US Oil Reserves Used to Push Gas Prices Up
A New York Times article, Obama Considers Tapping Oil Reserves, claims that President Obama is considering dipping into the nation's crude reserves as a means of reducing gas prices, once again painting the administration as hero to the cash-strapped common consumer.
However, the article is full of little more than flaccid figures of political spin that, once again, formulate a dearth of actual relevant data for the American people to disseminate
First of all, the article claims that, according to White House chief of staff William H. Daley, the current spike in oil prices is due to the "turmoil in the Middle East".
However, the country of Libya is only responsible for approximately 2 percent of the world's 88 million barrels of oil production, and of the 14 countries that import that country's sweet crude, the top five are Ireland, Italy, Austria, Switzerland and France.(dawnwires.com)
These top recipients account for well over 60 percent of Libya's total exports; with the United States last on the list behind Germany, China, Australia and Netherlands, who total approximately 15 percent collectively.
The problem with the assessment - allegedly promulgated by analysts at the White House - is that the supply of oil across the planet is generally regulated at a low rate in relation to actual production capabilities. And this common market manipulation is generally accepted by a majority of industry chiefs whom are allowed, and agree, to operate under this protocol of veritable 'quid pro quo' with the understanding that it binds them primarily the best interests of the people, since the contrived 'supply and demand' is designed to prevent just this kind of explosive inflationary scenario.
Essentially, the premise is that manipulating the global supply is a deceptive methodology that can be excused as a security function under the guise that it is necessary to prevent market crashes that would hurt the public good.
However, as most anyone can attest, whenever there is even the slightest chance that the industry can capitalize on a disruption anywhere in the world, the OPEC giants are suddenly victims of a market that is too volatile a mixture for anyone to manipulate in any significant fashion. And while it can certainly be true that the global oil conglomerates are likened to a sepulcher of demons whom appear to do the devils bidding far too often, America is entirely capable of disjoining from the OPEC orgy quite quickly, it is just rarely in the best interests of those who profit from the upheaval.
The world's oil producing nations can easily compensate for this latest disruption of supply in Libya - a country which actually received its entire supply of weaponry, fighter jets, armored transports, and the ordinance Gadhafi is using to slaughter his people, from other countries such as the United States, Great Brittan and France.
The problem is that it is becoming quite apparent that President Barack Obama only intends to act once the corporations and/or military industrial complex inform him that either profits are at their maximum, or that the political endeavors of his party will be most supported.
The last thing these politicians and profiteers ever appear to care about is the actual concerns of the people, except when it is time to beg them for their votes for the umpteenth time.
Often the price of oil has reached extreme highs, only to be shored up, and pushed even higher, by those who are entrusted with holding the reserves that would reign them in. There rarely appears to be any true incentive to lower prices. But then the primary beneficiaries of volatile spikes are specific investors and industry heads whom work in tandem with the politicians in this nation.
The last time oil prices were low was during the last presidential election cycle, information the New York Times article failed to mention.
Furthermore, the last reason this nation's oil reserves were used to supplement national supplies - September of 2008, as reported in the NYT article - is because the price per barrel was crashing and a market meltdown was pushing the big oil corporations' precious profits into the basement.
The falling price of oil naturally lowered gas prices, and thus - as the system allegedly infers - there was no need to tap the reserves to stabilize the market. At least, not as far as the lives of the average consumers were concerned.
In July of 2008 the industry attempted to compensate for rapidly declining prices by reducing supplies, as OPEC removed 2.2 million barrels from production. Only to watch crude collapse to $40 a barrel, the lowest price in four years.
Gas prices fell as a result, and as always occurs, people began to consume more, doing their part to stabilize the market and support those who supply the product.
However as prices continued to fall, reaching a low of $1.67 a gallon in September 2008, the Bush administration finally decided to tap the reserves as a means of interjecting upon the national market by supplying oil "exchanges" that basically benefitted the Bush family holdings, helping him and his big oil buddies stave off the effects of the tanking petrol market.
In stark contrast to this action, the administration did nothing for the first 7 months of 2008, while the price of oil was rocketing from $100 per barrel in January; to May where it reached $130, with gas at $4; to its peak in July at a mind boggling $147 per barrel, with the average price per gallon of gas hitting a record $4.11, all while the administration did nothing to stop the veritable gusher that was raining money on the Bush dynasty, as a choked public was simultaneously running out of gas on their way to work, and stations were going dry.
The New York Times article claiming that the use of the oil reserves was to supply shortages after interruptions caused by Hurricanes Gustav and Ike, are simply not true. And the implied impetus being that of a compassion for the citizens whom are what support these pompous giants of industry, and supply them with consumer confidence, was nothing more than greasy guile meant to obscure their grisly graft perpetrated upon the nation's consumers.
References:
New York Times; "Obama Considers Tapping Oil Reserves" @
http://www.nytimes.com/2011/03/07/business/energy-environment/07oil.html?nl=todaysheadlines&emc=tha24
World Oil Production Figures; dawwires.com @
http://dawnwires.com/investment-news/libya-oil-who-buys-how-much-from-libya-italy-leads-the-way/
2008 Gas Prices; treehugger.com @
http://www.treehugger.com/files/2009/01/2008-us-gas-prices-review.php
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