Going down down down down Crude Oil 38.59 -1.47

Kitco ^ | Dec 18 2008 | Kitco

[TexConfederate1861]

hehehe. That IS true! (but I pull a trailer, and need the horsepower.... :)

[thackney]

I haven’t heard anything about our stockpile of emergency oil reserves lately. Does anyone know if we are buying up all that cheap oil that is under $40/barrel and filling up the underground caverns?

I believe the congressional ban for put additional oil in the SPR last until the end of the year.

[Evil Slayer]

That's just stupid. I heard they were buying it for reserves when it was over $120/barrel. Now that it has dropped to under $40 they have a ban on buying? By the time they start resuming stockpiling, next year, it will be back up to $140 or higher. Typical government stupidity.

[thackney]

I believe the previous fill contracts were not purchases but the government accepting oil instead of dollars for Royalty payments on oil produced on Federal leases.

[N. Theknow]

Sorry for not giving you the benefit of the doubt that you understand the entire problem of home-drilling.

On the net, it is hard to see if someone resembles a mushroom and has fully absorbed the horse manure fed to them whilst being kept in the dark by our all-knowing, omnipotent Congress.