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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (207827)	11/6/2006 10:30:44 AM
From: Wharf Rat	Respond to of 281500

Don't know about big-time disruptions, but the short term loans are paid in kind... However, oil has also been temporarily loaned out or exchanged to private oil companies on several occasions, then returned to the reserve after the specified loan period including "premium barrels". These oil exchanges include an ARCO pipeline disruption in April 1996; an exchange of 11 million barrels (1,800,000 m³) of Maya crude oil for 8.5 million barrels (1,400,000 m³) of higher value crude oil in 1998; a dry dock collapse in June 2000 just north of the Intracoastal Waterway near Lake Charles, Louisiana used by CITGO and Conoco refineries; and temporary loans in response to supply disruptions following Hurricane Lili in 2002, Hurricane Ivan in 2004, and Hurricane Katrina in 2005. On August 31, 2005, President George W. Bush authorized the SPR to loan oil to help refineries whose operations had been affected by Hurricane Katrina. In addition, the President announced the sale of 30 million barrels to maintain supplies and calm markets. Katrina had shut down an estimated 95% of crude production and 88% of natural gas output in the Gulf of Mexico. This amounted to a quarter of total U.S. output. About 735 oil and natural gas rigs and platforms had been evacuated due to the hurricane. en.wikipedia.org Once you open a can of worms, the only way to recan them is to use a bigger can. Zymurgy's First Law of Systems Dynamics