Report: Obama & British PM Agree to Release Oil Reserves
- Posted on March 15, 2012 at 1:05pm by
Becket Adams
- Print »
- Email »
Scroll down for an update to this story:
- Reuters: U.S. asked U.K. to join in releasing strategic petrol reserves
- White House sources confirmed Britain would respond “positively”
- Anonymous White House staffer denies agreement
- Jay Carney denies U.K. and U.S. in agreement to tap oil reserves
During a meeting between President Barack Obama and British Prime Minister David Cameron on Wednesday, the two world leaders discussed the idea of releasing emergency oil reserves, Reuters reports.
It is now being reported that 
the two have come to an agreement over the release of Strategic Petroleum Reserves (SPR).
“A formal request from the United States to the UK to join forces in a release of oil from government-controlled reserves is expected ‘shortly’ following a meeting on Wednesday in Washington between President Barack Obama and Prime Minister David Cameron, who discussed the issue,” Reuters reports.
Two sources claim that Britain will respond “positively” to the request.
“We regularly consult with the British on energy issues and any discussion that we had was in that context. We will continue to monitor the situation and consult with them and others,” an Obama administration official said.
However, Reuters notes that tapping the SPR could “antagonize allies in Europe, several of whom remain unhappy over last year’s action and are unlikely to back another release,” according to the report.
“The head of the Paris-based IEA, Maria van der Hoeven, has said in recent weeks she sees no current need for consuming nations to release strategic reserves,” Reuters’ Matt Falloon and Jeff Mason write.
“Analysts say that Obama would likely prefer to press forward with the legitimacy of full IEA member support, but realistically may have to settle for the backing of just a handful of other consumer nations,” they add.
But, economically speaking, would releasing the SPR really help the economy?
Ed Morrissey of Hot Air doesn’t think so:
The problem with the gasoline and oil markets isn’t a temporary disruption in a healthy supply, however, which is what the SPR is designed to buffer. The problem is a chronically and artificially suppressed supply, thanks to Democratic insistence on blocking domestic energy production and oil extraction over the last three decades or more.
This is what Obama refers to as the “silver bullet,” claiming that expanding drilling and extraction is a short-term policy that won’t enhance American energy independence. That’s utter nonsense; drilling is a long-term solution that actually addresses the chronic supply issue and — not coincidentally — the trade imbalance, the weak dollar, jobs, economic growth, and a number of other issues in the American economy. If drilling is short-term thinking, then what can a one-time release from the SPR be called — the ADD solution?
Moreover, according to National Review’s Jim Geraghty, the president’s call to tap the SPR may be more about politics than addressing the U.S.’s economic issues.
“[T]his seems to be a Democratic candidate tradition; Al Gore called for the same move while running for president in 2000,” he writes.
“Oil from the Strategic Petroleum Reserve has been sold five times in its history: Most recently in 2011 during the conflict in Libya; in 2005 after Hurricane Katrina; a sale of $227 million worth of oil during fiscal year 1996 to reduce the federal budget deficit; in 1990-1991 during Desert Shield/Desert Storm, and a small ‘test sale’ in 1985,” Geraghty adds.
For the record, as Tina Korbe of Hot Air points out, as far as “long-term solutions” are concerned, gas prices actually increased last summer when the administration tried this during the Libya conflict.
UPDATE– According to the White House, reports that the U.S. and Britain have agreed to release oil from government-controlled emergency reserves are inaccurate.
Oil had fallen toward $104 per barrels Thursday morning as several news organizations reported that President Barack Obama and Prime Minister David Cameron had agreed to release spare supplies of oil in an effort to drive fuel prices lower. Diesel prices have increased 3 percent in the United Kingdom this year while gasoline prices have jumped 17 percent in the U.S. because of an increase in oil prices.
Now a White House official is saying that all reports of a U.S./U.K. agreement are false.
UPDATE II — “Among the many topics of discussion the British prime minister and president had were energy issues and the situation globally with the rise in the price of oil,” White House spokesman Jay Carney said, according to the Washington Post, but added that “I can say very clearly that the report” that there was an agreement on releasing the SPR “is false. It is not accurate.”
“The report of any kind of agreement or timetable associated with an agreement on a course of action is just wrong,” Carney said.
The is a breaking story. We will bring you developments as they happen. The Associated Press contributed to this story.
