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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: mishedlo who wrote (10608)	3/21/2004 7:05:56 PM
From: FiveFour	Read Replies (1) of 110194

Our reserves are not dangerously low. The current Administration has steadily built up the Strategic Petroleum Reserve after it was modestly depleted in the Clinton Administration. The US has a high inventory level: -The SPR is currently at its highest level in term of absolute barrels at 647.5 mn barrels, split between sweet and sour (but mostly sour) grades -Storage Capacity-700 mn barrels -Current Days consumption-53 days, note this is far below the record days consumption set in 1985 of 118 (US consumption was far lower 20 years ago). -IEA requirement –the Agency recommends 90 days of import protection if the SPR is combined with private or commercial stocks; the US has around 150 days consumption now It would take 13 days from the time the President orders the sales to get it into the system.

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