Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: Kenneth E. Phillipps who wrote (126544)	3/15/2012 5:59:15 PM
From: lorne	3 Recommendations of 224749

ken..."US consumes close to 20 million barrels a day of oil just by itself."..... So what happens after the stratigic reserve runs out? Price of oil goes even higher as US restores it's stratigic reserves? Will the possible lower gas prices for a short period get obama the votes he needs? And what if moslums countries decide to tell the USA to jam it they are not going to help USA refill their stratigic oil reserves" The answer is DRILL BABY DRILL...always has been the only answer. The Strategic Petroleum Reserve (SPR) is an emergency fuel storage of oil maintained by the United States Department of Energy. It is the largest emergency supply in the world with the capacity to hold up to 727 million barrels (115,600,000 m3). The current inventory is displayed on the SPR's website. As of February 29, 2012, the inventory was 695.9 million barrels (110,640,000 m3). This equates to 36 days of oil at current daily US consumption levels of 19.5 million barrels per day (3,100,000 m3/d). [1] At recent market prices ($102 a barrel as of February 2012 [2]) the SPR holds over $26.7 billion in sweet crude and approximately $37.7 billion in sour crude (assuming a $15/barrel discount for sulfur content). The total value of the crude in the SPR is approximately $64.5 billion USD. The price paid for the oil is $20.1 billion (an average of $28.42 per barrel). [3] Purchases of crude oil resumed in January 2009 using revenues available from the 2005 Hurricane Katrina emergency sale. The DOE purchased 10,700,000 barrels (1,700,000 m3) at a cost of $553 million. [4]

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