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US Weighing Usage Of Strategic Petroleum Reserve

Tyler Durden's picture




 

Last week we joked that for every downtick in the Obama popularity rating (due to record February gas prices) we would see at least 1 million barrels released from the Strategic Petroleum Reserve. Sure enough, humor promptly becomes reality in United Banana States of Amerika:

  • CHU SAYS U.S. WEIGHS USING STRATEGIC PETROLEUM RESERVE
  • CHU SAYS U.S. IS `VERY CONCERNED' ABOUT EVENTS IN IRAN

So following the Transcanada fiasco, China is now doubly delighted that it will be able to buy even more cheap crude at America's expense. And yet one wonders why the SPR release: after all didn't we learn just today that Americans have not been more confident in years?

 

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Tue, 02/28/2012 - 17:43 | 2205732 Rastadamus
Rastadamus's picture

Burn Greece instead.

Tue, 02/28/2012 - 17:44 | 2205744 Silver Dreamer
Silver Dreamer's picture

1 million barrels would make a lot of Greek Fire.

Tue, 02/28/2012 - 17:51 | 2205782 JPM Hater001
JPM Hater001's picture

Well, I for one dont know how they are going to war with Iran when we're using the reserve for our vacations. 

How's that gonna work?

Tue, 02/28/2012 - 17:59 | 2205819 kaiserhoff
kaiserhoff's picture

It is tahm for a chaynge. 

                William Rufus Clinton

http://www.mediaclubsouthafrica.com/index.php?option=com_content&view=ar...

A bit hyped.  The Germans did this during WWII with pretty good results.

Tue, 02/28/2012 - 18:05 | 2205847 Flakmeister
Flakmeister's picture

You gotta be joking....  "pretty good results" now that is funny, I think the cabs in NYC use the equivalent of what Germany was producing daily at Leuna...

Tue, 02/28/2012 - 18:09 | 2205862 CrashisOptimistic
CrashisOptimistic's picture

So basically Chu jawboned $1.50 off WTI today.

 

Tue, 02/28/2012 - 18:19 | 2205892 Flakmeister
Flakmeister's picture

Yep...

Wonder what he will do for the $5...  Make nice noises about ANWR??

Tue, 02/28/2012 - 18:28 | 2205931 tmosley
tmosley's picture

South Africa has commercialized it with quite a bit of success.

But I'm sure they'll be stone dead in a moment.

Tue, 02/28/2012 - 18:50 | 2206013 Flakmeister
Flakmeister's picture

Talking your book of SASOL shares??

Could you remind me of the circumstances underwhich SASOL came into being?

Tue, 02/28/2012 - 19:02 | 2206055 tmosley
tmosley's picture

Eh?  I don't own paper of any type.

And who cares about how they were formed 60 years ago?  They produce fuel from natgas and coal NOW.  It is commercially viable.  Their revenues are about 2% of S. African GDP.  Not exactly peanuts.  And they are expanding into other countries now.

Stop trying to sidestep the issue.

Tue, 02/28/2012 - 19:23 | 2206124 Flakmeister
Flakmeister's picture

Great... remind me what their production is and how long they were subsidized and why?

Tue, 02/28/2012 - 19:50 | 2206181 tmosley
tmosley's picture

They produce 130,000 barrels per day as their baseline (according to http://www.sasol.com/sasol_internet/downloads/Sasol_Limited_interim_fina... though you must convert tons/year into barrels per day yourself).  While South Africa consumes 530,000 barrels per day.

I don't know anything about their subsidies.  But that doesn't change the fact that they produce almost a quarter of the oil used in South Africa.

But hey, feel free to ignore it.  Surely if you ignore it, it will go bankrupt.

Tue, 02/28/2012 - 19:57 | 2206196 magpie
magpie's picture

I think the main hindrance is that they aren't run by playboy petromonarchs with a penchant for investing in US treasuries.

Tue, 02/28/2012 - 20:21 | 2206252 Flakmeister
Flakmeister's picture

130,000 bbpd... wow...

