2008 Woodie Awards
Bush should open oil reserves for winter
Editorial
Issue date: 10/29/04 Section: Commentary
After the 1973-74 oil embargo, a Strategic Petroleum Reserve was established to protect against future crises. The reserve was placed on the Gulf of Mexico and consisted of a number of gigantic salt caves. The science behind drilling a hole 2,000 feet into the earth filled with water to dissolve the salt, creating a cavern the Eiffel tower could be dumped into with room to spare, was originally perfected by oil companies along the Gulf. The U.S. government bought a few caves from them and then drilled many more, creating a space that now has a capacity of 727 million barrels.
The circumstances in which petroleum can be withdrawn from the reserves are outlined in the Energy Policy and Conservation Act (EPCA). For a full drawdown of the reserves, the president must deem there is an energy shortage that would adversely affect either national security or the national economy. However, a limited drawdown of resources may occur if this action would aid in a circumstance in which there is a supply shortage, and thus lessen the effects of the crisis.
President George W. Bush ordered the reserves filled in 2001, and as of this September the reserves were nearing capacity at 669 million barrels. It is on track to be filled by July 2005.
OPEC asked the U.S. on Oct. 27 to dip further into its reserves. OPEC President Purnomo Yusgiantoro was quoted as saying "We have asked them [the United States] to use their oil reserves to help cool down the prices."
With gas well above $2 and winter coming, requiring still more oil for heating, one must ask why the Bush administration has only loaned out oil from the reserves in small, insignificant amounts. The government should open the reserves more to help families in need, since heating bills will have doubled since several years ago. If the government won't help the prices of fuel for cars, it should help keep us warm.
If the government is truly confident that everything will be fine, then there should be no hesitation in releasing the reserves to aid citizens. Unless, that is, the government is not confident that it will not need the Strategic Petroleum Reserves later. If the Bush administration wants us to believe everything will return to normal once Mexico and Nigeria get their production on track, and we're not in the early stages of peak oil, it should convey that confidence by aiding its own people.
The circumstances in which petroleum can be withdrawn from the reserves are outlined in the Energy Policy and Conservation Act (EPCA). For a full drawdown of the reserves, the president must deem there is an energy shortage that would adversely affect either national security or the national economy. However, a limited drawdown of resources may occur if this action would aid in a circumstance in which there is a supply shortage, and thus lessen the effects of the crisis.
President George W. Bush ordered the reserves filled in 2001, and as of this September the reserves were nearing capacity at 669 million barrels. It is on track to be filled by July 2005.
OPEC asked the U.S. on Oct. 27 to dip further into its reserves. OPEC President Purnomo Yusgiantoro was quoted as saying "We have asked them [the United States] to use their oil reserves to help cool down the prices."
With gas well above $2 and winter coming, requiring still more oil for heating, one must ask why the Bush administration has only loaned out oil from the reserves in small, insignificant amounts. The government should open the reserves more to help families in need, since heating bills will have doubled since several years ago. If the government won't help the prices of fuel for cars, it should help keep us warm.
If the government is truly confident that everything will be fine, then there should be no hesitation in releasing the reserves to aid citizens. Unless, that is, the government is not confident that it will not need the Strategic Petroleum Reserves later. If the Bush administration wants us to believe everything will return to normal once Mexico and Nigeria get their production on track, and we're not in the early stages of peak oil, it should convey that confidence by aiding its own people.