kpeavey wrote:Don't expect to fill your tank to drive to the beach, ain't gonna happen.
Lanthanide wrote:Ok, so when oil got up over $100, Bush suspended filling the strategic oil reserve.
Now that it's gotten so low, have they started stockpiling again? Does anyone know?
U.S. to Add 12 Million Barrels to Petroleum Reserve
By Daniel Whitten
Jan. 2 (Bloomberg) -- The U.S. Energy Department plans to add 12 million barrels of oil to the nation’s Strategic Petroleum Reserve, the first increase since prices surged to a record in July.
A ban on oil purchases for the reserve ended Dec. 31.
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“Thank God they’re doing it at reasonable prices,” said Peter Beutel, president of Cameron Hanover, an energy consulting company based in New Canaan, Connecticut. “But 12 million barrels is a drop in the bucket. It’s not going to have a big impact on prices.”
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DaleFromCalgary wrote:Is this why oil went up in the last few days? The official explanation is that it is due to the fighting in Gaza, but since that doesn't affect the oil in the Arabian Gulf, I don't believe it.
Saudi Arabia to Boost Spending
... U.S. benchmark crude prices will have to average $43 per barrel in 2009 to cover the [Saudi] budgeted revenue projection, said John Sfakianakis, the chief economist at SABB, HSBC Holdings PLC's Saudi affiliate. ...
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