Can you tell me about their CAPEX and cost per barrel of marginal production? IIRC, it is roughly $100,000 per bblpd...

Their production is about ~0.7% of US consumption...

Run a simple Excel model using their CAPEX numbers and what not and ramp up the FT process so as to provide the US with 10% of consumption....

You might then realize why only the USAF is looking at such a process... cost be damned...

You truly are incapable of looking at anything in depth....

Tue, 02/28/2012 - 23:05 | 2206681 tmosley
tmosley's picture

Right, they spend $25000 /bblpd for their oil, with 3/4 coming at normal costs, and 1/4th coming 1000 times normal cost.

Tell more lies.

Tue, 02/28/2012 - 19:04 | 2206061 kaiserhoff
kaiserhoff's picture

Reading comprehension skills are good to have.

Tue, 02/28/2012 - 18:02 | 2205836 cossack55
cossack55's picture

Solar-powered drones.  All the ones that burn fuel will be in the USSA spying on RP voters.

Tue, 02/28/2012 - 22:45 | 2206608 Problem Is
Problem Is's picture

You maybe a Domestic Terrorist if...

You believe in chemtrails, gold or Ron Paul...

Tue, 02/28/2012 - 18:06 | 2205846 bdc63
bdc63's picture

Dennis-the-Menace Gartman is on CNBC and just said that crude prices are in the process of rolling over and coming down ... and we all know how good his track record is ...

Tue, 02/28/2012 - 19:21 | 2206119 flying dutchmen
flying dutchmen's picture

Denis GArtman sucks ...  his funds sucks , his recommendations suck.  we he even gets air times is amazing...

Tue, 02/28/2012 - 19:08 | 2206077 fourchan
fourchan's picture

the majors are shipping oil and refined out of the usa, its rediculous.

 

thats why even though we are using 30-55% less gas the priceses are realentlesly going higher.

Tue, 02/28/2012 - 19:46 | 2206165 alex_g
alex_g's picture

The gulf coast refineries are using excess capacity to buy raw material, add value by refining it, then export it.  At a good profit.  Sounds like a good business practice to me.  Prices are going higher because the raw material is going higher, nothing more, nothing less.

Tue, 02/28/2012 - 18:12 | 2205861 whatsinaname
whatsinaname's picture

Has the SPR been loading up on its reserves between its last sales prior to the holidays and now ? If yes, has the SPR been buying crude all the way from $80 to $100+ ? They stand to make a profit on that ?? just wondering how the process works..

Tue, 02/28/2012 - 23:34 | 2206759 azusgm
azusgm's picture

Don't want to be hitting anymore debt ceilings until after the 1st Tuesday in November.

Tue, 02/28/2012 - 18:19 | 2205889 battle axe
battle axe's picture

They know the war is  coming and are setting it up so that gas does not go to $10 a gallon, but what if the Israelis use tactical nukes? ooops.

Tue, 02/28/2012 - 18:28 | 2205915 CrashisOptimistic
CrashisOptimistic's picture

Look at a map.

Israeli jet fighters have a 350 mile range.  The trip from Israel to Iran is 2000 miles round trip.  They have a primitive air to air refueling capability that would require the tankers to traverse into and loiter over hostile (Saudi Arabia or Iraq and Jordon or Syria) airspace for hours.

And when you get there you find the nuclear program is broadly spread out geographically.  There's no one target to hit.

Then there's China, now getting a nice discount on Iranian oil imports and developing a nice secure relationship with their cutrate supplier.  Maybe they will send some anti air equipment to Iran and troops to man it.  An entirely defensive, non aggresive action.

Since you have to knock down the air defense network before you can hit targets, that means you orchestrate 2+ air to air refuelings each way (presuming that the permission gathering process in Iraq and KSA doesn't warn the Iranians) and then when you get there you bomb Chinese troops.

Do you really see this happening?

