This page has been archived and commenting is disabled.
A Refresher On The US Strategic Petroleum Reserve
Courtesy of Reuters we have this lovely graphic reminder of what the US Strategic Petroleum Reserve looks like. Also, putting the 30 million barrel draw from the SPR in perspective, the US consumes 21 million bpd, and Canada exports over 2 million barrels daily to the US...
»
- 16062 reads
- Printer-friendly version
- Send to friend
- advertisements -
There must be a national emergncy we don't know about for them to release from the SPR.
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
I am thinking more an astronomical event, we will see soon.
Obama's reelection qualifies as an astronomical event. To him, anyway.
Obama is the second coming incarnate Corporal Hicks, did you miss the memo?
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
Hudson has been demoted to the worst job in the Colonial Marines- keeping the Obama kids away from the potato chips.
"We're on the express elevator to hell...going down!"
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.
Lt. Bernanke, how many drops is this for you?
38....simulated
Class Warfare? 2nd
I thought it qualified as a national emergency
Why would an astronimcal event call for release of the emergency oil reserve??
US debt ceiling, $14.294 * 10^12 is an astronomical number
"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?
Ergo , your absolutely right I believe all government agencies and appendages
http://www.thehorizonproject.com/earthquakes.cfm
very interesting tidbit there..
2007 was the last year published, mainly because they can't find a chart big enough.
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.
I am confident that this is not what he was alluding to. Take your straw man nonsense elsewhere.
"NASA -Warns Employees and Families to BE PREPARED (for what?!)"
http://www.youtube.com/watch?v=W3gxTUMr-I0
Be prepared in case of natural disaster or civil disturbance. Same preparedness as it ever was.
Maybe of Biblical proportions, something out of this world
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.
if $5.4b in replacement cost for the 60mm barrels of crude is what you call QE3, then we are really in trouble.....
Consider this a gas price subsidy.....which is really what it is......and again, we are paying one way or another.
The facts
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.
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.
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.
Richard - exactly correct. +100
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.
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.
alll the Presidents have been doing this with the SPR. It seemed clear Bama would too.
Buy oil with both fists
Exactly. Tyler u need to come up with a way for users to give a thumbs up for good posts.
Exactly!! +++++
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!
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
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.
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
US Strategic Petroleum Manipulation Reserve
Fixed it for ya.
I feel so much better now.
Is this someones idea of a cruel prank? Sick... completely ill...
Wait a while longer. It gets worse.
You ain't seen nothing yet.
http://www.youtube.com/watch?v=7miRCLeFSJo
That's my theme song for this year
you mean crude prank?
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/
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.
Lets hope it is actually saved for an emergency, rather than using SPR for political purposes, as we have heard on occasion.
LULU and BBBY celebrating the outright collapse in oil prices today.
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?
ECONOMIC THREAT LEVEL
Harmonious. :)
Content. ;)
Indifferent. :-
Discontent. :/
Almost fucked. :(
Totally fucked. :0 -----------you are here----------
lolololol
Chuckle.
idiots
The reason being done is simple. They cannot allow for adults to gather on the 4th of July and discuss things such as high oil prices. 4th of July and Labor day are considered one of the largest gathering social events where adults can sit around..have a few and discuss ideas.
Bingo
Really? Those are two days I get sh*t faced and can't speak intelligibly.
You make a good point...
yup. govie trix are implemented right in front of holidayz
Also a good day for Congress to make money on inside info.
Heaven forbid they carry pitchforks and axes to the picnics/fireworks.
I suspect the timing has more to do with the end of QE2, the holiday cheer is just an added bonus.
Just in time for Bill Gross who's gonna need all the lube he can get as the 5-yr. dives under 1.5%.
you really are a retard for that comment. you would lend $100 for 1 year to make a $1.50,,,, think about that idiot
the US consumes 18.5-19.0 MB/day. imports into the US down 800K per day YoY. imports down 3.5MB per day since 2008. refiners wont touch the reserve because they are still sitting on record stock piles.
cracks me up. the world is in a depression, but there's record oil demand.
cant have it both ways, guys.
