Friday, May 16, 2008

More on the Strategic Petroleum Reserve

The Energy Department has decided to temporarily halt purchases of oil for the Strategic Petroleum Reserve given concern that Congress may pass a law requiring such a move (see my post). But note this:

The Strategic Petroleum Reserve, located underground at four sites in the salt caverns bordering the Gulf of Mexico, was built in the 1970s after the first oil embargo to protect the country against a sudden drop in oil supplies.

The Bush administration has been filling the reserve since 2001, boosting the reserve from about 540 million barrels to 702.7 million, enough to protect against a disruption in imports for about 58 days, said Barnett.

Seven hundred and three million barrels... and we'd go through it in 58 days. Think about that. If stacked one upon the other, they'd reach to the moon... and half way back again.

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