Tue, 02/28/2012 - 18:40 | 2205975 Boondocker
Boondocker's picture

In what world does any F-15 have a 350 mile range?  I know we have wasted a pile of money on aircraft, but that isn't one of the F 15s problems.....

Tue, 02/28/2012 - 18:41 | 2205977 battle axe
battle axe's picture

The  Israelis use the  F-15I which has conformed fuel tanks that  run along the length of the aircraft, these extra fuel tanks give their F-15's greater range much like our F-15E "strike eagles". They will be able to make it all the way with a tactical nuke and hit there target with minimal in air refueling. Also the Saudi ruling family hates Iran more then Israel and have already given them the "thumbs up" to use their airspace. Remember, Saudi's are Sunni while Iranians are Shia, and they hate each other. Also Iranians are not considered Arabs they are considered Persians and the Arabs hate them, a lot of history there. 

 

Tue, 02/28/2012 - 19:10 | 2206088 fourchan
fourchan's picture

great post

Tue, 02/28/2012 - 19:13 | 2206102 Banksters
Banksters's picture

350 miles? pffft

troll harder, dufus!

Tue, 02/28/2012 - 21:01 | 2206346 sun tzu
sun tzu's picture

You're stupid. Israel is about 1,500km from Tehran. The combat radius of the F15 is nearly 2,000km 

Tue, 02/28/2012 - 17:43 | 2205736 falak pema
falak pema's picture

burn grease instead.

Tue, 02/28/2012 - 17:43 | 2205738 Sophist Economicus
Sophist Economicus's picture

Chu says "Gesundheit"

Tue, 02/28/2012 - 17:43 | 2205742 Corn1945
Corn1945's picture

This is actually something that I would be BTFD on all day long. Let Bernanke try to print oil...

Tue, 02/28/2012 - 17:45 | 2205746 The Big Ching-aso
The Big Ching-aso's picture

 

 

Chu on this right here.

Tue, 02/28/2012 - 18:26 | 2205919 Raging Debate
Raging Debate's picture

I dunno if I can do that because two wongs don't make a wight.

Tue, 02/28/2012 - 17:45 | 2205750 Gringo Viejo
Gringo Viejo's picture

They'll drain every bit of it right into November for political reasons.

Come December, we'll be paying $8 a gallon.

Tue, 02/28/2012 - 18:06 | 2205825 bdc63
bdc63's picture

Yeah, but then is will be the Republican's fault/problem again ;)

Tue, 02/28/2012 - 18:00 | 2205826 Uber Vandal
Uber Vandal's picture

Not only that, but how much will it cost to replenish, and will the product actually be there to replenish it?

Tue, 02/28/2012 - 17:47 | 2205760 FlyingPurpleShe...
FlyingPurpleSheepleEater's picture

It'll be like throwing a glass of water into a blast furnace. 

Tue, 02/28/2012 - 17:47 | 2205761 Conrad Murray
Conrad Murray's picture

The current administration(and nearly every one before it) is dead set on destroying, pardon, fundamentally transforming, America. Nobody dared question what was meant by that when Barry O'Dumbo the Irish Indonesian said it, but, now, as the truth comes out, what will the slaves do?

Tue, 02/28/2012 - 17:52 | 2205779 Manthong
Manthong's picture

Fundamental transformation is creative destruction from the administration's national socialist perspective.

Tue, 02/28/2012 - 20:07 | 2206221 samwell
samwell's picture

O dingo is going to use the SPR as a little re-election slush fund to try and calm the oil junkie US.  if they are considering releasing it now, what will be left once the war mongering zionist ( ie racist) jews of israel and the US succeed in their fascist dream of unprovoked bombing of Iran.  The zionist jews in Israel are the real threat to world peace.  They are the onces armed with over 300 nukes.  Iran is no threat.  they have not attacked another country in the last 200 yrs.  the zionist jews on the other hand... all they know how to do is attack their neighbors in the middle east.  they are a cult of racist pussies  who are addicted to murder, death, mayhem, and bringing about the end of the world!  I have had enough of their bullshit.  I too am concened about what israel is up to in Iran.

