Bush says "Drill Drill Drill"

[KONQ RADIO]

Is SPR supposed to mean the Strategic Petroleum Reserve?

[KONQ RADIO]

OK. I had a few minutes to search and found this:

Strategic Petroleum Reserve

The U.S. Strategic Petroleum Reserve is the largest stockpile of government-owned emergency crude oil in the world. Established in the aftermath of the 1973-74 oil embargo, the SPR provides the President with a powerful response option should a disruption in commercial oil supplies threaten the U.S. economy. It also allows the United States to meet part of its International Energy Agency obligation to maintain emergency oil stocks, and it provides a national defense fuel reserve.



The Energy Policy Act of 2005 directed the Secretary of Energy to fill the SPR to its authorized one billion barrel capacity. This required the Department of Energy to complete proceedings to select sites necessary to expand the SPR to one billion barrels.

The most recent inventory shows 282.5 million bbls of Sweet oil and 423.7 million bbls of Sour oil, totaling 706.2 million bbls. This is about a 70 DAY SUPPLY of crude oil imports. Hardly more than a buffer.

Additionally, the US used to have another reserve.

Naval Petroleum and Oil Shale Reserves

The Naval Petroleum and Oil Shale Reserves (NPOSR) has a storied history beginning with its inception in 1912 during the Taft Administration, to the 1998 sale of its supergiant Elk Hills oil field (Naval Petroleum Reserve No. 1) to Occidental Petroleum under the Clinton Administration. The infamous Teapot Dome scandal in the 1920s during the Harding Administration may perhaps be the nadir in this storied history, but for the remainder of its almost-100 year history, the Reserves stood well managed to serve the Nation during times of both peace and war.

In response to the 1973 Arab oil embargo, the United States opened the Reserves to full production in 1976. Since that time, petroleum sales produced net revenues of $22 billion to the U.S. Treasury. The sale of the Elk Hills field in 1998 to Occidental Petroleum netted an additional $3.65 billion. I wonder what it's worth today. Thanks willie.



Today, three of the four original Petroleum Reserves (NPR-1, NPR-2, and NPR-4) have been sold or transferred to the Department of the Interior. The only remaining oil reserve managed by the Department of Energy is the Teapot Dome field (NPR-3) in Casper, Wyoming, which is now a stripper field that serves as an oilfield technology testing center.

Is this really where you want this thread to go Spike?

[spike52]

Originally Posted by SGT T.

What was the price of gas in '05? High, but not as big a concern as it is today.

Prices were at the highest, since 1981.

Originally Posted by SGT

As for the Strategic Oil Reserve, we're involved in a war on terror, with no clear end in sight.

So.
What's that got to do with lowering gas prices?
Dumbya in '06 (when we had less barrels in the SPR)
“Our Strategic Reserve is sufficiently large enough to guard against any major supply disruption over the next few months.”

Originally Posted by SGT

We're in "diplomatic confrontation" with countries that provide us 70% of our oil. Maybe giving up our stockpile might not be the best idea.

70%?
We import 13 million barrels a day and nearly 7 million come from Non-Opec countries.

Originally Posted by SGT

I have to ask, do you hate the USA? I mean seriously, tell me what good can come from tapping the SOR.

You somehow think I hate America, because I want our CIC to do SOMETHING to lower gas prices??
Ok, terrific..

Originally Posted by SGT

It exists for a reason. Care to guess what it might be?

Alex, I'll take $5 a gallon for the win....

[spike52]

Originally Posted by KONQ RADIO

Is this really where you want this thread to go Spike?

Not sure what this means?

[KONQ RADIO]

It's a complex issue. Which way do you want to take it?

[spike52]

Originally Posted by KONQ RADIO

It's a complex issue. Which way do you want to take it?

Well, if the releasing of a few million barrels will help lower gas prices, I'll lead the way..

[Made in the USA]

Originally Posted by SGT T.

It exists for a reason. Care to guess what it might be?

Uhh, ooh, ooh, ohh, "So W and his oil buddies can make more money on the oil"!

[Highwayman]

Originally Posted by SGT T.

....I mean seriously, tell me what good can come from tapping the SOR. It exists for a reason. Care to guess what it might be?

The reserves are not there to use because folks think the current pump prices are too high. With the current global SITREP, we should finish filling it up instead of talking about tapping into it.

[spike52]

Originally Posted by Highwayman

The reserves are not there to use because folks think the current pump prices are too high. With the current global SITREP, we should finish filling it up instead of talking about tapping into it.

Folks think??
They're at record highs & no end in sight.
If tapping into the SPR worked before, why not now?

[88-31-10]

Originally Posted by spike52

Folks think??

How dare they.

Originally Posted by spike52

They're at record highs & no end in sight.
If tapping into the SPR worked before, why not now?

It's a FUBAR STEX to see how bad they can fu*k up the economic COND?