[Peakoil] Exclusive - U.S., UK set to agree emergency oil stocks release

[Keith]

We need to keep in mind that, although the size of the US Strategic Petroleum Reserve is large (700 million barrels, mostly stored in natural underground caverns from which salt has been removed by flooding with water), global oil consumption is about 85 million barrels a day and US consumption is 19 million barrels daily. That is, the SPR has enough oil to supply the US for about 36 days.

So it's not likely that a release from the SPR stockpile would have more than a temporary effect (just a few days), until the market factored in the new flow.
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Keith Thomas
keith at evfit.com
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On 19/03/2012, at 9:40 PM, Jenny Goldie wrote:


Exclusive - U.S., UK set to agree emergency oil stocks release
LONDON | Fri Mar 16, 2012 7:24am GMT


http://uk.reuters.com/article/2012/03/16/uk-oil-reserves-idUKBRE82E0UX20120316?feedType=RSS&feedName=GCA-GoogleNewsUK