A Refresher On The US Strategic Petroleum Reserve

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Thu, 06/23/2011 - 10:22 | 1394610 the not so migh...
the not so mighty maximiza's picture

There must be a national emergncy we don't know about for them to release from the SPR.

Thu, 06/23/2011 - 10:29 | 1394633 lizzy36
lizzy36's picture

It is called QE3.

And the National Emergency is the economy. And obama coming into his relection year.

It is all happening right in front of your eyes

Thu, 06/23/2011 - 10:29 | 1394659 the not so migh...
the not so mighty maximiza's picture

I am thinking more an astronomical event, we will see soon.

Thu, 06/23/2011 - 10:51 | 1394776 Cpl Hicks
Cpl Hicks's picture

Obama's reelection qualifies as an astronomical event. To him, anyway.

Thu, 06/23/2011 - 10:55 | 1394806 the not so migh...
the not so mighty maximiza's picture

Obama is the second coming incarnate Corporal Hicks, did you miss the memo?

Thu, 06/23/2011 - 11:07 | 1394875 Steaming_Wookie_Doo
Steaming_Wookie_Doo's picture

When you said Hicks, I was really thinking of Hudson (which is far more appropos to Bammy's level of competency):

http://www.youtube.com/watch?v=dsx2vdn7gpY

 

Thu, 06/23/2011 - 11:26 | 1394982 Cpl Hicks
Cpl Hicks's picture

Hudson has been demoted to the worst job in the Colonial Marines- keeping the Obama kids away from the potato chips.

Thu, 06/23/2011 - 12:31 | 1395294 Rick Blaine
Rick Blaine's picture

"We're on the express elevator to hell...going down!"

Thu, 06/23/2011 - 13:56 | 1395630 Spirit Of Truth
Spirit Of Truth's picture

There may be something up with Iran:

http://thespiritoftruth.blogspot.com/2011/06/something-up-with-iran.html

Iran's Bushehr nuclear power plant is set to officially go into operation in August.

Thu, 06/23/2011 - 15:11 | 1395977 jmc8888
jmc8888's picture

Lt. Bernanke, how many drops is this for you?

38....simulated

Class Warfare? 2nd

Thu, 06/23/2011 - 11:06 | 1394888 DaveyJones
DaveyJones's picture

I thought it qualified as a national emergency

Thu, 06/23/2011 - 10:59 | 1394823 Ivanovich
Ivanovich's picture

Why would an astronimcal event call for release of the emergency oil reserve??

Thu, 06/23/2011 - 17:51 | 1396696 Crashof2011
Crashof2011's picture

US debt ceiling, $14.294 * 10^12 is an astronomical number

Thu, 06/23/2011 - 11:01 | 1394829 Ergo
Ergo's picture

"an astronomical event"

Really???  Is this the internet rumors about planet X or a dwarf star sweeping through our solar system in a few months? 

If so, NASA says it's an internet hoax.  A quick google:  http://astrobiology.nasa.gov/ask-an-astrobiologist/intro/nibiru-and-doomsday-2012-questions-and-answers   ("If you go to the NASA home page, nasa.gov, you will see many stories that expose the Nibiru-2012 hoax. Try searching nasa.com under “Nibiru” or “2012”. There is not much more that NASA can do.")  http://www.nasa.gov/topics/earth/features/2012.html

Why do you disagree?

Thu, 06/23/2011 - 11:06 | 1394863 the not so migh...
the not so mighty maximiza's picture

Ergo , your absolutely right I believe all government agencies and appendages

Thu, 06/23/2011 - 12:31 | 1395314 toxic8
toxic8's picture

very interesting tidbit there..

Thu, 06/23/2011 - 13:19 | 1395508 Rusty Shorts
Rusty Shorts's picture

2007 was the last year published, mainly because they can't find a chart big enough.

Thu, 06/23/2011 - 11:31 | 1395008 Ergo
Ergo's picture

Ah, so it is the Nibiru thing.  I certainly hope you're wrong.  But since I live close to the gulf coast, I may not be here for you to say you told me so.  I appologize in advance.  Unfortunately, I don't have anything concrete enough to quit my job over.  Good luck.

Thu, 06/23/2011 - 11:25 | 1394960 njdoo7
njdoo7's picture

I am confident that this is not what he was alluding to.  Take your straw man nonsense elsewhere.

Thu, 06/23/2011 - 11:34 | 1395006 Maxter
Maxter's picture

"NASA -Warns Employees and Families to BE PREPARED (for what?!)"

http://www.youtube.com/watch?v=W3gxTUMr-I0

 

Thu, 06/23/2011 - 12:46 | 1395368 RichardP
RichardP's picture

Be prepared in case of natural disaster or civil disturbance.  Same preparedness as it ever was.

Thu, 06/23/2011 - 11:04 | 1394846 Abitdodgie
Abitdodgie's picture

Maybe of Biblical proportions, something out of this world

Thu, 06/23/2011 - 11:09 | 1394883 Steaming_Wookie_Doo
Steaming_Wookie_Doo's picture

If it's all that Biblical (or Mayan) then 30 mil bbls of oil isn't going to do much for us at that point anyway.

Thu, 06/23/2011 - 10:44 | 1394754 gringo28
gringo28's picture

if $5.4b in replacement cost for the 60mm barrels of crude is what you call QE3, then we are really in trouble.....

Thu, 06/23/2011 - 11:10 | 1394889 r101958
r101958's picture

Consider this a gas price subsidy.....which is really what it is......and again, we are paying one way or another.