Tue, 02/28/2012 - 17:49 | 2205767 Cdad
Cdad's picture

And even more ridiculous...the fascist government now having entirely embraced its inner banana republic nature, no oil need be released from the SPR at all...but only considered or "weighed" with public statements.  As we all now know, public statements from corrupt politburo types is the greatest investment catalyst of all, inverse or otherwise.

As the rabbit hole has gotten deeper and deeper, it is my opinion that this nation of sheep has now seen the situation pass the tipping point.  And everything that is about to happen within the borders of this once great nation will be very much deserved.

Tue, 02/28/2012 - 17:54 | 2205793 FlyoverCountryS...
FlyoverCountrySchmuck's picture

It's too late to save the Sheeple, I'm afraid.

The time for "Going Galt" has arrived.

Tue, 02/28/2012 - 17:50 | 2205772 Gene Parmesan
Gene Parmesan's picture

It's no wonder people hate politicians so passionately.

Tue, 02/28/2012 - 17:50 | 2205775 css1971
css1971's picture

Yo Chu! I'm long NG. Throw a few billion at CNG vehicles.

 

Or do I need to be JPM/Goldman for that to work?

Tue, 02/28/2012 - 19:02 | 2206056 Cruel Aid
Cruel Aid's picture

No brainer, but, not gonna happen... Fossil Fuel.

It would impede battery developement. The kind of battery that can run industry.

Tue, 02/28/2012 - 17:50 | 2205778 williambanzai7
williambanzai7's picture

They will use it, but there won't be anything strategic abut it other than an election year.

Tue, 02/28/2012 - 18:02 | 2205834 ALANBEEKMAN
ALANBEEKMAN's picture

I guess they think announcing a release of one million barrels from the stratgic reserve

will impress the average Joe. That's only 1/10th of what we import in a day in the US.

What a pathetic gesture.

Tue, 02/28/2012 - 17:52 | 2205783 hedgeless_horseman
hedgeless_horseman's picture

 

 

Cheap petroleum is just around the corner!

Tue, 02/28/2012 - 17:52 | 2205784 BliptoP3
BliptoP3's picture

Wait a minute, if you were worried about "events in Iran" wouldn't you be adding to the reserve instead of drawing it down.  Shouldn't they at least pretend to make sense?

Tue, 02/28/2012 - 17:53 | 2205790 hedgeless_horseman
hedgeless_horseman's picture

 

 

You may be the only one of 300 million paying attention.

Tue, 02/28/2012 - 18:05 | 2205844 cossack55
cossack55's picture

Agreed. Any good propagandist knows rule #1 is "know your audience".

Tue, 02/28/2012 - 18:28 | 2205928 cygnetsong
cygnetsong's picture

No, don't worry about it.  We'll defeat our enemies with our new environmentally friendly electric tanks.  they only fire soy beans

Tue, 02/28/2012 - 17:52 | 2205786 FlyoverCountryS...
FlyoverCountrySchmuck's picture

"CHU SAYS U.S. WEIGHS USING STRATEGIC PETROLEUM RESERVE"

Saving Obama's ass is NOT what the SPR is intended for!

Tue, 02/28/2012 - 18:13 | 2205875 Moneyswirth
Moneyswirth's picture

To Obamao's ass it is

Tue, 02/28/2012 - 22:52 | 2206634 Problem Is
Problem Is's picture

Isn't Valerie "Bitch-O-Matic" Jarrett Obama's ass???

Tue, 02/28/2012 - 17:55 | 2205788 scatterbrains
scatterbrains's picture

clearly cover for Bernank and oblabla. I wonder if Bernank sent the word down to his political stooges not to bring up this issue in any campaigns unless it's to blame Iran.. who simply wants a fair price for their natural resources

Tue, 02/28/2012 - 22:54 | 2206645 Problem Is
Problem Is's picture

That's "The" Bernank...

