Posted on 03/13/2014 11:20:50 AM PDT by Cletus.D.Yokel
The Obama administration will release 5 million barrels of sour crude from the United States’ emergency stockpile in what officials described as a “test” of the nation’s ability to respond to oil supply disruptions around the globe.
(Excerpt) Read more at fuelfix.com ...
Yes he is, and he needs more money for it. Mucho 'RAT donara was depleted in the Jolly race, but got sinked. There is a need to fill the coffers. The war against the GOP-TP must go on!
The Strategic Petroleum Reserve (SPR) is a separate entity from what was the Naval Reserves, both physically and conceptually.
The SPR is crude that has already been produced from a field and the water & gas separated out. It is stored in Salt Dome Caverns and can be withdrawn at 4.4 MMBPD, IIRC.
The Naval Reserves, including the Elk Hills Oil Field that was bought by Oxy, were geological formations that should be good production areas, but were not actually in production in the time. They were true oil fields with little drilling done.
Thanks for the information.
It’s why FR is still the best place for concerned
citizens.
tet.
I feel quite certain a “test” should not require 5 M barrels!! There is no supply problem or they would approve the keystone pipeline
Putin test launches an ICBM, we see if we can pump crude. Which we know we can.
Sheesh.
“a “test” of “Now whatever shall we do” when Putin shuts off the EU gas and the Cherman self righteous tree huggers with their windmills expect us to ship them our gas”
According to the European Commission, the share of Russian natural gas in the member states’ domestic gas consumption in 2007 was the following:
Estonia 100%
Finland 100%
Latvia 100%
Lithuania 100%
Slovakia 98%
Bulgaria 92%
Czech Republic 77.6%
Greece 76%
Hungary 60%
Slovenia 52%
Austria 49%
Poland 48.15%
Germany 36%
Italy 27%
Romania 27%
France 14%
Belgium 5%
The shares of Russian natural gas in the domestic gas consumption in non-EU countries in Europe were in 2006:
Republic of Macedonia 100%
Belarus 98%
Serbia, Montenegro 87%
Ukraine 66%
Turkey 64%
Croatia 37%
Well played. :)
“The Obama administration will release 5 million barrels of sour crude from the United States’ emergency stockpile”
Last year, Russia’s gas export giant Gazprom supplied EU and Turkey with a record 162 billion cubic metres of gas.
It will be early 2016 at best before any of the US liquefied natural gas export facilities could come on line.
The propaganda mill screams. The publicly employed and government-connected investor herd stampedes. Oil falls by $4-$5. Crazy.
More sincerely, here’s what’s really weird. The Strategic Reserve release was done in reaction to falling stocks. Oil was already falling.
Gas prices around here today shot up anywhere from six cents to 15 cents depending on the station.
“The Obama administration will release 5 million barrels of sour crude from the United States’ emergency stockpile”
That’s barely cover ONE day of oil consumption in Europe.
The Western media make almost no reference to European dependence on Russian oil exports, which in 2012 covered almost the same amount of imported energy, as EU gas imports from Russia. About 32% of EU oil consumption is covered by the approximate 3.65 million barrels per day of Russian oil exported to Europe.
whoopee doo.
Energy and Trade Security
Basically there is no such thing as “energy security” when energy is considered as what it is – a trade good. Embargoes on Russian exports of energy to Europe, which would have a short-term devastating economic impact in Europe, are no more rational than Russia setting an embargo on European exports to Russia of Mercedes cars, French food and wines or British financial services, due to this being lose-lose, and in any case penalised by the WTO.
EU “energy security” action against Russia, backed and incited by the US, is a flagrant and basic case of trade protectionism.
Europe’s policy of very high-priced energy can itself be considered as disguised protectionism, artificially raising domestic energy production in Europe to deny foreign suppliers access to the European energy market with their lower-cost, lower-priced energy supply. Europe’s de facto “anti-gas” energy policy, claimed as not only providing “energy security” but also “protecting the climate”, has as noted above already led to a long-term trend of falling gas demand in Europe. This comes at a time in global gas E&P (exploration and production), and gas transport development of both pipelines and LNG, which will cause a major increase in world gas supply with an inevitable downward pressure on prices. Taking action to cut EU dependence on Russian gas, or any other gas, is totally unrelated to real world energy development and energy price trends.
We therefore find there is no credible strong case for the “gas war theory” to explain the Western political attempts at fomenting civil war inside Ukraine, and provoking open EU-Russia conflict at a high level, which can include military action. We are forced to conclude this is a flagrant case of political atavism, or the desire for social strife and war, operated by EU and US politicians against a target – Putin’s Russia - that can hit back very, very hard.
By Andrew McKillop
http://www.marketoracle.co.uk/Article44793.html
OMG - what next? Why not just also wait until closer to election day 2014 and arrange for every Democrat voter to pick up their free lunch, gas, car, house, whatever else they think the idiot in the white hut has promised them?
That should cinch things for them.
5 YEARS OF BARRY AND STILL NO XL KEYSTONE PIPELINE, but we’re tapping our nations strategic oil reserve? W.. T.. F..!!!!!!!
Could be to cause problems for Putin, but.. Nahhhh, Barry is on Putin’s side!
This is the precisely why I call “bovine scatology” on this so-called “test”.
It is a political balloon for November. If, in current time this 5MM BBL release pushed gasoline prices down, what will stop Obamigabe from releasing 5 times that amount to the market and driving pump-prices down to benfit the Dhimicrats.
[Quid-pro-quo] If I were D-Senator, I’d lead to hue&cry for more releases from the SPR pointing at this “market test”. The “neighborhood” wants cheaper gas prices.
Obamugabe can “stand strong” against it but...eventually...cave-in to poular sentiment JUST BEFORE THE ELECTION.
Stra-TEEGery.
“The Obama administration will release 5 million barrels of sour crude from the United States’ emergency stockpile...”
The United States consumed a total of 18.83 million barrels per day in 2011 and 19.18 million barrels per day of refined petroleum products and biofuels in 2010. For both years, this was about 22% of total world petroleum consumption.
The U.S. imported approximately 10.6 million barrels per day of petroleum in 2012 from about 80 countries. We exported 3.2 MMbd of crude oil and petroleum products, resulting in net imports (imports minus exports) equaling 7.4 MMbd. Net imports accounted for 40% of the petroleum consumed in the United States, the lowest annual average since 1991.
Forecast production increases from an estimated 7.5 million bbl/d in 2013 to 8.5 million bbl/d in 2014 and 9.3 million bbl/d in 2015. The highest historical annual average U.S. production level was 9.6 million bbl/d in 1970.
“Petroleum” includes crude oil and refined petroleum products like gasoline, and biofuels like ethanol and biodiesel. In 2012, about 80% of gross petroleum imports were crude oil, and about 57% of all crude oil that was processed in U.S. refineries was imported.
The top five source countries of U.S. petroleum imports in 2012 were Canada, Mexico, Saudi Arabia, Venezuela, and Russia. Their respective rankings vary based on gross petroleum imports or net petroleum imports (gross imports minus exports). Net imports from OPEC countries accounted for 55% of U.S. net imports.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.