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Obummer's SPR move

By: lkorrow in CONSTITUTION | Recommend this post (1)
Mon, 27 Jun 11 6:41 AM | 52 view(s)
Boardmark this board | Constitutional Corner

Msg. 13643 of 21975
Jump:

US oil consumption 18.6 mbpd (down 10% in 2010 from 2009)

Obummer release from the SPR - 30 million barrels.
Oil to be used in US.

Less than 2 days consumption.

Puts things in perspective.

Impacts? Short term reduction in gas at the pump(?) Perhas it reduces the trading premium for a few days or weeks? Reduce cushion for a real crisis.

All while Libya's out and Iraq's largest refinery was sabotaged. What's next?

How much will it cost us to replenish the SPR with more expensive oil?

30,000,000 barrels at $100/barrel = $3,000,000,000
$3 billion!

So, has anyone figured out why he did this?

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