Oil falls after report says Trump is considering tapping the emergency oil reserve

[herding cats]

Source: Business Insider

The Trump administration is "actively considering" a release from the Strategic Petroleum Reserve, the world's largest oil stockpile, sources told Bloomberg. Options under review range from a 5-million-barrel test sale to a larger release of 30 million barrels.

The White House did not respond to an email earlier this week requesting comment on whether the administration is considering a release.

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The potential release could come ahead of the midterm election in November, where rising prices at the pump could hurt Republicans in competitive races. A release could at least temporarily ease global-supply concerns that have driven energy prices to four-year highs.

The SPR is mainly intended to be an emergency stockpile the US can turn to during war or natural disaster. But non-emergency releases can be authorized to respond to minor supply disruptions or to raise federal revenue, according to the Energy Department.



Read more: http://www.businessinsider.com/oil-price-trump-considering-tapping-emergency-oil-reserve-report-2018-7

[yallerdawg]

1. "Emergency oil reserves" to influence an election.

[Fred Sanders]

8. Apparently folks are getting upset over all the winning over high gas prices...clearly a national

emergency just before an election. Remember the RW freak out when gas prices rose under Obama for a while? Everything is rancid with hypocrisy in Republican Bizzaro World.

[benld74]

2. I just as waiting for him to say something on this

[exboyfil]

3. With hurricane season coming up

Brilliant move nitwit.

[herding cats]

5. That was what I thought, too.

The timing is truly awful from a potential disaster standpoint.

[SergeStorms]

4. "To raise federal revenue".

Another ploy to make the deficit look smaller before the mid-terms? Along with the tariff tax Trump could really cook the books for the simpletons to applaud. Not that they don't already applaud everything he does anyway.

[House of Roberts]

6. There's no emergency.

Every time oil is sold, out of the SPR, it gets replaced at a higher cost later.

[Achilleaze]

7. There's only one emergency: republican treason against America

it would be so evil for the republicans to squander America's emergency reserve in an effort to retain power and continue to cover up their godforsaken betrayal of America

[jmowreader]

9. Well, there IS an emergency

Voters really hate high gas prices. If the price of gas doesn't start going down soon, the voters will take it out on Trump in November.