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Page added on September 9, 2013
Syria Crisis: Will U.S. Tap Strategic Oil Reserves?
Bloomberg’s Alix Steel explains how the United States’ strategic petroleum reserves work and looks at whether or not President Barack Obama will tap the reserves in conjunction with a potential military strike on Syria. She speaks on Bloomberg Television’s “In The Loop.”
9 Comments on "Syria Crisis: Will U.S. Tap Strategic Oil Reserves?"
rockman on Mon, 9th Sep 2013 6:08 pm
not much meat to the story especially no details as to how much oil can be released and for how long. Also no mention as to how the oil is priced…it isn’t sold cheap.
And a big flub at the end: the oil is not released at the rate of 60 million bopd. At full bore it’s closer to 1 million bopd.
bobinget on Mon, 9th Sep 2013 7:28 pm
Post Libya, not a single SPR barrel has been returned’
(the deal was for return of crude, not cash, IOW’s oil companies, refiners are still on the hook for Libya)
While KSA did turn up taps full tilt boogie during the first Libyan crisis, Saudis now are dancing as fast as they can supplying the Generals in the second Egyptian Coup. Not only Libya, but obviously Yemen,
S. Sudan, Syrian war zones are not exporting.
It’s my opinion there will be NO US airstrikes (on Syria) near term.
As a direct result of ‘peak oil’ Egypt is on life support.
J-Gav on Mon, 9th Sep 2013 9:07 pm
Who cares?
BillT on Tue, 10th Sep 2013 1:02 am
One million barrels per day? That is about what the US military burns per day. So, what about the citizens? Oh, that’s right we are now ‘collateral damage’.
DC on Tue, 10th Sep 2013 1:09 am
Seriously…..
dave Thompson on Tue, 10th Sep 2013 3:36 am
So 700 million barrels in reserve, we use almost 20 million per day, 35 days worth ain’t gonna do much.
GregT on Tue, 10th Sep 2013 3:55 am
Weren’t the strategic oil reserves supposed to be in place for national defense?
I am sure that the US military can run for a bit longer than 35 days, on 700 million barrels of oil. More like a year and a half.
I am also sure, that both Russia and China are very well aware, of where the strategic oil reserves are located.
BillT on Tue, 10th Sep 2013 7:13 am
How long will it take to clear 2 or 3 tankers from the Strait of Hormuz if the Iranians keep killing the workers trying to clear them? 90 day? 6 months? a year? More? What is a billion barrels if there are no imports because of a world war? But then, if it comes to that, China may just pull the financial plug and take down the US economy and the world financial system. After all, they already have trade agreements with most of the world that do not require petro dollars.
Norm on Tue, 10th Sep 2013 6:26 pm
Oh ya tap the petroleum rezerve. Cause I need to drive the Escalade across town, to buy a six pack of soda pop. LOL.