Don’t Tap Reserves
Don't Tap Reserves
This is the second time that Senator Schumer has suggested tapping into the strategic oil reserve. First, the purpose of the strategic oil reserve is for the US to have oil in the event of a national emergency, (high oil prices is not an oil emergency) second even if the President were to release some oil, where would it be refined and what would it be refined into gas or fuel oil. There is a shortage of refineries in this country, note, no new refineries has been constructed in the US in the last 25 years. That is one of the reasons we import gasoline and fuel oil from foreign sources. The environmentalists have created a situation whereby we truly are at the mercy of off shore suppliers. To illustrate, Venezuela has been on strike for the past 45 days, crude oil has risen dramatically and heating oil and gasoline prices reflect this increase.
Again, I would ask our esteemed Senator where would he refine into what product and how long would it be before we would see these products at the consumer level.