire situations. Not to gain browny points. ****. This is almost as bad as when clinton did it prior to the election to help Al Gore. What a bunch of ****ing morons.

[brugger]

becasue this is the first time that the oil co could feel the affects of diminshed supply. until now they've just been charging us more to offset the costs of highly priced oil. After Katrina there will be refineries not running at full capacity becasue they are damaged or can't get the oil they need, therefore losing money. and Bush can't stand to see the oil companies lose money.

[Goober5000]

Just let the market work.  The reduced supply will cause the price to go up, the increased price will cause people to cut down on their use of oil, and the reduced usage will offset the reduced supply.  Subsidizing the oil supply is price controlling in reverse, and it masks the underlying problem.

[vyper]

That's all fine and well Goob, but bear in mind that what's considered "expensive" in america would be dirt cheap when compared with our prices in the UK right now. That means as the US suffers increased oil costs, we suffer even more and we don't have the buffer zone of additional income relative to previous prices to absorb it.

[ChronoReverse]

Indeed, according to the Globe and Mail the hit to oil supplies taken is equivalent to losing an entire Canada's worth of crude.

Simply put, it's enough to hurt a lot more than just the oil companies in the US and despite what people wish for, the US economy is still intricately tied into the global one.


Speaking as a Canadian, our gas prices jumped up to 20 cents Canadian per liter this weekend.  That's about 75 cents US per gallon.


In any case, the reserves were set up for if oil shortages would have large economic ramifications and I think that applies to the current situation (albeit it's too early since not all the damage reports have come in and been reported).

[MicroPsycho]

you have 20 cents/litre gas over there!? how?

[redmenace]

Originally posted by vyper
That's all fine and well Goob, but bear in mind that what's considered "expensive" in america would be dirt cheap when compared with our prices in the UK right now. That means as the US suffers increased oil costs, we suffer even more and we don't have the buffer zone of additional income relative to previous prices to absorb it.

Maybe you ought to talk to the gov't about lowering taxes on gas. Nah, never mind, enviromental extremists would ***** and mone.

[ChronoReverse]

Originally posted by MicroPsycho
you have 20 cents/litre gas over there!? how?

I mean that it jumped up 20 cents in some places.

Where I am it's $1.11.7 (yes they actualy include the fractional cents) per litre.

[Ulala]

All American gas prices have fractions too.. here in Oregon, gas costs $2.65.9 a gallon. Prices shift nearly every day from $2.55.9 to $2.69.9. And yes, the fraction is always 9/10.

Well at least Bush is doing something to help with the hurricane. *shrugs*

[Annorax]

Originally posted by vyper
That's all fine and well Goob, but bear in mind that what's considered "expensive" in america would be dirt cheap when compared with our prices in the UK right now. That means as the US suffers increased oil costs, we suffer even more and we don't have the buffer zone of additional income relative to previous prices to absorb it.

That's because your price consists of 90% taxes.

[Genryu]

Consider yourself lucky. Here in France, the litre is between 1.1 and 1.4 euros depending on the kind and where you fill your tank.

[Ford Prefect]

But you guys in Europe drive cars, not tanks like here in the US.

[Deepblue]

[Janos]

Originally posted by Ford Prefect
But you guys in Europe drive cars, not tanks like here in the US.

It's almost 200 meters to nearest grocery store -> I need a Hummer 3.

[SadisticSid]

Silly. Rather than allow the market to reach new equilibria as the supply situation changes, Americans are going to see a sharp rise as soon as the reserves are depleted. It's really short-sighted, and he doesn't really need it for political capital seeing as he's in his final term anyway. If anything he's damaging the prospects of his successor.

[Roanoke]

President Bush doesn't make mistakes, traitor.

[redmenace]

Oh nos....I am being unpatriotic

[TrashMan]

*SWAT tems storm is and takes SadisticSid captive*

[MrBig101]

It went up for a bit to like $3.20 over here...

Gas is freaking crazy right now.

[TrashMan]

IT HAS BEGUN! REPENT YOUR EVIL WAYS AND CRAY FOR FORGIVNESS! THE END HAS COME!