The USA strategic petroleum reserve

Oh this is sweet... The USA maintains a reservoir of petroleum in storage for the event of disruption of our imported oil. Under the Clinton administration, this was drained to a very low level to help bolster the economy by artificially depressing the true price of oil. President Bush has been filling this reserve back up to it's designed operating levels because of heightened problems in the Middle East. The Organization of Petroleum Exporting Countries just asked the USA to do the following: From the International Herald Tribune bq. OPEC asks U.S. to tap oil reserves The Organization of Petroleum Exporting Countries has called on the United States to dip into its strategic petroleum reserve to help deflate oil prices, the cartel's president said Wednesday. bq. "We had communication with them," OPEC's president, Purnomo Yusgiantoro, told reporters, referring to U.S. policy makers. "I asked them to use their reserves." bq. Purnomo, who is also Indonesia's oil minister, did not describe Washington's response. bq. Crude prices were down slightly after the comments. Crude for December delivery was at $55.05, down 12 cents, in premarket trading on the New York Mercantile Exchange. bq. Oil prices have soared around 70 percent this year, to over $50 a barrel, on rapid demand growth that has strained global supply and left OPEC members little spare production capacity to cool prices. bq. The Bush administration has consistently rebuffed calls to use U.S. emergency reserves to reduce prices. The reserve was set up after the 1970s Arab oil embargo as a counterweight to OPEC's market power. The White House says only a severe supply disruption would warrant a release. bq. Analysts said Purnomo's request to Washington was unusual, as OPEC usually regards government stockpiles as a threat to its own market influence. bq. "The OPEC president has the mandate to make unilateral approaches on behalf of the whole organization," an OPEC official said. "He has already called on all producers to raise output, so it's not really a departure from that policy. It is an irony though." bq. In a report Tuesday, the International Energy Agency stressed the need for oil-producing countries and international oil companies to increase their investments in finding and pumping oil. bq. The agency said there were sufficient oil reserves to meet demand for at least the next 30 years. But it said that not only would oil companies have to increase their spending, oil-producing countries would also have to allow more outside access to their reserves. bq. It predicted that world oil demand would grow about 50 percent, to 121 million barrels a day, by 2030. To meet that growth, the industry would have to spend about $105 billion each year "from the wellhead to the consumer," according to the agency, an adviser to oil-consuming nations. bq. The agency acknowledged in its annual report, the World Energy Outlook, that it failed to foresee the growth in demand for oil by China but said that its predictions should improve now that China had agreed to share its data on production and consumption. bq. The report warned of a drop in oil production and shortfalls in supplies if oil companies and oil-producing countries do not make huge investments, totaling $3 trillion over the next three decades, in everything from developing new fields to building more tankers, pipelines and refineries. bq. "The availability of oil in terms of reserves and geology isn't an issue but the problem is whether the oil can find the money," Fatih Birol, chief economist of the International Energy Agency and the principal author of the report, said in an interview. bq. "Will that strategic meeting take place?" No F-in' way...

October 2022

Sun Mon Tue Wed Thu Fri Sat
            1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31          

Environment and Climate
AccuWeather
Cliff Mass Weather Blog
Climate Depot
Ice Age Now
ICECAP
Jennifer Marohasy
Solar Cycle 24
Space Weather
Watts Up With That?


Science and Medicine
Junk Science
Life in the Fast Lane
Luboš Motl
Medgadget
Next Big Future
PhysOrg.com


Geek Stuff
Ars Technica
Boing Boing
Don Lancaster's Guru's Lair
Evil Mad Scientist Laboratories
FAIL Blog
Hack a Day
Kevin Kelly - Cool Tools
Neatorama
Slashdot: News for nerds
The Register
The Daily WTF


Comics
Achewood
The Argyle Sweater
Chip Bok
Broadside Cartoons
Day by Day
Dilbert
Medium Large
Michael Ramirez
Prickly City
Tundra
User Friendly
Vexarr
What The Duck
Wondermark
xkcd


NO WAI! WTF?¿?¿
Awkward Family Photos
Cake Wrecks
Not Always Right
Sober in a Nightclub
You Drive What?


Business and Economics
The Austrian Economists
Carpe Diem
Coyote Blog


Photography and Art
Digital Photography Review
DIYPhotography
James Gurney
Joe McNally's Blog
PetaPixel
photo.net
Shorpy
Strobist
The Online Photographer


Blogrolling
A Western Heart
AMCGLTD.COM
American Digest
The AnarchAngel
Anti-Idiotarian Rottweiler
Babalu Blog
Belmont Club
Bayou Renaissance Man
Classical Values
Cobb
Cold Fury
David Limbaugh
Defense Technology
Doug Ross @ Journal
Grouchy Old Cripple
Instapundit
iowahawk
Irons in the Fire
James Lileks
Lowering the Bar
Maggie's Farm
Marginal Revolution
Michael J. Totten
Mostly Cajun
Neanderpundit
neo-neocon
Power Line
ProfessorBainbridge.com
Questions and Observations
Rachel Lucas
Roger L. Simon
Samizdata.net
Sense of Events
Sound Politics
The Strata-Sphere
The Smallest Minority
The Volokh Conspiracy
Tim Blair
Velociworld
Weasel Zippers
WILLisms.com
Wizbang


Gone but not Forgotten...
A Coyote at the Dog Show
Bad Eagle
Steven DenBeste
democrats give conservatives indigestion
Allah
BigPictureSmallOffice
Cox and Forkum
The Diplomad
Priorities & Frivolities
Gut Rumbles
Mean Mr. Mustard 2.0
MegaPundit
Masamune
Neptunus Lex
Other Side of Kim
Publicola
Ramblings' Journal
Sgt. Stryker
shining full plate and a good broadsword
A Physicist's Perspective
The Daily Demarche
Wayne's Online Newsletter

About this Entry

This page contains a single entry by DaveH published on October 27, 2004 10:20 AM.

Dylan Thomas' birthday was the previous entry in this blog.

Where's the kaboom? There was supposed to be an earth shattering kaboom. is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Monthly Archives

Pages

OpenID accepted here Learn more about OpenID
Powered by Movable Type 5.2.9