Please get Cue-Bald Bennie's title correct...

Tue, 02/28/2012 - 17:55 | 2205801 navy62802
navy62802's picture

They need to be careful. Don't want to blow our load too early. Things haven't truly gotten bad yet.

Tue, 02/28/2012 - 17:57 | 2205805 Flakmeister
Flakmeister's picture

File this under: "Advanced Jaw Boning Techniques"

SPR will not be tapped unless there is a real disruption...

Tue, 02/28/2012 - 18:03 | 2205837 non_anon
non_anon's picture

it's an election year, anything to win

Tue, 02/28/2012 - 18:05 | 2205850 surf0766
surf0766's picture

This is nonsense. They want the price increase. This is the only way to get people to buy cars that catch on fire and to fund companies that have no busines being in business. They will never release it.

Tue, 02/28/2012 - 21:35 | 2206430 carguym14
carguym14's picture

With the cost of the cars,how will people afford them with all those 15.00 an hour jobs?

The cost of living will make these cars out of the reach of the majority.

Tue, 02/28/2012 - 18:10 | 2205870 Tsar Pointless
Tsar Pointless's picture

This...has...got...to...be...in...some...way...

BULL-ISH-IST-Y!

Tue, 02/28/2012 - 18:12 | 2205874 q99x2
q99x2's picture

Americans are more confident than ever that their Gov't is trying to kill them. Have no proof about the consumer confidence statistic. Seems like a relatively minor thing.

Tue, 02/28/2012 - 18:17 | 2205886 adr
adr's picture

Wait are you teling me consumer "CON"findence numbers aren't real???

Tue, 02/28/2012 - 18:18 | 2205887 WTF_247
WTF_247's picture

It would seem that over time there is a disconnect between gas prices and oil.

In 2008 oil went to 140 per barrel, gas prices were not really higher than now.  In fact, at ~105-110 area we are at record high gas prices ever for this time of year.  If oil were to spike up again to 140+, gas would likely go to 5.00-5.50 per gallon.

How does the same price in oil, 3 years later or so, equate to a higher gasoline price by 1.00??  In CA right now, there are lots of areas with $4.30 per gallon pricing already.  I would think there are some shenanigans going on as they should be closer-related.  Oil at 140 now or 3 years ago should equate to approximately the same price for gasoline, barring disruptions.  From what I can gather, we are awash in gasoline and export a ton of it.

Tue, 02/28/2012 - 18:52 | 2206018 r00t61
r00t61's picture

It's not that gasoline "costs" more.  Rather, it's just that your dollars are worth less.  Endless ZIRP and money printing has come home to roost.  Yeah, the Down might reach 14,000, but the Bernanke's "virtuous circle" of "wealth effects" might as well be academic gibberish when everyone's paying hyperinflated prices for basic staples.

The government can blame oil "speculators" for the cost of gasoline.  I doubt they'll be able to pin the blame on "bread speculators" when a loaf of wheat goes to $50.  Maybe, then, just maybe, Joe Sixpack on the street will decide that it's finally time to understand what inflation is and why the Federal Reserve likes to create it: so that brain-dead TBTF zombie banks can pay off their loans gone bad, instead of having to default.

Tue, 02/28/2012 - 18:23 | 2205911 JohnnyBriefcase
JohnnyBriefcase's picture

Food is getting expensive! Guess I better eat some of the stuff I have stockpiled.

Am I doing this right?

Tue, 02/28/2012 - 18:25 | 2205914 VelvetHog
VelvetHog's picture

32oz Jif creamy peanut butter is $9.95 locally. 

Tue, 02/28/2012 - 18:34 | 2205954 SilverRhino
SilverRhino's picture

GodDAMN that's double what I paid in 2008 for the last jars of PB I bought.

