Quote:
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Originally Posted by Lothar5150
As far as oil, prices are concerned. We hold the trump card. It is called the Strategic Oil Reserve. 30 years of oil in storage. Don’t think for a minute that we cant control the price of oil if we want too.
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"Today, the SPR(Strategic Petroleum Reserve) has the capacity to hold 727 million barrels."
- US DOE
Demand
US OIL DEMAND, 2004: Over 20 million barrels per day, up from January 2002, when demand was about 18.5 million barrels per day
727,000,000/20,000,000=36.35 Days (slightly shy of 30 years)
(Actual current SPR total is 673.5 million bbls or 33.675 Days)
How do we control price with 36 days supply of oil? Wait you mean the total amount of available, drillable, oil in the US right?
"According to the Oil and Gas Journal, the United States had 22.7 billion barrels of proved oil reserves as of January 1, 2004, eleventh highest in the world."
Ok
22,700,000,000/20,000,000= 1135 days of proven drillabe oil in the US (3.1Years)
(Still shy of 30 years)
This is assuming that consumption in the US remains constant.. and I think a jump of 1.5 million barrels per day from 2002 to now shows thats just not the case.
But here is the kicker on that little tidbit.
The US can't come close to producing 20 Million barrels per day..
"During 2003, the United States produced around 7.9 million barrels per day (MMBD) of oil, of which 5.7 MMBD was crude oil, and the rest natural gas liquids and other liquids. U.S. total oil production in 2003 was down sharply (around 2.7 MMBD, or 25%) from the 10.6 MMBD averaged in 1985."
I love your faith in our contry. I love you commitment to the US, and your dedication to defend it.
But I also see Iraq as 300,000,000,000/20,000,000= 15,000 Days of Oil for the US
(Theres the 41 years we wanted, right?)
Bought at $0.66/Barrel plus the cost of actually drilling it.
Iraq is the new US oil reserve.