CRUDE OIL forum: Strategic Petroleum Reserve
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| The Arab Oil Embargo of 1973-1974 had a very negative impact on the overall economy of the United States. The good news is the policy makers woke up and put in place some much needed "insurance" for the uninterruptee flow of available refined oil. The Strategic Petroleum Reserve was created and acted upon 1975. The SPR provides the President with powerful options to respond should supplies be put in jeopardy and threaten the U.S economy. Currently the reserve is mandated to hold 727 million barrels, capacity. The crude is stored in salt caverns on the Gulf of Mexico coast at the Texas border. President Bush directed the reserve be increased to 1 billion barrels by 2020 though, still, capacity is 727 million barrels. This is the largest stockpile of government owned emergency crude oil in the world. It's designed to support U.S. emergency needs for approximately 60 days. There have been only 2 "drawdowns" from the Reserve. Desert Storm 1991 and Katrina 2005. A drawdown is a situation where the government may sell the resevered crude to refineries to put on the consumer market. summary from DOE Web site "There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle." --Albert Einstein ~ All Things Plants, SOUTHWEST GARDENING ~Cubits.org ENERGY & POWER |
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| VERY good easy to understand interview by Greta Van Susteren on the SPR this evening. If I find the interview on the Web I'll post it. "There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle." --Albert Einstein ~ All Things Plants, SOUTHWEST GARDENING ~Cubits.org ENERGY & POWER |
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| I moved recent discussion/posts re electric vehicles/ future transportation to http://cubits.org/EnergyAndPower/thread/view/58370/ "There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle." --Albert Einstein ~ All Things Plants, SOUTHWEST GARDENING ~Cubits.org ENERGY & POWER |
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| Today OPEC talks ended abruptly with no agreement amongst members of increasing crude production. This Forbes article is short and sweet. http://blogs.forbes.com/heatherstruck/2011/06/08/oils-path-i... Wall Street Journal article today is in a little more detail and depth. In the article Jay Carney, Press Sec. for Pres. Obama says Obama is considering tapping into the SPR. http://online.wsj.com/article/SB1000142405270230425930457637... If this happens it will be a good learning tool to understand how this program works (or doesn’t. The action to tap the reserve would be the decision of the President and meant to ease high prices. Remember, we learned that the SPR holds only about 60 days of oil. Attached pic: OPEC Chairman Goni Musa, left, and OPEC President Mohammad Aliabadi talk at the OPEC meeting in Vienna, Austria.  "There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle." --Albert Einstein ~ All Things Plants, SOUTHWEST GARDENING ~Cubits.org ENERGY & POWER |
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