Popular Stories
Paper Details Obama Admin’s Alleged Secret Note Sent to Iran: If Israel Attacks, We Won’t Get Involved 581 Comments
‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 410 Comments
This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 407 Comments
Roseanne Barr: Most Billionaires ‘Violent Pedophiles’ & ‘Heartless’ Cocaine Addicts 373 Comments
President Obama Issues Major ‘Green Energy’ Executive Order 361 Comments
Faith
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 407 Comments
Pakistani Muslim Cleric Accused of Framing Disabled Christian Girl in Koran-Burning Case Read More- ‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 410 Comments
Meet the Controversial German Imam Accused of Brutally Beating His Wife & Pushing Sharia Law Read More
‘Self-Proclaimed Messiah’ & Unification Church Leader the Rev. Sun Myung Moon Has Died — Here’s His Life Story Read More
Business
- President Obama Issues Major ‘Green Energy’ Executive Order 361 Comments
- Germany’s Upcoming Court Ruling Will be Huge for the EU Read More
Ford Looks to Beat Toyota for Best-Selling Car in 2012 With This Model 151 Comments
Bernanke & QE3: Here’s What You Need to Know Read More- ‘Extortion’: Why Did the Labor Department ‘Drop the Hammer’ on Oregon Farmers? 302 Comments
Technology
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 407 Comments
‘TaserDrone’: Hackers Weaponize Quadcopter With Actual ‘Shocking’ Technology Read More
Ever Heard of the Wild ‘Burning Man’ Festival in the Middle of the Nev. Desert? Here’s Your Primer Read More
Stanford Develops Technology ‘Better Than Steroids’ for Athlete Recovery Read More
Have You Pretended to Know What ‘the Cloud’ Is? You’re Not Alone Read More
Submitting your tip... please wait!
Comments (108)
deeberj
Posted on March 15, 2012 at 1:32pmReleasing oil reserves never help for long. Obama needs to allow drilling on land and off the coast. Period.
Report Post »TheObamanation
Posted on March 15, 2012 at 2:01pmObama has the reverse Midas touch … everything he touches turns to crap … This move will backfire too
Report Post »MCDAVE
Posted on March 15, 2012 at 2:03pmWe can all install a solar panel or a windmill on top of our cars ..Obama knows what is best for us..drilling for oil punches holes in the ground and hurts worms.
Report Post »The_Almighty_Creestof
Posted on March 15, 2012 at 2:18pmIs this agreement political? Or is it in preperation of a more severe oil “shortage” due to the impending attack by Israel on Iran? That this comes shortly (for a redtape world) after a visit by Netanyahu, makes me wonder.
Report Post »2theADDLED
Posted on March 15, 2012 at 2:24pmAll going as planned no money and no petroleum reserves left that are required for are security in times of war we will have neither to fuel war against invaders we will be sitting ducks. Cut are military defenses needed to defend a attack.
Report Post »Who will invade us China, Russia, Mexico or Muslim Nations.
Ruler4You
Posted on March 15, 2012 at 2:56pmIMHBLO, I don’t see what sending our “oil reserves” to china “IS” going to do for us either.
You KNOW it isn’t going to be allowed to enter our markets to lower the cost of fuels. And it isn’t that much oil in the first place.
Again, IMHBLO, obango will allow the reserves to become depleted and about that time he‘ll give Iran the signal to ’try’ to block the straits. Oil “will skyrocket” in price and we won’t be able to do a darn thing about it.
Report Post »KevINtampa
Posted on March 15, 2012 at 2:57pmThere’s been an artificial supply of oil over the last year and a half to two years. We’ve already been introducing the reserve supply into the ecosystem, we just haven’t told anybody. The reason? When we let people know (errhmm, OPEC) suppliers cut their production to offset what the strategic reserve puts on the market. However if we make delivery directly to the refineries, bypassing the normal market audits, it just appears that we are burning/refining less, which artificially represents a reduction in demand in the normal markets, causing speculation costs to go down.
The proof?
Look at what refineries have produced and look at what world markets have sold. I brought this up a month ago, a good journalist really needs to spear head this as there’s a story here.
Report Post »Jenny Lind
Posted on March 15, 2012 at 3:40pmHe is a total sock puppet, and he has got to be voted out in November.
Report Post »Bartlebee06
Posted on March 15, 2012 at 4:04pmAll the drilling, pipelines, and oil in the world wont bring down the cost. We have an abundance of oil right now so more oil will not help. The more dollars we print, the less thy are worth. The less a dollar is worth, the more dollars it takes to buy oil. Its actually just that simple.