Yes....down 800k per day but now that they have rescinded the ethanol subsidy....that will be reduced. Just the bump from 10 to 15% limit in ethanol content per gallon....reduced the oil demand for transport by 400k per day. Problem is....we were subsidizing the production of that ethanol. We were paying the extra price per gallon in our taxes instead of at the pump (stealth gas prices). What a farce!
Repeal subsidy without repealing the mandate, the cost will be passed on to the customer, but we won't see less blending unless the mandate is also repealed.
http://stopethanol.wordpress.com/2010/09/07/e15-will-make-no-difference-...
http://torontostar.morningstar.ca/globalhome/industry/news.asp?articleid...
What? Economy stalls out even further with high gas prices?? No fucking way, that can't possibly be true!
Time to spread some of exons trillions into the economy imo.
with the hurricane season coming up . i can see one of the banks / oiltraders just buying the lot put it into floating storage for resale $20 higher come October
Nice. Yes, I can completely see that being used as a reward for a big campaign contribution.
The IEA has already urged OPEC to lift production, otherwise the ~1.6 bn barrel stockpile in the 28 countries will have to be soon tapped to keep pace with the demand.
OPEC lift production?......bwahahahahhahahhaha!
Does this affect the cost of KY?
No, KY has its own strategic reserve- managed by Barney Frank.
lmao
Instead of KY, just use olive oil.
not sure if you're joking (It works I'm sure but not so sure about the smell..)
organic coconut oil *does* work however. it's not greasy, has intrinsic anti-fungal properties .. the girlfriend loves it.
If supplies were to be cut... for some reason...
Um, gold is a pretty good proxy for buying oil, its easier to store...etc, etc.
Only if you have it.
As you said. it's a "proxy." Can't plant it. Can't harvest it. Can't eat it. Can't put it in a gas tank. Can't generate power with it. Can't run 777s or D-11 Caterpillars with it. Can't even defend your home with it (unless you drop it on the intruder's head). It's a proxy for what's real and nothing more.
wwonder if the unspoken reason why they're doing this is to raise more cash for Ben to buy Treasuries with???????????????
interesting, dying empire trying to raise cash pronto!!!
Ben doesn't need to raise cash to buy anything.
Not much$, but might help Treasury go another day before it runs out of money.
30 million * $100 = 3 billion. Less than 1 day of federal budget deficit.
Is there someone who can keep a closer eye on the Fort Knox of oil?
It would not surprise me none
to hear they release 30 million barrels of light sweet
and replace it with Orninoco and/or Saudi tar,
a lot like selling gold and replacing it with tungsten ....
but they may not tell anybody ....
next week they are going to sell gold from the reserve .is it so
1 they can raise $ for Treasury
2 stop Ron Paul audit
3 stop us driving the price
4 all the above
Does the Fed have the authority to sell oil short?
If so, they may be guilty of market manipulation in the oil pits tooo!!!!!!!!!
This is being done for A LOUSY 1.4 mbpd from Libya!!
Folks, the Saudis lied, and a great many others have lied.
See, it's not just the 1.4 mbpd. It's that PLUS the RELENTLESS FALL in oil production form fields that have pumped for decades and decades.
Shed your normalcy bias, if not for you then for your kids. The party is over and the cops are coming. They are on horseback. Four of them.
For your kids to have a chance to be among the 1.5 billion who survive, they MUST have survival skills. I know it's impossible to pull them out of worthless college to learn farming, but at ALL COSTS you must add farming to their skillset. If you don't, you kill them.
For your kids to have a chance to be among the 1.5 billion who survive, they MUST have survival skills. I know it's impossible to pull them out of worthless college to learn farming, but at ALL COSTS you must add farming to their skillset. If you don't, you kill them.
