Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Mark Fleming who wrote (81233)	9/22/2000 4:25:50 PM
From: Win-Lose-Draw	Respond to of 152472

I believe there's a tad under 600 million barrels in the reserve, which is supposed to hold up for 30 days. If that's right, then the 30 million barrels they're releasing is ~1.5 days supply.

To: Mark Fleming who wrote (81233)	9/22/2000 4:40:06 PM
From: CRL	Respond to of 152472

Global consumption is around 75 million bpd. I believe the US accounts for about 22 or 23 million. Of that we produce about half ourselves. So our dependence on foreign oil is about 11 or 12 million bpd. Of the 50% or so that we import, I think its about half that comes from the Gulf area. Venezuela is now our largest foreign source.

To: Mark Fleming who wrote (81233)	9/22/2000 4:45:24 PM
From: Climber	Read Replies (1) \| Respond to of 152472

Another point of view: "If government must do something, it could open up the otherwise useless Strategic Petroleum Reserve for domestic consumption. Energy economist Phil Verleger argues that using our "rainy day" oil fund to combat periodic OPEC price-gouging operations is the only sensible use of the SPR, and he's right. Tapping the SPR could bring prices down $10 a barrel or more almost overnight. If the Saudis are intent on using their short-term market power to periodically hold up American consumers (a power that God gave them by putting those dirt-cheap reserves under their sand), then using the reserve to buy oil when it's cheap and sell oil when it's high makes eminent sense. Moreover, it will discourage future price-gouging episodes by taking some of the profit out of them." cato.org Climber

To: Mark Fleming who wrote (81233)	9/22/2000 4:53:38 PM
From: DownSouth	Read Replies (1) \| Respond to of 152472

80M bbl/day, but these reserves are for heating oil in the NE where there is a shortage and prices are going higher. This is not just a release into the market. Its targeted.

To: Mark Fleming who wrote (81233)	9/22/2000 5:44:42 PM
From: David E. Taylor	Respond to of 152472

Mark: OT: In July 2000 the US produced 5.812 million b/d of crude, and imported 11.072 million b/d, total 16.884 million b/d. The SPR holds about 563 million barrels, give or take about 2 months of import supply. The 4 leading suppliers of crude oil and petroleum products to the US in May 2000 were Canada (16.1%), Saudi Arabia (14.3%), Venezuela (12.9%) and Mexico (12.1%), and OPEC accounted for 44.1% of all imports in the same month. To give you some idea of where the stuff goes, deliveries of gasoline in July were 8.518 million b/d, of distillate (home heating oil and diesel) 3.296 million b/d, with the balance of crude oil refined going into kerosene (jet fuel), heavy oil for power plants, feedstocks to petrochemical production, etc. If you're interested in say seeing how US production and consumption have changed over the years, there's a ton of useful facts and data at the API web site: api.org Now if we didn't have such cheap gasoline here, and imposed say a graduated tax on gasoline tied to the vehicle EPA mpg, we'd cut out these monster SUV's barreling around the suburbs and get our average mpg for autos up to the rest of the world levels. Then this tight domestic supply situation (crude oil and refining capacity) would slowly evaporate. But of course, we don't have the political will for such draconian moves. David T. P.S. API just put out the August report last week, but I haven't looked through it yet. You can find it at: api.org

To: Mark Fleming who wrote (81233)	9/22/2000 6:50:08 PM
From: Selectric II	Read Replies (1) \| Respond to of 152472

I agree with you that Richardson is incompetent. Everything he touches becomes tainted. But it's Clinton/Gore who released our "STRATEGIC" petroleum reserve. Why? I don't buy Richardson's explanation this afternoon -- not price related, but to curtail availability disruptions. Huh? In the propaganda-savvy Clinton White House, the timing and substance of this was most likely manufactured solely to get the headline above both Clintons' release of their bedroom-rental business at the White House. Another wag-the-tail scenario. At least THIS TIME Clinton didn't start another war. BTW, how come the proceeds of the Clintons' bed-and-breakfast business at the White House go to their political campaigns, instead of to the US Treasury? Aren't we paying for the cooks, maids, and butlers at the White House?????????