![U.S. Emergency Oil Reserve [Infographic]](http://cdn1.diggstatic.com/story/u_s_emergency_oil_reserve_infographic/t.png)
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JerseyBlakeMar 15, 2011
Oil that we're saving for a rainy day yet its freaking pouring and we still haven't cracked the seal.
darkmatter911Mar 15, 2011
There is no crisis that even comes close to suggesting the strategic reserve should be tapped. There is plenty of oil in the marketplace and paying $3+ a gallon does not constitute a crisis.
togerMar 15, 2011
Pouring is if the middle-east decides to embargo oil the US; not if the price is nominally higher then we'd like.
novenatorMar 15, 2011
Solid infographic. I think anytime the greedy speculators on Wall St. start to drive prices up we should tap this thing, then tax them to replenish it.
ramabooMar 15, 2011
Or not allow greedy speculation on commonly used commodities. I know its a crazy idea.
pw378Mar 15, 2011
If the U.S. didn't allow it, they'd just speculate in other markets outside the U.S. which would have the same impact on prices. There is no way, nor is it a good idea, to make a worldwide prohibition on advance purchases of commodities.
ramabooMar 16, 2011
There is a difference between advanced purchases and greedy speculation. There is no question that we need commodity markets so that large consumers (i.e. airlines) can manage costs. What we don't need is a bunch of asshats on wall street trading oil back and forth in a scheme to make a buck while adding nothing of value to the economy. Some simple rules would solve the problem like:
If you buy oil commodities you must take deliver of the oil and either use it yourself (airline) or sell it to an end user (gas station). If you deicied you don't want the oil you must sell it at or less than the price you paid for it and even then there should be hard limits on how many times a year (a couple) you are allowed to do that.
Commodity markets were a great idea when people used them to plan for the future but thats not at all what they have become today. Today they are a system of rigged betting that has nothing to do with their intended purpose.
pw378Mar 16, 2011
Ramaboo, I have to say I am impressed. I think you made a well reasoned response which is so completely rare on digg. There is still the issue of how to globally enforce such rules, but they seem quite sensible.
badsyntaxMar 15, 2011
Wow, awesome, a full year worth of oil at current consumption rates.
Not sure how much of a help that really is for any long term crisis.
pw378Mar 15, 2011
you didn't read the article, did you?
badsyntaxMar 15, 2011
Yes, I read the whole 2 paragraph + infographic article. And no, it doesn't change my comment. Libya is up in arms, and gas went up $0.50 a gallon because of it... surely our reserve should help balance these times out, but we don't use it for price gouging, just when supply is completely cut off.
So back to my comment, yeah, a full year of oil, sure, thats great assuming we get cut off for <12 months, but if we get cut off for 14 months we are essentially completely screwed and at zero. My point was less about where the oil was located in America and how much, and more about the fact that within a year of us no longer receiving oil, a very real possibilty in our lifetimes, our reserve would be empty as well. Some crisis could also be far more than 90 days, or even a year, though we do have a better reserve than most, but we are also more addicted per capita than most.
Sorry you didn't understand my initial point, I probably didn't make my thoughts clear enough.
pw378Mar 16, 2011
" the United States imports 12 million barrels of oil a day. The SPR holds about a 58-day supply. The maximum total withdrawal capability from the SPR is only 4.4 million barrels per day, making it a 160 + day supply"
Nowhere does the article say we have a 1 year supply in the reserve - in fact, far far less. But that isn't all the oil we have either.
You miss the fact that the U.S. "produces" over 8 million barrels per day - the U.S. is the world's 3rd largest producer of oil behind Saudi Arabia and Russia. Therefore, even if the world completely cut us off, we'd still have 12 million barrels per day (8m produced, plus 4.4 million from reserve) for 160 days, then we'd have to lower consumption by 30% (8m vs 12m) until the crisis is resolved. This is far from your assertion we'd be "completely screwed."
citation: http://www.infoplease.com/ipa/A0922041.html
badsyntaxMar 16, 2011
19M bbl per day according to CIA Factbook.... pretty obvious stats vary, so all of us may be off. 1 year, 2 years, 5 years, we are still screwed at some point :)
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2174rank.html
http://www.indexmundi.com/energy.aspx?country=us&product=oil&graph=consumption shows over 20M/day
taiyoryuMar 15, 2011
The strategic petroleum reserve may be used to replace a drop in the oil supply, but like the highway system can be converted into airstrips, the SPR can be used by the military to invade an oil producing country.
BluntzworthMar 15, 2011
That is really what the SPR is for, to be a reserve for our mechanized military units and equipment. It is not for civilian comsumption except emergency service like police and fire departments.
kamakazMar 15, 2011
OIL F**K NO!!!!!!1
pw378Mar 15, 2011
idiots with all caps, too many punctuation marks, and poor sentence structure - f**k no!
moonfirebogdanMar 15, 2011
I bet future generations (if we're to survive on this planet) will laugh their asses of our inability to use sun, wind and other "green" energy sources.
craigbarnes1975Mar 16, 2011
wowzer