Tuesday, March 1, 2016

A Question About Oil

As you may know, the US has a "strategic petroleum reserve" with a capacity of over 700 million barrels.

Q: With the current glut in global oil supplies and relatively low cost per barrel of oil, wouldn't it make sense for us to expand the reserve?

A: Yes it would, but we apparently are not doing so. According to the US government, efforts to expand the facility's capacity to one billion barrels were abandoned in 2011 and do not seem to have been resurrected:

In 2005, Congress directed the SPR to take actions to fill to its authorized size of one billion barrels. Because the Reserve had a design capacity of 727 million barrels, the SPR prepared a plan to expand to one billion barrels and conducted a site selection process to construct additional storage facilities. An environmental impact statement was also prepared. However, efforts to expand the SPR to one billion barrels were terminated in 2011.

Source - http://energy.gov/fe/services/petroleum-reserves/strategic-petroleum-reserve

By the way, since we consume 19.11 million barrels per day (2014 figures), the reserve holds only a 38 day supply.

Source - https://www.eia.gov/tools/faqs/faq.cfm?id=33&t=6

So, if some catastrophe were to cut off our oil supplies, we'd run out real quick.

Good job, Obama ad-Dajjal.

My take on all this - Obama ad-Dajjal and his minions want to get the US off fossil fuels. So they have sabotaged the coal industry and now are attempting to destroy the oil industry, too. Get ready to be hungry in the dark.

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