Oil & Gas 01 (May 08 - Jul 08)

[kennynah]

just TOL too....

maybe they used up their reserves???...

[winston]

just TOL too....

maybe they used up their reserves???...

A few weeks back, it was > 98% full ..

[kennynah]

but they didnt say, how long thwir reserves can last, right?

[HengHeng]

actually they got alot of untapped reserves in alaska and can be put into good use assuming if sometime really happens.

[kennynah]

bludder.... talking about tiong kok .... not USA reserves...

[winston]

The Strategic Petroleum Reserve (SPR) is an emergency petroleum store maintained by the United States Department of Energy.

The US SPR is the largest emergency supply in the world with the current capacity to hold up to 727 million barrels (115,600,000 m³) of crude oil. The second largest emergency supply of petroleum is Japan's with a 2003 reported capacity of 579 million barrels (92,100,000 m³).

The current inventory is displayed on the SPR's website. As of June 11, 2008, the current inventory was 704.9 million barrels (112,070,000 m³). At current market prices ($138 a barrel) the SPR holds over $97 billion worth of petroleum.

On May 13, 2008, the United States Senate and House of Representatives voted nearly unanimously to temporarily suspend the 70,000 barrel per day shipment of petroleum to the nation's emergency reserve[1]. A temporary halt to SPR stockpiling is hoped to increase oil supplies and thereby reduce the cost of oil, although analysts are divided on whether it will have a meaningful effect to consumers[2].

Shipments to the Strategic Oil Reserve would resume at the end of 2008. On May 16, 2008, the Department of Energy announced it was canceling oil shipments into the SPR beginning in July 2008 when the current purchase contract expires.[3] On May 19, 2008, the White House signaled President Bush's intent to sign the legislation passed by the Congress.[4]

The United States started the petroleum reserve in 1975 after oil supplies were cut off during the 1973-74 oil embargo, to mitigate future temporary supply disruptions. According to the World Factbook[5], the United States imports a net 12 million barrels (1,900,000 m³) of oil a day (MMbd), so the SPR holds about a 58-day supply. However, the maximum total withdrawal capability from the SPR is only 4.4 million barrels (700,000 m³) per day, making it a 160 + day supply.

[kennynah]

so..hor..this is the conspiracy theory... deng deng....

now that US economy is in a doldrums... any form of money incoming is welcome... they allow the oil price to surge...and then "ninja operation" sell their reserves ... and then later buy back at cheaper price...

anyways...who checks their inventory... right...

[HengHeng]

haha check ? .. US are the masters of cheating. I remember the car in SG can install a chip which can control our fuel indicator to move it to 3/4 full when it is almost empty to go into JB to pump petrol. But i think now can take away liaoz.

Anyway , if you remember oil prices was at its highest before the IRAQ war .. then after that , oil tanked and US quietly accumulate oil. Anyway i think war in iran is just a matter of time. Even if ORHBAMA come in i think also like that. The most veto nia but the jackals would force action in israel and iran.

By the way actually China also got oil(i think around mongolia region usually desert area got one) just only they choose to import coz they got alot of money so need to outflow some. They actually have oil supplies themselves.

Anyway , china only needs supplies to tahan them for olympics the rest not their immediate problem.

[kennynah]

<<<Anyway , china only needs supplies to tahan them for olympics the rest not their immediate problem.>>>

hahaha... i oso think so... this olympics is like make up for 2 years...to show off...then after that the smelly toilets all can come back to life...

[winston]

hahaha... i oso think so... this olympics is like make up for 2 years...to show off...then after that the smelly toilets all can come back to life...

Yes, u may be right on this one. The buildings do look nice from the fresh coat of paint, the old subway trains have been replaced, the buses are new the public toilets are ok, people are starting to line up for buses etc..