Originally Posted By: David Canary
 Originally Posted By: 655321
 Originally Posted By: KITT
And if Bush just put 10 billion barrels of oil from the reserve into the market, prices "should" drop significantly. But he had to pay for Jenna's wedding somehow, didn't he?
omg, do you really believe that will solve anything? according to CIA World Fact Book, we have about 21billion
barrels proved reserves on hand.

http://www.fossil.energy.gov/programs/reserves/spr/spr-facts.html
 Quote:
Oil can be pumped from the Reserve at a maximum rate of 4.4 million barrels per day for up to 90 days, then the drawdown rate begins to decline as storage caverns are emptied. At 1 million barrels per day, the Reserve can release oil into the market continuously for nearly a year-and-a-half.


we consume 9,253,000 barrels/day (388.6 million gallons/day) gasoline per day.

so you think that releasing, what are essentially emergency reserves, that will last us about 3wks is going to have any measurable affect on the economy?

I say tough shit. people are and should just have to scale back their consumption to keep pace with rising prices. overindulgence, greed and laziness made their bed, now they have to lie in it. by that i mean the american populace.



So much for G-man's point of information about one billion barrels.


Yeah, G-man was totally wrong about having one billion barrels in the strategic oil reserves. We only have about 703 million and we don't even have the capacity for one billion.

 Quote:
# Highest inventory - On April 2, 2008, the SPR inventory exceeded 700 million barrels, the highest level ever previously held. The former record was reached in late August 2005, just days before Hurricane Katrina hit the Gulf Coast, causing the SPR to conduct emergency releases. Repayment of the Katrina loans and resumption of the RIK program (in 2007) has restored the inventory to its former level and beyond.
# Current storage capacity - 727 million barrels

whomod said: I generally don't like it when people decide to play by the rules against people who don't play by the rules.
It tends to put you immediately at a disadvantage and IMO is a sign of true weakness.
This is true both in politics and on the internet."

Our Friendly Neighborhood Ray-man said: "no, the doctor's right. besides, he has seniority."