http://www.msnbc.msn.com/id/46747759/ns/business-oil_and_energy/
President Barack Obama and British Prime Minister David Cameron met on March 15 to discuss the US's raise in oil prices. They talked about releasing an oil reserve to lower the price of oil. The oil reserve Obama would release would be the SPR (Strategic Petroleum Reserve) which can hold up to 700 million barrels of oil. Obama is considering not doing it because of talks with the IEA (International Energy Agency) because it would make allies mad from European countries. Lots of Americans are pushing towards the release of the SPR.
My personal opinion on the release of the SPR would be to release it because oil prices would go way down with all the new oil. Also, Barack very well could win some peoples vote for the next election with the release of the SPR. If the oil prices go down, that means the gay prices will stop to drop and I can save more money instead of putting expensive gas into my car. Oil is a very important issue in the world all the time, that is because it is a supply and demand method. Pretty soon oil is going to run out, atleast I think, and we are all going to have to move on to those little electric cars. In conclusion, I want oil prices to stay low forever.
I certainly wish gas prices were lower, but I don't think Obama should release the reserve, yet. The world is changing very rapidly and I think releasing a large oil supply, just for ourselves, would anger other countries to much. Obama should consider talking to many other countries just to see how, exactly, they would react to this. Oil is like gold, and I feel the pressure on the U.S.A. would be so extreme if we released the reserve. It could actually raise prices if other countries put an embargo on us.
ReplyDeleteI agree with you on some different points you made, Nick. Releasing the SPR would be beneficial for our country, but it could be likened to putting a bandaid on a six in gash in your leg. Large-scale problems require equally large solutions. The SPR would temporarily lower prices, but to actually fix the problem, the United States could open off shore drilling for oil and pursue local sources of oil as opposed to foreign and expensive ones.
ReplyDeleteI agree with you completely Austin, we are not utilizing our full potential as an energy and oil rich country. We could easily sustain ourselves multiple decades until we can find renewable energy sources that do not dampen the economy but rather further economic efficiency and create jobs. For now, we should release SPR until we can start drilling.
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