The Strategic Petroleum Reserve (SPR) won't be receiving any more oil in the coming months. A bill to suspend the diversion of 70,000 barrels of oil a day into the U.S. reserve passed on Tuesday May 13, 2008. Passing with enough votes to avoid a presidential veto the measure will suspend any additions to the SPR until the end of 2008 or until the price per barrel drops to $75. 46 Republicans broke from the Bush Administration and helped pass the bill unanimously with a vote of 92-6. There is still a disagreement, however, of whether or not this suspension will reduce the burden of high gas prices on the consumer. The reality is, 70,000 barrels makes up a very small percentage of the 85 million barrel demand per day worldwide. [Source: Wall Street Journal]
Petro Reserves
The Strategic Petroleum Reserve (SPR) won't be receiving any more oil in the coming months. A bill to suspend the diversion of 70,000 barrels of oil a day into the U.S. reserve passed on Tuesday May 13, 2008. Passing with enough votes to avoid a presidential veto the measure will suspend any additions to the SPR until the end of 2008 or until the price per barrel drops to $75. 46 Republicans broke from the Bush Administration and helped pass the bill unanimously with a vote of 92-6. There is still a disagreement, however, of whether or not this suspension will reduce the burden of high gas prices on the consumer. The reality is, 70,000 barrels makes up a very small percentage of the 85 million barrel demand per day worldwide. [Source: Wall Street Journal]
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2 comments:
Another uninformed and voter pandering move by our politicians. The 70,000 barrels a day not saved is only 0.082% of the 85,000,000 barrels a day the world consumes. The price of oil will keep rising as demand increases as supply starts to decline. Looks like we are at peak oil production NOW. The denial is amazing.
David Blittersdorf
Denial is exactly what put us in the pinch we are now in. Well everyone, do you think it is time we started dedicating our money and time to some true alternatives? And I am not talking about Ethanol, how about moving away from the automobile all together. Rail seems like a logical place to start!
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