"Why hasn't the president come out and at least threaten to release the oil reserve which is bulging at the seems to get the price back in line. We don't even get much oil from the Middle East. The hedge funds are destroying our economic recovery."
Great question Gus. What do you have to say?
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You go gusto... We should hang all the futures traders & hedge funds..They have created this mess...Why the hell congress hasn't made them put up at least 50% for the futures is beyond me !!!
ReplyDeleteoil reserves have been kept in place as a reserve for the military in case of war, or in case we were to suddenly lose foreign sources.
ReplyDeletehttp://www.nationmaster.com/graph/ene_oil_res-energy-oil-reserves
Looks like we DO get just a bit of oil from the Middle East. Of the top 20 on Dave's list, 13 are either in the ME or North Africa. Wonder why the price has sky-rocketed over the last few weeks? Here is your answer. BTW Dave, that web site was a great find. Thanks for sharing.
ReplyDeleteTim wrote: "From Wikipedia : The United States started the petroleum reserve in 1975 after oil supplies were cut off during the 1973-74 oil embargo, to mitigate future temporary supply disruptions. According to the World Factbook[3], the United States imports a net 12 million barrels (1,900,000 m3) of oil a day (MMbd), so the SPR holds about a 58-day supply. However, the maximum total withdrawal capability from the SPR is only 4.4 million barrels (700,000 m3) per day, making it a 160 + day supply. Not all that much in the reserves..."
ReplyDeleteTim wrote: "@Gus - I Googled "how much oil do we import from Canada" and none of the returned references come anywhere close to 80% from Canada. The numbers would take a bit of time and a spreadsheet to determine a % that we get from each reason but an eyeball number from Canada would be closer to 30% with the ME getting another 30% and the rest from North Africa, South America and our own backyard."
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