What's it gonna take for the President to start releasing oil from the Strategic Petroleum Reserve?
Another World War? Another Great Depression? The oil in the SPR is being hoarded for what purpose? You tell me! They claim they have 800 million barrels in Storage in Salt caverns in Texas. I estimate its worth more than
0.5 trillion dollars refined into finished products like gasoline, diesel,heating oil and petrochemical feedstocks!
April 17th, 2010 at 9:28 am
The SPR is for real dire situations, not cyclical periods of higher prices. If we have another situation like the oil embargo of the 1970’s, that’s when it will be released. Prices are not high because of a shortage of oil, we actually have 5 years high on oil and gas inventories right now.