Report Post »http://www.youtube.com/watch?v=S8WReKlUFP4&feature=share
geonj
Posted on March 15, 2012 at 1:31pmthis type of release is not what the strategic oil reserves are for. this is strictly political on obama’s part. if we have a disaster, natural or otherwise, we will be without the reserves because obama wants to artificially increase oil production to improve his poll numbers.
Report Post »cemerius
Posted on March 15, 2012 at 1:41pmDropping the price by 5 cents a gallon will NOT help his polls for long!! :)
Report Post »cemerius
Posted on March 15, 2012 at 1:30pmOh goody!! They will save us a nickle a gallon and then refill the “reserves” with oil that costs twice as much as today’s prices!!! Obama is the greatest leader the world has ever known…except for Mussolini, Hitler, Yamamoto, Gengis Khan, Pol Pot, Mao or even Nero!!! He is such an awesome world mover, where would our “prosperity” be without his uneducated business sense????
Report Post »MCDAVE
Posted on March 15, 2012 at 2:12pmhe also can sing…WOW..Whitney Houston will vote for him this November…For sure.
Report Post »Paydert33
Posted on March 15, 2012 at 2:14pmWell said, Cemerius. Nail-on-the-head. He will do anything for his political gain including rubbing anything in our face to satisfy his…..fundamentally changing the United States of America. He is not only a disgusting president (I hate calling him president), but he is a disgusting human being. He actually had about 30 to 40 campaign contributors attend the dinner last evening with the British Prime Minister. Campaign contributors??? We pay for that expensive dinner and the hugely expensive wine. See how he uses us? They don’t belong at that dinner. By the way….I heard no one can get a list of the wines that were served at the dinner and what they cost. See how sneaky he is. We thought Willie was slick….this guy is one marxist, communist a-hole.
Report Post »True American66
Posted on March 15, 2012 at 1:29pmI‘m not sure if this is the blind leading the blind or if it’s dumb leading dumber.
Report Post »cemerius
Posted on March 15, 2012 at 1:42pmIdiocracy….sums it up pretty well :)
Report Post »Eric_The_Red_State
Posted on March 15, 2012 at 1:29pmObama – why don’t you just get it out there and offer 10 gallons of gas per vote?
The only way Liberals can get votes is to BUY them.
(Unfortunately – they are using OUR OWN money to buy the votes)
People will not wake up until it’s all gone —- and then —- it’s all gone.
Report Post »Gripes
Posted on March 15, 2012 at 1:28pmSimple answer: “Oops!”
There is no way of doing that. This is an intentional move to compromise the security of the United States.
Report Post »JPDevuyst
Posted on March 15, 2012 at 1:27pmWhite house just announced that it is not happening.
Report Post »truthb4fiction
Posted on March 15, 2012 at 1:26pmnot so sure this is now true… i hear they are backtracking this.
Report Post »NHwinter
Posted on March 15, 2012 at 1:31pmNot sure its true either. But, if it is, it is just a re-election ploy by Obama. If he is put back in office in 2013 we will see gas prices rise rapidly along with all other energy sources.
Report Post »My Two Cents
Posted on March 15, 2012 at 1:24pmAnother great way for Obama to spend our money. Release our oil reserves then replenish them at a much higher price per barrel. Not bad!
Anything for a vote I guess.
Report Post »Micmac
Posted on March 15, 2012 at 1:24pmAt this moment we need to be ratchetting up the internal strength of the USA, and the opposite is happening. I think that to be eligible for prez one has to be in the military for 4 years, and not come from Havarrd. And there should be an application that has specific information requirements that have to be vetted by law and ANY irregularities are an automatic rejection. Why do we depend on the media to vet these people?
NoBama 2012
Report Post »IMCHRISTIAN
Posted on March 15, 2012 at 1:24pmSure, use up our reserves that maybe needed for emergencies because for a long time you, the President, has stopped drilling permits and jobs for the Keystone project. What if your daughters would be left with a President that had them begging for food and jobs? They will know the truth some day.
Report Post »Zeb
Posted on March 15, 2012 at 1:21pmthe highest law enforcement officials of nine states have accused the Obama Regime of 21 separate and distinct criminal acts, we are still left to ask the question that we have asked for far too long: What must Barack Obama do? How many offenses and derelictions of duty must he commit before our Republican leaders in Congress begin to understand that, for the good of the country, he must be impeached?
