Hands Off The Strategic Oil
Monday, May 24, 2004
Posted by J. J. Jackson @ 10:52 PM
For leftists to claim that we need to start releasing some couple thousand barrels a day of oil from the Strategic Oil Reserves is not the answer to oil and gas prices. It makes good sound bites but does nothing to solve the problem.
The Strategic Oil Reserves contains enough oil to last, at our current rate of consumption, about 30 days. 30 days. That’s it.
Releasing a hundred thousand barrels a day into an economy that consumes more than 20 million barrels a day will do nothing. The SORs are emergency ONLY supplies. They aren’t some vast reservoir that will keep the United States chugging along for 10 years or so. 30 DAYS! ONLY 30 DAYS!
Imagine if you will a terrorist nuclear weapon exploded in an oil field in Iraq that contaminates and puts off limits part of the already stretched oil supply. Imagine if you will terrorist attacks that sink even a few tankers carrying oil from Iraq. Imagine ANYTHING that could possibly happen and that would affect our supply of foreign oil that might disrupt supply for a week or two or even a month.
Think about that before you start calling for the oil to be released. Then think about why you wont let us drill for oil on a tract of land in ANWAR equivalent to a postage stamp on a large manila envelope.
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However you are correct, our capacity compared to what our demand is and is going to be in the future is not where it needs to be.
We need to have a buffer that can be used during time of extra need. Also there are some new regulations concering sulfur coming down the pipe that are going to effect refineries as well and also increase production costs.