- Joined
- Apr 7, 2016
- Location
- Indiana, US
Primary source on Reuters, but I originally saw the initial indicators back in May when an AutoZone memo was allegedly leaked regarding oil shortages within 90 days. Possibly a conspiracy theory, but both Toyota and Nissan also sounded similar alarms back in May, so I'm leaning towards it being legitimate.
Here is what is not in question: US SPR fell to 311 million barrels last week due the government tapping it to keep US gas prices artificially low. The lowest operational level is supposed to be 316 million barrels due to the logistics of how they store it. That is both an economic and natural disaster of unprecedented proportions waiting to happen.
As of July 10th, total oil supplies in the United States was at 726.2 million barrels, counting both commercial supply and the SPR combined.
The United States consumes approximately 20 million barrels PER DAY, on average. You do the math. Even if they completely drain the SPR, which they theoretically cannot do, this country has approximately 35 to 45 days of oil supply remaining. This is assuming they keep releasing oil from the SPR into the domestic market as they have been at somewhere around 3 million barrels per day. A fuel crisis unmatched by anything in US history is due to hit sometime in September at the absolute latest. This will make the oil crisis after Hurricane Katrina look like a minor market anomaly.
I've been seeing too many energy analysts say the same thing to ignore this.
Beyond the economic ramifications, what happens when the US military starts to run low on fuel?
Here is what is not in question: US SPR fell to 311 million barrels last week due the government tapping it to keep US gas prices artificially low. The lowest operational level is supposed to be 316 million barrels due to the logistics of how they store it. That is both an economic and natural disaster of unprecedented proportions waiting to happen.
As of July 10th, total oil supplies in the United States was at 726.2 million barrels, counting both commercial supply and the SPR combined.
The United States consumes approximately 20 million barrels PER DAY, on average. You do the math. Even if they completely drain the SPR, which they theoretically cannot do, this country has approximately 35 to 45 days of oil supply remaining. This is assuming they keep releasing oil from the SPR into the domestic market as they have been at somewhere around 3 million barrels per day. A fuel crisis unmatched by anything in US history is due to hit sometime in September at the absolute latest. This will make the oil crisis after Hurricane Katrina look like a minor market anomaly.
I've been seeing too many energy analysts say the same thing to ignore this.
Beyond the economic ramifications, what happens when the US military starts to run low on fuel?
