Thus far in the conflict with Iran, oil price spikes have been moderated thanks to the ongoing release of oil from the Strategic Petroleum Reserve. A potential problem is that those reserves cannot be drained anywhere close to zero. If that’s the case, then we may have already hit the bottom of the barrel.
The level will drop to about 243 million if Trump releases a final batch of 39 million barrels from a March agreement with the International Energy Agency.
Siddharth Misra, a professor of petroleum engineering at Texas A&M University, said that while the absolute physical floor for the SPR is 70 million barrels, the practical minimum level for safe operations is close to 250 million barrels.
aaaaaaaaaaaaand to think (mighty big) IF AB had sufficient autonomy regarding its oil reserves, there wd in ALL likelihood be a keystone-like pipeline just waiting to ramp up exports.
oh all that wonderful ca$h ca$h pouring in from the other direction.
get the H-E-hockey sticks OUT AB. get out before you cant.
I am sure the leftist search engines have buried it, but somewhere there is the video of the Dems in Congress giving themselves a standing ovation when, during Trump’s first term, they stopped him from adding millions of barrels to the Strategic Reserve OVER the normal level, trying to take advantage of oil being at $26 a barrel.
It’s probably hidden on the same server as the Dems in the 80’s giving themselves a standing ovation for stopping GWB from letting people invest 30% of their Social Security money in the stock market. Of course that would have changed the market, but likely for the upside, and if it was allowed someone retiring now would have more than 3X what they currently have in their SS account after the government’s meager 1% annual return.
Wasn’t that about the same time Al Gore was gonna put SS $ in a “lockbox” or something? Speaking of Socialist stooges.
https://oilprice.com/Latest-Energy-News/World-News/Trump-Says-Venezuelan-Oil-Will-Refill-US-Strategic-Petroleum-Reserve.html
Hi Kritter….we are doing what we can to get a DIVORCE from OTTAWA, but they are making it very difficult cause the EAST doesn’t want to lose its CASH COW ALBERTA……….IMAGINE what we could be as a Province IF we didn’t have to SEND BILLIONS AND BILLIONS of our $$$$$$$$$$$$ TO OTTAWA so they can give MOST of it away to KWEBEK & ONTARIO…………
The article is written by Reuters. Take it with a grain of salt.
“The article is written by Reuters. Take it with a grain of salt.”
Oh yes…and Associated Press as well.