This article discusses the recent oil crisis and efforts at the national level. Obama called to Congress to end tax breaks for oil companies in a populist speech he delivered that sought to turn the blame for gas prices, currently nearing $4 a gallon, back onto his Republican critics. “With record profits and rising production, I’m not worried about the big oil companies,” Obama said. “I think it’s time they got by without more help from taxpayers who are having a tough enough time paying their bills and filling up their tanks.” The administration apparently has worked to arrange a global release of emergency petroleum reserves to reduce the price of oil, according to reports from French government officials. French Prime Minister, Francois Fillon, said there was a “good chance” that the United States and Europe would tap their reserves. But experts are divided over whether now is the right time for countries to tap their strategic reserves because the reserves were designed to be used in the event of a severe supply disruption, not merely to combat high prices. The biggest question of all, however, is how much of an impact on prices a strategic release would actually have.
This article proves that Iran is not the only factor of the rising oil prices. Some of my past articles have been about the potential of a nuclear war in Iran due to their nuclear advances, but this articles shows that that is not necessarily the only factor of increasing prices. Yes, this is one factor that brings up many issues, but it is not the sole cause of the recent spike in prices, as some of my past articles states. This itself shows the inconsistency with the media, therefore questioning the factual content of the news reports because the media reveals only what it wants to reveal. Anyway, I do agree that this is not a reason to tap into our resources. As the article mentioned, it is only meant for an emergency, not to lower the prices. After all, the US has about 2% of the world's oil, but consumes about 20%, so it is a better to conserve and save that oil for the future as we do not know what the future brings.
http://www.washingtonpost.com/business/economy/gop-blocks-obamas-effort-to-end-tax-breaks-for-big-oil/2012/03/29/gIQAbuTwjS_story_1.html
This article proves that Iran is not the only factor of the rising oil prices. Some of my past articles have been about the potential of a nuclear war in Iran due to their nuclear advances, but this articles shows that that is not necessarily the only factor of increasing prices. Yes, this is one factor that brings up many issues, but it is not the sole cause of the recent spike in prices, as some of my past articles states. This itself shows the inconsistency with the media, therefore questioning the factual content of the news reports because the media reveals only what it wants to reveal. Anyway, I do agree that this is not a reason to tap into our resources. As the article mentioned, it is only meant for an emergency, not to lower the prices. After all, the US has about 2% of the world's oil, but consumes about 20%, so it is a better to conserve and save that oil for the future as we do not know what the future brings.
http://www.washingtonpost.com/business/economy/gop-blocks-obamas-effort-to-end-tax-breaks-for-big-oil/2012/03/29/gIQAbuTwjS_story_1.html
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