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    CNN just reported canceling oil shipments

    The U.S. Energy Department is canceling oil shipments to the government reserves beginning in July.



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    Re: CNN just reported canceling oil shipments

    Not sure what this will do for the long run as I don't see the amount that ordinarily would go into the reserves affecting overall supply a great deal, especially with the demand for oil being as inelastic as it is, but hey, whatever. I understand supply and demand a great deal but I am no means any kind of subject matter expert...


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    Re: CNN just reported canceling oil shipments

    I am thinking that when this was discussed recently, it was mentioned that the strategic oil reserve was near it's storage capacity. I wonder if that is the "full" date?



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    Re: CNN just reported canceling oil shipments

    I hope some day in my lifetime we become un-dependent on foreign oil. These countries now have us by the nads and without oil they would just be another 3rd world country.



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    Re: CNN just reported canceling oil shipments

    The Energy group routinely adds more storage every year. Hope we can puimp the oil back out of the salt domes before it is lost. Hope one of the domes does not expolode. Hope that China does not sell too many more cars. Hope the price of tea in China does not affect tailgating at football games.


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    Re: CNN just reported canceling oil shipments

    Quote Originally Posted by Cyclonepride View Post
    I am thinking that when this was discussed recently, it was mentioned that the strategic oil reserve was near it's storage capacity. I wonder if that is the "full" date?
    I doubt that would be its full date. In late April, it held 701 million barrels out of a total capacity of 727 million barrels. I believe they only put in 70,000 barrels a day (less than 0.1% of international oil consumption). Thus it would take about a year from late April to fill it up. Stopping filling it up will have no effect on prices, but continuing to fill it up probably wasn't necessary either.

    My guess is July is the date because it is already planned to add through July. Link here.


    Last edited by CloneAggie; 05-16-2008 at 02:00 PM.
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    Re: CNN just reported canceling oil shipments

    Due to the 2005 Energy Policy Act, they have to increase the SPR to 1 Billion barrels (and fill it I think). Bush wants to expand it to 1.5 Billion.

    Kind of interesting reading about its expansion and the SPR in general.


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    Re: CNN just reported canceling oil shipments

    Anyone know what's up with North Dakota as a domestic oil suppy? I've seen this URL on Next Energy Massive Oil Deposit Could Increase US reserves by 10x



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    Re: CNN just reported canceling oil shipments

    The next question is does North Dakota become the next Dubai?


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