"NOT ENOUGH TO GO AROUND! BILLIONS MUST DIE! MUST! Because it is mathematically impossible for the
resources to cover everyone's needs! So, it is time for"merica to GET TOUGH and FIGHT FOR OUR SHARE!
Support our men in uniform! What, you wanna surrender the 'merican way of life to all those yellows and browns
over there?! You some kinda traitor?! Get with the program!"
TPTB will LOVE this trend. I'm sure the Koch brothers, Coors, Scaife, and that whole miserable crowd -- and their astro-turf representatives (Tea Party, etc.) -- will be right in line with it.
Neo-Malthusianism has always been closely linked with right/reactionary/fascistic tendencies, and it will be so again
in the near future, I think. "There's not enough to go around"is the PERFECT quasi-scientific cover-story during an economic collapse for military interventions
(facepalm + sigh) There ISN'T enough to go around. Not when you have 7,000,000,000 people living on a finite planet. Food/air deal trumps conspiracy labeling.
Chinese and Indian are sending their appreciation now. Releasing reserve oil won't make OPEC cut their supply, meanwhile driving the oil price down for big oil importing countries like China and India. Also, gold dropped 2% today. It is truly double good news for the Chinese and Indian.
Good news for consumer countries.
Bad news for producer countries.
Good news for speculators.
Bad news for real market.
Forbes had an interesting article
"Saudi Bid For ‘QE3′ Quashed By OPEC Discord"
http://blogs.forbes.com/christopherhelman/2011/06/08/saudi-bid-for-qe3-quashed-by-opec-discord/
and this one
http://blogs.forbes.com/christopherhelman/2011/06/22/saudis-set-to-bankrupt-iran-with-flood-of-oil/
Then to see this release, very interesting timing...
I believe the Saudis may be able to increase production but not the light sweet crude from Libya, more the heavy sour stuff, and the global refining capacity of the sour crude may not be in place at this time, it also cost more to refine.
They are actually able to 'increase' their 'production' via releases from their worldwide storage facilities (one of which is located on Okinawa).
What happens if Iran considers this an act of war and mines the Persian gulf. How does Saudi Arabia deliver all that excess capacity to market?
The Russians will react if this plan is put into motion.
Naw, this is just the next step toward crippling this country. This Marxist in the Whitehouse is simply following the playbook and utilizing every single aspect of the powers allocated to the position to dismantle this country. He's working from within and systematically setting us up to fail from multiple vectors.
His speech last night about "time to nation build here at home"... are you kidding me? How long has this evil charlatan been in office and he's only now figured out that we're having major problems at home? While his wife spends millions of our tax dollars on "diplomatic" trips with the kids and G-ma'. He knows... he knows exactly what he's doing... never listen to anything he or any politician says... only watch and remember what they DO.
+100
First of all, a real Marxist would have lined the bankers against a wall and had them shot...
Second of all, whoever won the '08 election won the booby prize. It was impossible for any candidate to implement policies that could have made a difference without directly taking on the Wall Street-MIC, and that was not in the playbook after the financial coup d'etat of TARP (under the Bush Admin and extorted out of a frightened Dem congress).
So if you want to bitch, figure out how we got here in the first place..
Wow. You've demonstrated a very shocking misunderstanding of basic Communist theory. The 5th plank of communism, as envisioned by Marx is: "
5. Centralization of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly."
Not at all....Any revolution under a Marxist banner would have had them shot and replaced with people more in tune with "the needs of the proletariat". Big difference between the banks overtaking the state and the state taking over the banks...we got the former....
The comment was somewhat tongue in cheek, the original poster is confusing Obama with a Marxist, whatever BO is, he is certainly not a Marxist....
Didn't China execute some banksters for malfeasance a few years back?
Yep, people get shot in totalitarian states, of which Stalinist regimes are a subset....
So if you want to bitch, figure out how we got here in the first place..
+100
source
Still like to know where the SA production ramp up is? Also, this use is political and being touted as economic. Either way we look at it, it is an admission of an emergency. Moreover, IMO, it is an admission of PO.
