Article

2004-05-17 Home Front: WoT

U.S. Fills Strategic Oil Reserves To Highest Level Ever

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Posted by Frank G 2004-05-17 11:30:46 AM|| || Front Page|| [1 views since 2007-05-07] Top

#1 What the US governement has done is admirable, but unfortunately in terms of supply coverage, that is the number of days the reserve will cover imports, it has been steadily declining as US oil imports increases. From memory at one point it covered 80 days supply that has now declined to 50 days (as the reserve has increased). America MUST get off imported oil.

Posted by Phil B 2004-05-17 11:38:42 AM|| 2004-05-17 11:38:42 AM|| Front Page Top

#2 Frank, don't forget the 50 cents plus in taxes on that gallon.

Posted by Chuck Simmins 2004-05-17 11:44:39 AM|| [http://blog.simmins.org] 2004-05-17 11:44:39 AM|| Front Page Top

#3 I'm tending to believe that the price of oil is headed up mainly because China and (to a lesser extent) India are rapidly adding to demand, at levels unanticipated by the refineries. If this is, in fact, the case, then oil is headed upwards of $50 per barrel. That should prove interesting.

Total speculation on my part.

Posted by Lone Ranger 2004-05-17 12:17:18 PM|| 2004-05-17 12:17:18 PM|| Front Page Top

#4 Strategic reserves increased. Common sense don't you think? No big deal.

Posted by BigEd 2004-05-17 1:23:30 PM|| 2004-05-17 1:23:30 PM|| Front Page Top

#5 Lone Ranger -
If the $50pb mark is hit, it will probably knock the China and India recovery out. Then the market rate will go down again.

Posted by mhw 2004-05-17 3:10:20 PM|| 2004-05-17 3:10:20 PM|| Front Page Top

#6 How high -- and for how long -- does it need to go before capped wells in the US are re-opened?

I remember wells in Ohio running in the late '70s; they're all capped now. They're not dry, but usually they cost more to run than they can earn.

Posted by Robert Crawford 2004-05-17 3:13:14 PM|| [http://www.kloognome.com] 2004-05-17 3:13:14 PM|| Front Page Top

#7 forgot to add a comment: remember when AlGore pleaded with Clinton to open the Strategic Reserve before the election? W fills it in case of a calamity...who's got the nation's interest ahead of his own?

Posted by Frank G 2004-05-17 3:25:53 PM|| 2004-05-17 3:25:53 PM|| Front Page Top

#8 Refinery capacity problems can be summed up with "Not in MY backyard!" Formulation issues arise whenever supply of the 'special' gas can't make it in a timely or efficient manner. Chicago had sky-high prices a year or so ago, thanks in large part to a pipeline problem down around St. Louis.

Posted by eLarson 2004-05-17 3:33:26 PM|| 2004-05-17 3:33:26 PM|| Front Page Top

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