Tue, 02/28/2012 - 18:51 | 2206017 surf0766
surf0766's picture

Dam I thought it was high here. The sheep do not care though. As long as they can tap their house for equity.. /s

Tue, 02/28/2012 - 18:24 | 2205912 VelvetHog
VelvetHog's picture

This is why AMERIKA NEEDS NEWT.  He has plans to get gasolina down to $2.00 per 128 oz. 

Tue, 02/28/2012 - 18:30 | 2205938 YesWeKahn
YesWeKahn's picture

Obama will empty the reserve to keep his chance being reelected.

Tue, 02/28/2012 - 19:17 | 2205963 Dr. Engali
Dr. Engali's picture

That makes sense. Spend years building up that reserve some of it at prices as high as $140 a barrel just to release it at $100 a barrel. Our government at work.

Tue, 02/28/2012 - 18:41 | 2205974 BobPaulson
BobPaulson's picture

SPR is a pop gun. They should get over it. It's main use is for jawboning.

Tue, 02/28/2012 - 18:43 | 2205984 Jumbotron
Jumbotron's picture
US Weighing Usage Of Strategic Petroleum Reserve

BULL...FUCKING....SHIT !!!!!!!!!!!!

That's just to spook the oil markets into speculating prices down in anticipation of the extra flow.  So fucking what if they do it.  Where the fuck do these morons think they are going to get that extra flow refined?

This is pure Psy-Ops for the markets.

Tue, 02/28/2012 - 18:48 | 2205999 Jumbotron
Jumbotron's picture

If they do this, then it is the obligation of the military to stand up to the president and say "Hell, No !!  You will not do this in peace time !  We are not under direct military threat nor are we undergoing a cataclysmic natural disaster, such as a tsunami at an oil port or Yellowstone's cauldera blew up.

It should be considered an act of treason if Obama does this. 

Tue, 02/28/2012 - 18:59 | 2206045 r00t61
r00t61's picture

Even after the US government conned itself into going to war in Vietnam (see Gulf of Tonkin false flag), and even after the draft was eliminated, people still keep signing up to become part of the MIC.  They sign up to kill whoever the government tells them to kill in exchange for a fiat paycheck.  What makes you think "they" will stand up to their Commander-in-Chief just because he wants to gut the SPR to improve his re-election chances?

I can't tell you the number of servicemen I've met, enlisted and officer alike, that can't even tell me the difference between a republic and a democracy.

Tue, 02/28/2012 - 23:00 | 2206663 Jumbotron
Jumbotron's picture

So....you're saying we don't have the "Best of the Best" in our military?

And btw I am not naive enough to think the military will do anything.  They would not know what defend the Constitution from enemies both foreign and DOMESTIC if it bit them in the ass.  The military has been NOT DEFENDING the Constitution since at least 1913.

Tue, 02/28/2012 - 18:53 | 2206025 israhole
israhole's picture

I say they just release the oil then shut the hell up, as if it'll make any difference.  Distractions, nothing more.

Tue, 02/28/2012 - 18:58 | 2206044 JohnKozac
JohnKozac's picture

Soccer Mom's SUV needs gas....yeah, a real emergency......

 

What do we do when a REAL emegency arises?

Tue, 02/28/2012 - 22:56 | 2206652 Problem Is
Problem Is's picture

Pedal...

Tue, 02/28/2012 - 19:19 | 2206117 rsnoble
rsnoble's picture

Why do we need to open the reserves when traders have tankers full all over the fkn place? Not to mention the huge environmental concerns with having that crap floating around everywhere. I think they should seize it.

Tue, 02/28/2012 - 19:32 | 2206143 Diamond Jim
Diamond Jim's picture

Don't we learn from the past oil lettings. Prez Owe did this last time to teach the evil speculators a lesson about running up the price of crude. The spanking lasted for a little while and continued up. The SPR is for real emergencies..like a war or natural disaster that can cause a disruption in delivery of crude to refineries. It is really set aside for the military. If we had been planning years ago to take responsibility for our own appetite for crude we would not be in this situation right now. This is another band-aid solution from the Obamabots. Hopefully some prez candidate will actually craft an "energy policy" that makes sense and also keeps the Feds out of the oil patch, and yet maybe offers some prize of  $1B to an individual or company that comes up with a new energy source that is moderately clean and readily available. Oh, and actually defending the dollar wouldn't hurt !!