Did I read that right? They released ONE DAYS amount of oil? And the oil market is tanking? Gee, I WONDER who is piling on short oil, BEN.
oil futures are month-specific so we know the squid was short the front months for sure.
They will spread it out over a month or two. This way it amounts to adding 500k to 2m barrels of production per day. Red light!!! WARNING: Unintended consequences meter in red zone!!!
Gotta lower pump prices so GM can move those pickup trucks sitting on dealer lots.
On a Last-In-First-Out (LIFO) accounting basis the United States Government paid an average of about $130/bbl for the oil they are about to draw down. Brilliant. NYMEX crude is going for $91. Remember, George Bush II decided to top up the reserve when oil prices were going North of $140/bbl. Good business.
Ya think they hand out those MBAs to just anybody?
We just bought 30 million barrels of ice cream with our rainy day fund. Now we're more vulnerable and have to restock the reserve.
Brilliant.
Bernanke is trying to talk down the economy, and Barry is trying to artificially lower oil prices...only one logical conclusion...they are laying the groundwork for QE3.
The info on the release of the oil reserves were leaked by the Obummer Admin. Look at the charts and timestamps.
found a lie already. the head of the IEA (since Bush) has the authority to release oil, it is no longer a Presidential decision, solely.
Before they cleaned up their boilerplate, they used to list another 750M bbls of enterprise zone storage, as part of the SPR. Enterprise storage is the trick to this thing, you transfer oil back and forth on paper, and when enterprise wants to buy oil from the tankers coming in from the Middle East, you count everything in your storage.Sorry dont' need anything I am full. (Somebody could investigate but we're screwing ragheads, so bipartisan ignorance is a given)
This is why traders pay little or no attention to inventory numbers, the numbers are all lies. Then there is the matter of some hedge funds buying and storing oil, and at least technically by the old rules, that is still SPR oil, and the President could order it sold. The new boilerplate avoids that distinction, a matter which suggests the Executive office defers somewhat to big oil, which was certainly true during Bush, and if you want to say, Obama too, (see his handling of BP) you would say, yeah Obama too. Now he wants to open up Alaska. Just for the record lets call Barry a friend of big oil.
Now hopefully they will give him a break at reelection time, bring down gas prices, use a few of their tricks. They owe him. Short gasoline futures might be the thing. (note NatGas is weak, so something is going on here)
Nat gas is weak... Summer?
A/C or economic recovery? either one would help
I can see the plot of the next Dr. Evil movie--open up huge underground cracks and drain the oil from the strategic reserve.
Oil is very low (as is gas) and there is no emergency...so why release emergency stores?
So USO drops a few today ...iin a few eeks it will resume its skyward path as more and more oil is depleted for consumer consumption of massive SUVs (here and in China), wars, etc....I don't see these conditions getting any better in my lifetime.
I added more USO and ANR today.
GL!
a super secret CIA study revealed an emergency crisis would hit America in Nov of 2012, with ground zero being, well you can guess the rest. don't fight the Fed and don't fight those billions Obama is going to spend to win this election
1. Saudi Arabia says it's opening the spigot to crush Iran.
2. T-Prompt speechifies on getting out of Afghanistan.
3. IEA opens up the reserves to damp oil prices.
So we've got Saudi Arabia trying to crush Iran, the US freeing up some troops, and the IEA freeing up some excess oil. Godspeed, Islamic Republic, 'cause you're next.
Sounds political to me!
This is dumb. I would be ADDING to the SOR. NOT releasing from it.
What is to keep the Saudi's and others from reducing their production while this SPR release shenanigan takes place? Answer: nothing really (maybe they have no choice anyway).
My info says that OPEC will no longer sell oil for USD?
Pull out oil reserves+retire soldiers from Afghanistan=another war, perhaps Iran?
Peak oil now 5 years behind us and we still can't admit the pipedream (sic) of everlasting growth is over. What a terminally stupid, delusional fucking species. And that's being extra kind.