Mr. Boehner, Mr. McConnell… we’re talking to you and the rest of our so-called leaders in Congress who continually caution us that Mr. Obama’s actions “do not rise to the level of an impeachable offense.” Your cowardice… spinelessness… gobbledygook… and double-speak… is no longer acceptable. If 21 distinct criminal offenses and constitutional usurpations do not rise to the level of impeachable offenses, then exactly what DOES constitute an impeachable offense? We’re listening… We’d all like to know.
Report Post »copatriots
Posted on March 15, 2012 at 1:41pmAgreed ZEB. The whole lot of our “representatives” are equally responsible. With precious few exceptions, throw the entire bunch of ‘em out!
Report Post »Zeb
Posted on March 15, 2012 at 1:47pmThe Constitution is clear and YOUR CONSTITUTIONAL DUTY IS CLEAR, and simply talking tough and punting your Constitutional duty over to liberal activist judges does not excuse you from doing your duty. You are not going to ignore your constitutional duty… the American people are not going to let you get away with it!
The Obama Regime is not simply guilty of 21 distinct “illegal acts.” As Virginia’s Attorney General Ken Cuccinelli said, those within the Obama Regime are “the greatest set of lawbreakers that have run the federal government in our lifetimes.” And Cuccinelli added: “This is not about policy. … [It is about] this administration’s disregard for the law.”
Mr. Boehner… Mr. McConnell… your duty is clear. Article 2, Section 4 of the United States Constitution states: “The President, Vice President and all civil officers of the United States, shall be removed from office on impeachment for, and conviction of, treason, bribery, or other high crimes and misdemeanors.”
You don’t have to be a constitutional scholar to understand what is obvious… when the man occupying the Oval Office and his minions behave lawlessly… when they commit 21 separate and distinct illegal acts… THEY MUST BE IMPEACHED.
Barack Obama is not our king or our monarch. He is not our dictator and we are not his subjects. When the man or woman occupying the Oval Office violates the Constitution, the remedy is IMPEACHMENT and the jurisdiction to i
Report Post »Mateytwo Barreett
Posted on March 15, 2012 at 1:58pmKinda like trying to find a bull in a herd of steers!
Report Post »Zeb
Posted on March 15, 2012 at 2:01pmConstitution, the remedy is IMPEACHMENT and the jurisdiction to impeach lies with YOU, not the courts!
It’s time our elected officials got the message. The time for impeachment is here… it is now. And if they don’t get the message, it’s high time that they understand that the American people WILL clean house. Don’t let anyone tell you that you have to wait until November to effect change. The country is in dire straights. We can’t wait. We can, and must, make change happen now!
Report Post »Anonymous T. Irrelevant
Posted on March 15, 2012 at 2:06pmI hope you guys are sending the same words to your Congressmen and Senators, because if not, no one is listening on here, but us.
Report Post »Byrn67
Posted on March 15, 2012 at 1:20pmopen the resevers drive prices down “some” he then gets a bump in the polls . Then he goes after iran while his numbers are up .
Report Post »copatriots
Posted on March 15, 2012 at 1:29pmIt’s the same reason SS recipients received a COLA increase for the first time this year compliments of the Obama re-election committee.
Report Post »goahead.makemyday
Posted on March 15, 2012 at 1:19pmWhen will people WAKE UP! Obama has not once as far as I know done anything good for out economy. Why would he start now? Political ploy? Obviously, really now open up the reserves. They are called a reserve for a reason, such as reserve the oil for an emergency. Oh wait maybe Obama believes his crisis over his poll numbers is more important than a looming WAR!
Report Post »Gonzo
Posted on March 15, 2012 at 1:19pmIf we release oil from the reserve we INCREASE supply and prices drop. However, he continually argues that increasing supply by increasing production will not drop prices. Which is it Barry? You can’t have it both ways.
Report Post »wewantchillywilly
Posted on March 15, 2012 at 1:21pmexactly. nobody in the media want to point this out, or is too dumb to realize it’s the same thing.
Report Post »AvengerK
Posted on March 15, 2012 at 1:31pmElection year gimmicks.
Report Post »barber2
Posted on March 15, 2012 at 5:30pmBut we are required to re-fill the supply at today’s HIGHER prices.. ( what the heck. Democrats only know how to WASTE money and BLAME conservatives ! Guess it’s in their DNA ) The dumbing of America continues….