Tue, 02/28/2012 - 19:44 | 2206160 yogibear
yogibear's picture

Using the SPR Won't unless there is a real disruption or it's getting close to Obama's election.  Obama wants people to remember him. If he does it now and uses the SPR up and prices go back up before the election people will be mad and oust him out of office.

Tue, 02/28/2012 - 20:00 | 2206210 NumberNone
NumberNone's picture

Obama kept Air Force One in the air until a Miami-Knicks game reached halftime in doing so burned precious fossil fuels.  I find it too much of a coincidence that the SPR release is timed with March Madness and NBA playoffs. 

http://www.washingtonpost.com/blogs/44/post/running-ahead-of-schedule-obamas-air-force-one-plane-is-delayed--in-the-air/2012/02/23/gIQArroqWR_blog.html 

Tue, 02/28/2012 - 20:55 | 2206326 HungrySeagull
HungrySeagull's picture

Don't fucking touch that goddamn SOR.

Actually START digging Limestone Caverns and ADD TO THE GODDAMN RESERVES.

For god's sake Cushing is overflowing with oil.

If they touch that shit SOR short of total war, then we are all truly fucked when it is TIME to refuel our military because it will be all gone, so solly.

Surely they cannot be that goddamn dumbfuck stupid.

Let the Citizens do what they can with whatever gas prices we pay at the pump. I whole heart do so myself as a show of support for our war effort. 5.00? 10.00? I don't give a damn.

But dont trot out the SOR as some kind of goddamn bullshipe soothing of Pheasants who are indebted and broke anyway.

Have we forgotten in WW2 they gave any citizen who is unfit or non essential to the war effort only 10 gallons per month?

That was then. Now is the time to tighten it up. For the good of the Nation.

Tue, 02/28/2012 - 21:51 | 2206472 Flakmeister
Flakmeister's picture

Just for the record, here are the Cushing stocks....

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=W_EPC0_SAX_YCUOK_MBBL&f=W

 

Wed, 02/29/2012 - 02:45 | 2207049 HungrySeagull
HungrySeagull's picture

That just excludes the SOR (SPR?) Data. If Uncle Sam is buying and adding great! If this is somehow being used to drain SPR, then not so good.

Wed, 02/29/2012 - 09:12 | 2207427 Flakmeister
Flakmeister's picture

Since you ask, here is the SPR

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCSSTUS1&f=W

It has not been refilled since the last drawdown....

Wed, 02/29/2012 - 18:55 | 2210177 HungrySeagull
HungrySeagull's picture

Ok I see.

filling the SPR will drain Cushing easily.

It ain't much....

Tue, 02/28/2012 - 23:44 | 2206788 Atomizer
Atomizer's picture

Oh my, not the SPR threat again. Didn't our tribal Kenyan leader learn from his last mistake?

Wed, 02/29/2012 - 00:24 | 2206898 Dixie Rect
Dixie Rect's picture

In the words of OweBama: What chu talkin bout?

Wed, 02/29/2012 - 01:15 | 2206975 Zgangsta
Zgangsta's picture

Americans are more confident than ever that their government will continue selling them down the river in order to get them through another day.

Wed, 02/29/2012 - 09:23 | 2207443 Money 4 Nothing
Money 4 Nothing's picture

Wasn't the one SPR in LA auctioned off and JP Morgue won at $105.00 per barrel? I'm pretty sure I'm right, if that's the case than they will sit on it till it hit's $150.00 then sell it back to us? Anyone? 

 

http://www.zerohedge.com/article/bidders-30-million-barrels-strategic-petroleum-reserve-disclosed-jp-morgan-requests-158-mill

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