Thu, 06/23/2011 - 11:12 | 1394905 caconhma
caconhma's picture

The facts

  • Saudi, Kuwait, Qatar, and other our US Middle Eastern puppets just do not have any additional oil producing capabilities.
  • Oil consumers are starting to release & use their strategic reserves. These reserves will not last for long.

The bottom line: the peak present oil production is about reached. Alternative oil production capabilities (sand oil, etc.,) are years away and they will be expensive, very expensive.

 

Predictions: just watch for $200+ pb oil prices before this year-end.

Thu, 06/23/2011 - 11:29 | 1394980 njdoo7
njdoo7's picture

I agree with prediction of $200+ pb oil...but watch for US drilling to commence, and for large oil reseres to be "discovered" once oil is this scarce versus demand.

Thu, 06/23/2011 - 12:49 | 1395383 RichardP
RichardP's picture

And what good will those huge reserves do us if they are able to produce only, say, 4 barrels per day.  Remember that, in terms of rising demand, reserves are less important than how many barrels per day can be extracted.

Thu, 06/23/2011 - 13:32 | 1395537 r101958
r101958's picture

Richard - exactly correct. +100

Fri, 06/24/2011 - 12:00 | 1398697 Rhodin
Rhodin's picture

You may recall the extreme pressure present at the BP gulf disaster.  There are several more such projects underway world wide that have not exploded. Some will yield (each) more bpd than BP was polluting the Gulf with.  China might be about to begin one soon off of Cuba.

Fri, 06/24/2011 - 12:01 | 1398719 Rhodin
Rhodin's picture

You may recall the extreme pressure present at the BP gulf disaster.  There are several more such projects underway world wide that have not exploded. Some will yield (each) more bpd than BP was polluting the Gulf with.  China might be about to begin one soon off of Cuba.

Thu, 06/23/2011 - 10:47 | 1394773 trav7777
trav7777's picture

alll the Presidents have been doing this with the SPR.  It seemed clear Bama would too.

Buy oil with both fists

Thu, 06/23/2011 - 10:51 | 1394775 T-roll
T-roll's picture

Exactly. Tyler u need to come up with a way for users to give a thumbs up for good posts.

Thu, 06/23/2011 - 11:18 | 1394942 GottaBKiddn
GottaBKiddn's picture

 

Exactly!! +++++

 

 

Thu, 06/23/2011 - 12:54 | 1395359 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Do not think...feel!  It's like a finger pointing at the moon.  Do not concentrate on the finger or you will miss all the heavenly glory!

Thu, 06/23/2011 - 10:48 | 1394780 IMA5U
IMA5U's picture

funny how this was right after obamanation was yapping about troop withdrawl ...  too bad its a dk slap to wall street

but the little guy will now be able to buy some beef jerky and a lotto ticket with the lower price of gas

 

 

Thu, 06/23/2011 - 11:09 | 1394884 HistorySquared
HistorySquared's picture

This is the Obama Adminsitration trying to buy votes at the expense of long term security for this country. What if there is a war, like a real one between between iran and isreal, not one that we create.

If you want to bring down oil prices, how about stop printing money? Ah, according to Beranke, printing money doesn't impact commodity prices. 

Thu, 06/23/2011 - 13:34 | 1395555 gorillaonyourback
gorillaonyourback's picture

yes thats what i was wondering, i actually think its peak oil starting to hit, high gas price with faltering economy supply cant even keep up with demand in this environment

Thu, 06/23/2011 - 10:22 | 1394611 Cognitive Dissonance
Cognitive Dissonance's picture

US Strategic Petroleum Manipulation Reserve

Fixed it for ya.

Thu, 06/23/2011 - 10:27 | 1394617 Skyprince
Skyprince's picture

I feel so much better now.

Thu, 06/23/2011 - 10:23 | 1394619 GeneMarchbanks
GeneMarchbanks's picture

Is this someones idea of a cruel prank? Sick... completely ill...

Thu, 06/23/2011 - 10:33 | 1394664 Cognitive Dissonance
Cognitive Dissonance's picture

Wait a while longer. It gets worse.

You ain't seen nothing yet.

http://www.youtube.com/watch?v=7miRCLeFSJo

Thu, 06/23/2011 - 10:58 | 1394834 Raynja
Raynja's picture

That's my theme song for this year

Thu, 06/23/2011 - 10:38 | 1394698 aVian
aVian's picture

you mean crude prank?

Thu, 06/23/2011 - 10:28 | 1394620 speconomist
speconomist's picture

Nice couple of videos with Max Keiser and Michael Krieger about the Strategic Petroleum Reserve.

http://maxkeiser.com/2011/06/18/on-the-edge-with-michael-krieger/

Thu, 06/23/2011 - 10:24 | 1394621 gdogus erectus
gdogus erectus's picture

Aside from a psy-ops for manipulating crude prices, the SPR is nothing more than the war machine's gas tank in case the stations are closed for a few days.

Thu, 06/23/2011 - 10:24 | 1394622 g
g's picture

Lets hope it is actually saved for an emergency, rather than using SPR for political purposes, as we have heard on occasion.

Thu, 06/23/2011 - 10:24 | 1394625 RobotTrader
RobotTrader's picture

LULU and BBBY celebrating the outright collapse in oil prices today.

Thu, 06/23/2011 - 10:25 | 1394632 Robslob
Robslob's picture

21 million barrels a day (7.65 billion a year)...unless demand is destroyed we are screwed.

If demand is destroyed we are also screwed....so basically, we are screwed?

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