Report Post »I.Gaspar
Posted on March 15, 2012 at 1:17pmThe man is a bleeping idiot.
Report Post »Period.
copatriots
Posted on March 15, 2012 at 1:26pmI genuinely appreciate the intensity of your frustration but the one thing O isn’t….is an idiot. Depressingly, the destruction of the US is being brilliantly orchestrated.
Report Post »I.Gaspar
Posted on March 15, 2012 at 4:55pmCopatriots,
Report Post »You’re probably right…I think calling him an idiot was based on the idea that if he believes what he tells us…then he is an idiot. He is a liar, but not an idiot.
Drum Man
Posted on March 15, 2012 at 1:16pmSmoke and mirrors… this will do nothing but give the “perception” the administration is engaged in the issue. Purely political. Pay no attention to the man behind the curtain.
Report Post »lukerw
Posted on March 15, 2012 at 1:15pmIt seems… the most Right that you can be in England… is a Socialist Nazi! — Much like the Current Obama Administration!
Report Post »Skee
Posted on March 15, 2012 at 1:15pmWhy would releasing oil from the oil reserve bring down prices?
Report Post »When Obama said we can’t drill our way out of higher prices.
Adding oil too the market from the reserve, which is supply side,
brings down prices but adding oil too the market from drilling
doesn’t. I can‘t believe half of this country can’t make this connection.
We really are an ignorant people.
Gonzo
Posted on March 15, 2012 at 1:31pmElementary, isn’t it? I’m sure the major networks, cable news outlets and newspapers will all ask those same simple questions. Oh wait, Obama has a D next to his name so we won’t hear that side of the argument.
Report Post »Micmac
Posted on March 15, 2012 at 1:14pmDO NOT touch the SPR! What a selfish brainless idiot the prez is. He wants to tap the the SPR so he can get re-elected. At what point will this POSPOTUS not do ANYTHING to get re-elected? This reserve is off limits. Again, he is impacting the future of Americans for his own selfish agenda.
NoBama 2012
Report Post »acdcguy
Posted on March 15, 2012 at 1:13pmStrategic Petroleum Reserves (SPR) are for emergencies!!! Guess Obama considers his low approval ratings an emergency!!
Report Post »barber2
Posted on March 15, 2012 at 3:09pmOr maybe he is just in a rush to destroy America before the November election. The guy loves a crisis. Gives him an excuse to act out-side the law / executive orders. Surprised there isn’t a SOR Czar….yet..
Report Post »countryfirst
Posted on March 15, 2012 at 4:38pmACDCGUY: you are so right what a better way for Obama to make us even more venerable, High gas prices then release our reserve.
I have believed since knowing about him, he is the largest threat to our republic
Report Post »RayOne
Posted on March 15, 2012 at 1:12pmMarket Manipulation should be an Impeachable Offense. Nancy & Reid should have been warned the WestWing.
Report Post »hauschild
Posted on March 15, 2012 at 1:12pmAh, nothing quite like two Marxists coming together, discussing how to further deep-six their respective countries.
Report Post »barber2
Posted on March 15, 2012 at 5:25pmCameron is a conservative who is being targeted along with Murdoch/ Fox News ( in America ) by the British/ International Left and Labour Party who probably have , shall we say, ” put the squeeze ,” on Cameron !
Report Post »Lloyd Drako
Posted on March 15, 2012 at 1:11pmOf course it’s about politics. Gas prices will probably drop for a few weeks, and by the time they start to rise again, something else will have captured our short little attention spans. As with most energy ploys, including the Keystone pipeline, we’re talking about something that will have a slight effect around the margins.
Report Post »HorseCrazy
Posted on March 15, 2012 at 1:10pmwhat an absolutely awful idea. does he not realize we may be headed to war soon with iran and will actually need these oil reserves when the straight of hormuz gets shut down. is that how you want us vulnerable and without oil at a time of great unrest? how is it one gal without a big fancy college education who is sitting on her computer on her farm can figure that logic out but mr harvard cannot
Report Post »Gonzo
Posted on March 15, 2012 at 1:15pmDon’t worry, we can resupply the reserve with the XL pipeline. Uh oh, better go to plan B.
Report Post »2theADDLED
Posted on March 15, 2012 at 2:50pmNo money, No petroleum, No defense America rolls over and surrenders to the invaders.
Report Post »