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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Logain Ablar who wrote (9552)	6/23/2008 9:17:51 PM
From: John Pitera	Read Replies (3) of 33421

Thanks for the link Tim, I was glancing through a hardcopy issue of the economist or time magazine when I was in the hospital and they had mistakenly written that the US Govt Strategic reserve was 802 Billion barrels of oil. they got the big figure wrong as it's in the 700 + Million barrel range. I found it amazing that the magazine proof readers let that slip through their editing. fossil.energy.gov ----------------------- You are here: U.S. Petroleum Reserves > SPR Facts & Frequent Questions Strategic Petroleum Reserve - Quick Facts and Frequently Asked Questions The Strategic Petroleum Reserve is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coast that store emergency supplies of crude oil. Inventory Current inventory: Click to open inventory update window Highest inventory - On April 2, 2008, the SPR inventory exceeded 700 million barrels, the highest level ever previously held. The former record was reached in late August 2005, just days before Hurricane Katrina hit the Gulf Coast, causing the SPR to conduct emergency releases. Repayment of the Katrina loans and resumption of the RIK program (in 2007) has restored the inventory to its former level and beyond. Current storage capacity - 727 million barrels Current days of import protection in SPR - 58 days (Maximum days of import protection in SPR - 118 days in 1985) International Energy Agency requirement - 90 days of import protection (both public and private stocks) (SPR and private company import protection - approximately 118 days) Average price paid for oil in the Reserve - $28.42 per barrel (editorial note.........yippee Yeah..... US GOVT puts on a winning big picture commodity trade...... go Sammy!!...... JP) Drawdown Capability Maximum drawdown capability - 4.4 million barrels per day Time for oil to enter U.S. market - 13 days from Presidential decision Past Sales [click on link for more details] 2005 Hurricane Katrina Sale - 11 million barrels 1996-97 total non-emergency sales - 28 million barrels 1990/91 Desert Shield/Storm Sale - 21 million barrels (4 million in August 1990 test sale; 17 million in January 1991 Presidentially-ordered drawdown) 1985 - Test Sale - 1.1 million barrels Past Exchanges [click on link for more details] June 2006 - exchanged 750 thousand barrels of sour crude with ConocoPhillips and Citgo due to the closure for several days of the Calcasieu Ship Channel to maritime traffic. The closure resulted from the release of a mixture of storm water and oil. Action was taken to avert temporary shutdown of both refineries. January 2006 - exchanged 767 thousand barrels of sour crude with Total Petrochemicals USA due to closure of the Sabine Neches ship channel to deep-draft vessels after a barge accident in the channel. Action was taken to avert temporary shutdown of the refinery. Sep/Oct 2005- exchanged 9.8 million barrels of sweet and sour crude due to disruptions in Gulf of Mexico production and damage to terminals, pipelines and refineries caused by Hurricane Katrina. Sep/Nov 2004 - exchanged 5.4 milliion barrels of sweet crude due to disruptions in the Gulf of Mexico caused by Hurricane Ivan. Sep/Oct 2004 - exchanged 5.4 million barrels in response to physical shortages of crude oil supplies in the Gulf of Mexico following Hurricane Ivan. Oct 2002 - exchanged 296,000 barrels with Shell Pipeline Co. to secure Capline storage tanks in advance of Hurricane Lili. Sep/Oct 2000 - exchanged 30 million barrels in response to concern over low distillate levels in Northeast. July/August 2000 - exchanged 2.8 million barrels of crude oil for 1st-year tank storage and stocks for 2 million barrel Northeast Home Heating Oil Reserve. June 2000 - exchanged 500,000 barrels each with CITGO and Conoco, due to blockage of the ship channel that allowed incoming crude oil shipments to those refineries. Action taken in order to avert temporary shutdown of both refineries. August 1998 - exchanged 11 million barrels of lower quality Maya crude in SPR with PEMEX for 8.5 million of higher quality crude (more suitable for U.S. refineries) April/May 1996 - exchanged 900,000 barrels of SPR crude with ARCO to resolve company's pipeline blockage problem. Financial Investment to date - About $22 billion ($5 billion for facilities; $17 billion for crude oil)

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