Dollars & Sense: Tapping oil reserves; $6 million BMW
Gas prices may be jumping, but this particular situation is not a job for the U.S. Strategic Petroleum Reserve, CNNMoney's Paul R. La Monica reports.
March 7th, 2011
06:22 PM ET

Dollars & Sense: Tapping oil reserves; $6 million BMW

A roundup of today's CNNMoney news:

Tapping U.S. oil reserves is a bad idea: There are growing calls to tap the Strategic Petroleum Reserve in the face of rising gas and oil prices. But prices are largely being driven by speculators.

Tech companies desperate for "rockstarninja engineers": A flood of startups has sparked a talent war over the industry's scarcest resource: Skilled engineers and developers.

Startup rate at 15-year high: In this economy, if you can't find a job, make one. Last year, 340 of every 100,000 adults launched a business each month, creating 565,000 startups monthly.

Coke bottles made from plants?: That's just one of the ideas being pursued at Coca-Cola. The company has developed technology to make fully recyclable bottles using 30% plastic made from sugar cane.

The story behind the $6 million 1937 BMW: The 1937 BMW 328 Buegelfalte raced in the Mille Miglia and was owned by one of Hitler's top aides during WWII.

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soundoff (20 Responses)
  1. gahh

    No disruption of oil coming to this country, but prices going through the roof for gas, is just stupid. Where's our government? Wall Street and it's speculators, need to go to Hell. Stop stealing from the American public.

    March 7, 2011 at 7:11 pm | Report abuse |
    • Scottish Mama

      Who are the speculators and how do they come to the determination of raising prices?

      March 7, 2011 at 7:44 pm | Report abuse |
  2. Scottish Mama

    President Obama was not for domestic drilling. The tea party was. YOu must be speaking of the Koch Bros they are behind the attack on the unions there and own alot of products that have to do with oil. Who are the Speculators?

    March 7, 2011 at 7:43 pm | Report abuse |
  3. .

    We need to start drilling for our OWN oil! There's plenty of it in ANWR and other places.

    March 7, 2011 at 8:33 pm | Report abuse |
  4. Philip

    "tapping oil reserves"...he he. hahahaaahaaaa hehehhoooo! lmao....(huf huff) LOL...ha hah hahhhh. lol....lmao. oh sh/t. that's a good one.

    March 7, 2011 at 10:01 pm | Report abuse |
  5. Richard Allen

    did they just say "rockstarninjas"...

    March 7, 2011 at 11:35 pm | Report abuse |

    The speculation is based upon what is likely to happen in the oil market: Libya is in turmoil, the rest of the Middle East is unstable and could see unrest. To not drill here is not only stupid but is evidence of a reckless and short-sighted vision when it comes to our energy policy. So Nobama might open the reserves? Big deal. That's a short-term solution to a long-range problem. And as for Nobama NOT supporting offshore drilling as a candidate, do your homework. In early August 2008 he is reported in many news stories online as "willing to support additional offshore oil drilling if that would help promote alternative energy sources." The news report goes on to say that Obama had repeatedly blasted rival John McCain for supporting that same position.

    March 7, 2011 at 11:43 pm | Report abuse |
    • Scottish Mama

      They said on the news the price always goes up at this time of the year. Although I do not remember it going up this fast. I remember it being this high during the former President Bush admin. The news did go on to say reovery is bringing it up. President Obama did say he would consider offshore drilling, but not as close to shore as the Tea Party and Republicans wanted him to, I think it was 50 miles off the coast. No alternatives are viable even now. Middle class cannot afford the hybrids or electric cars yet. You are right he did change his position on it because he wanted to move in the direction of alternative. Then the crisis of almost a depression hit in August (Which Pres. Bush knew about in May) and that made him see that alternative was not a viable solution, because it was going to cause hardship on the american people. Libya only supplies 2% of worlds oil though. They say it will not come down till after fall. I guess no vacations in a car, walking , bycycling, and driving less if you can is the key.

      March 8, 2011 at 8:36 am | Report abuse |
    • Herbert Spencer

      @Scottish Mama – You crack me up with the "I blame bush" gimmick.

      March 8, 2011 at 10:46 pm | Report abuse |
    • Scottish Mama

      @ Herb well he was saying nobama. Glad I could oblidge.

      March 8, 2011 at 10:59 pm | Report abuse |
  7. ed bailey

    So some oil executive paid 6 mil for a murders car. No one else can afford it but a robber baron.

    March 8, 2011 at 5:48 am | Report abuse |
  8. Sir_Gresham

    A rising oil price is the product of a weak dollar. End of story. The Federal Reserve has printed trillions of fake monopoly money which has gone into commodities and hard assets. Speculators are only a symptom of the bigger disease which is fractional reserve banking. As long as the Fed keeps printing oil will keep rising.

    March 8, 2011 at 11:44 am | Report abuse |
  9. Matt

    Rising oil prices, not based on supply but on speculation on disruption, will end up causing an oil supply glut. Expect prices to plummet before summer to around $2.50 a gallon so not to disrupt the vacation market. Do you ever get the feeling you're getting fleeced (again)?

    March 8, 2011 at 3:26 pm | Report abuse |
  10. Patty

    OBAMA ROCKS!! He is the best President since Clinton. He WILL get reelected.!! Say tuned!!!

    March 8, 2011 at 8:01 pm | Report abuse |
    • Herbert Spencer

      More like the "best" president since Jimmuh Carter. Give me a breat – he is a dangerous neophyte.

      March 8, 2011 at 10:41 pm | Report abuse |
    • Herbert Spencer

      I meant break. I also meant Jimmuh...

      March 8, 2011 at 10:43 pm | Report abuse |
    • Scottish Mama

      @ herb have you had a snort?

      March 8, 2011 at 11:01 pm | Report abuse |
  11. Cesar

    @Patty: You're right girl. I should know, I voted for that hot shot lawyer. I think he might be smarter than GW Bush, "dah, I am the deceider."

    March 8, 2011 at 9:04 pm | Report abuse |
  12. Drill like crazy

    Why can't we just DRILL for OIL in our own back yard. I mean its been said that Alaska has enough Oil to last the United States for over 200 years but our President has banned offshore drilling.. If we tap our reserve and use that up and then the Opec nations decide they don't want to sELL to the United States .. THEN WHAT ..

    March 8, 2011 at 9:53 pm | Report abuse |
    • Scottish Mama

      We wald, we cycle, and electric cars. Right after we tell the electric companies to take a hike.

      March 8, 2011 at 11:03 pm | Report abuse |