If Bush wanted to release 1/3rd of our oil reserves, would congress pass it?

Bush could release just a third of our reserves and bring down the price of oil instantly. How you ask? The speculators who are betting against the US would lose billions of dollars thus driving the price of oil way down. I support Bush, and he's welcome to my idea, but even if he did, would congess approve?If Bush wanted to release 1/3rd of our oil reserves, would congress pass it?
Isn't it ironic that gas started to skyrocket all within the last 2 years? Let's see.......what happend 2 years ago that could have started all this? Hmmmmm. Oh yeah! That's right! We elected democrats into the House and the Senate. Coincidence?If Bush wanted to release 1/3rd of our oil reserves, would congress pass it?
I'm sure congress would pass it in order to lower the oil prices, but if Bush is actually smart enough to make an intelligent decision about the world economy he won't try to realease that much. Ahmed Yamani, Saudi Arabia's oil minister who now controls the largest supply of oil in OPEC, has told the world that there is a large enought supply of oil. That is not the problem as so many have said. However, releasing any more oil into the supply would cause prices to drastically fall and the world economy to collapse. That would not be the smartest move on any politicians part. I'm sure Bush doesn't want the title ';MAN WHO RUINED THE WORLD!'; that's what would happen if any more oil was added to the economy.
First off... Bush would never go for it. Congress had to fight him to stop filling the reserve even when it was already 97% full... I think it is a good idea... Flood the market with some of our oil, which would drop the price within just a few days... This would be temporary because speculators would know exactly how much extra there would be and how long it would last...





If we drill in Colorado, where sits a reserve potentially as big as what Canada has... THAT would bring prices down to around $70 or $80 within a few days, and that would sustain for some time...
Our Politicians are THE PROBLEM period. There is NO REASON why we should NOT go after our own resources. It does NOT hurt the environment, it does NOT hurt the animals. Congress has already just recently shown us they REFUSE to do as such as they just voted down a bill for going after our own resources!!!!!!!!!





I say OUST THEM ALL!!!! If they would have done this 30 years ago, we would not be in the predicament we are today. I am getting to the belief that our Politicians really do not care what their actions do to the Citizens or our Country, just as long as they think they are beating down the wants of the ';other side';. Sickening, just sickening. IT IS NOT A GAME
Wishful but there are still enough Republicans to block it, and we all know Bush does as he pleases. He should have been impeached with Cheney. Its about the wealthy and the stock market, unfortunately when the stock market goes up, that means more people lost their job.


If Republican s want to stay in office, but they are probably getting extra money anyway, and they will still get their taxpayer paid pensions when they leave , not to mention health care for the rest of their life....
Why? If we want to lower the price we should take the shackles off the oil industry and let them drill in the 48, off the coast, and in Alaska as well.





Although, there are congressmen who believe the best way to lower gas prices is to increase taxes on big oil. Great logic there.
If Bush wanted to, he could release oil reserves by executive order, without the approval of congress. Such an action would not have much effect on gas prices however, because prices are not rising nbecause ofshortages of either oil or refining capacity.
Congress doesn't have to approve it technically. Bush and Cheney have done much to expand the authority of the President these last 8 years.
I'm not a Bush fan, but that would be a brilliant idea. Too bad all the environmentalists will shoot it down. It'll never be passed, unfortunately.
maybe, but that is a drop in a barrel. It might lower gas 1 penny, if that.





Last time they did that, it had no effect.
Oil reserves are for life or death Mad Max type of situations. We shouldn't go tapping them because the price of gas has become an inconvenience.
The congress is filled with democrats. They don't like to see America do anything especially use our own oil, thats a big no no in the democrats eyes.
I do not think that it needs Congressional approval to do this and it would be forthcoming.
Probably not--because it would make no difference in prices. The oil prices are being manipulated and driven up by the oil companies and OPEC. For releasing oil reserves to have a major effect, the oil market would actually have to be a true free market--which it is not.





That is NOT a political comment--its a fact. Based on economics--and in particular on the ';neoclassical economics'; the conservatives use.





A true free market in a commodity requires that competitors not work together but actually compete. It also requires that government(s) not intervene in the market. Neither is the case with the oil commodity market.





However, first you have the bulk of the worlds oil supply produced by state-owned agencies--and these are part of a co-operative cartel (OPEC) that routinely fixes production at arbitrary levels that often have nothing to do with market demand.





Second, US oil companies openly act as an informal coartel and also manipulate supply--and enjoy a protected legal position within the framework of US energy policy.





Third, even if we did release more oil , it would not add a drop of gasonline to what's on the market. US refinery capacity is running at maximum. You wont have any more gasoline--no matter how much crude oil you have--unless more refineries are built. The oil companies have refused to expand refinery capacity for over 15 years (they've even bought out and closed some independant refineries). Why? That should be obvious--by creating an artificial shortage they drive up the price. They might make 10% more by building he refineries to meetdemand. But they've tripled the prices and more than tripled their profits by NOT building the refineries.





Finally--under current US policy, entry into the energy market by new players is virtually impossible--thus giving US oil companies a de facto monopoly.





So don't expect the release of oil reserves to cause a major price decrease. In a free market, that would work. We don't have anything resembling a free market in oil.