Massive US Oil Caverns Sit Empty and Will Take Years to Refill
- Nation’s oil reserve is at 40-year-low after historic drawdown
- Experts say refilling will take decades, if it happens at all
On Aug. 22, about 2
The Coming Shock to the Global Monetary System½months from today, the most significant development in international finance since 1971 will be unveiled.
The House of Representatives is discussing a move that would effectively amount to an act of war if carried out: a naval blockade on China.
House Republicans Propose The Study Of An Oil Naval Blockade Of China
The following is outdated, especially considering the problems with the US Navy’s LCS ships, but I thought that the bold quote was interesting. I highly doubt that Russia would ever submit to the US!
Related:
[2013] Stranglehold: The Context, Conduct and Consequences of an American Naval Blockade of China
In short, Russia would not only be China’s best hope of overcoming an American blockade, but it would also be the United States’ key to closing China’s transit route through Central Asia and preventing China’s two neighboring oil producers from supplying it with petroleum. In an American blockade of China, Russia’s importance as a swing state cannot be overstated, as is borne out by the observation that “no blockade of China in history has succeeded without Russian acquiescence.”
A ‘successful, deceptive’ PR campaign.
The devious fossil fuel propaganda we all use
Related:
Iraqi Prime Minister Mohamed Shia al-Sudani on 27 May unveiled a $17 billion infrastructure project to link West Asia and Europe and make Iraq a regional transportation hub.
Iraq unveils $17bn infrastructure project linking West Asia to Europe
Related:
Iraq partners with UAE and Chinese firms to develop six oil and gas fields
US eyes new military base in Iraq’s oil-rich region and in northern Syria
Russian pipeline monopoly operator Transneft said on Wednesday that there was an attempt at a “terrorist attack” on a filling station of the Druzhba oil pipeline in Russia’s Bryansk region bordering Ukraine.
Russia Reports Attempted “Terrorist Attack” On Druzhba Oil Pipeline
Oil Falls Further On EIA Inventory Report
The Department of Energy provided some support for prices with an update from Energy Secretary Granholm, who said the department still planned to begin refilling the strategic petroleum reserve later this year, although she did not provide any specifics.
BEIJING, May 4, 2023 /PRNewswire/ — China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”) has initiated the drilling of Project Deep Earth 1-Yuejin 3-3XC Well (“the Well”) on May 1 in the Tarim Basin, Xinjiang Uyghur Autonomous Region. With a design depth of 9,472 meters, it will be the deepest oil and gas well in Asia and a breakthrough of milestone significance in China’s ultra-deep oil and gas exploration, which now has world-leading technological and equipment capabilities.
Sinopec Starts the Drilling of Asia’s Deepest Oil and Gas Well in Tarim Basin
[2017] Trump’s Budget Delivers Big Oil’s Wish: Reducing Strategic Petroleum Reserve
While most observers believe the budget will not pass through Congress in its current form, budgets depict an administration’s priorities and vision for the country. Some within the oil industry have lobbied for years to drain the SPR, created in the aftermath of the 1973 oil crisis.
…
Exxon, as well as the American Petroleum Institute (API) and the Independent Petroleum Association of America (IPAA), have long lobbied for a drawdown of SPR‘s supply, according to lobbying disclosure records reviewed by DeSmog. They supported two key bills, proposed but never passed by Congress: H.R. 4136 in 2012 and S. 1231 in 2015.
H.R. 4136, lobbied for by Exxon, API, and IPAA**, says that the Strategic Petroleum Reserve can only be tapped if more federally owned public lands and waters were leased to the oil and gas industry. S. 1231, the Strategic Petroleum Reserve Modernization Act of 2015, called for a Department of Energy study of the SPR “to determine options available for [its] continued operation,” to be completed 180 days after the bill’s passage.
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“[T]he SPR is unnecessary in the first place. Private inventories and reserves are abundant, and open markets will respond more efficiently to supply shocks than federally controlled government stockpiles,” wrote Loris, who began his career as an associate for the Charles G. Koch Charitable Foundation. “Congress should authorize the Department of Energy to sell the entire inventory, using the revenues solely for deficit reduction.”
U.S. To Refill SPR This Year If Advantageous
Granholm said on Wednesday that the United States couldn’t repurchase crude oil for the SPR and sell crude oil out of the SPR at the same time. The DoE is actively selling crude oil from the SPR as part of a congressional mandate that will see another 26 million barrels leave the reserve between now and the end of June, with 2 million barrels released over the last two weeks.
After the recent releases from the Strategic Petroleum Reserves, inventories in the nation’s reserves have sunk to 369.6 million barrels—down from 638 million barrels at the beginning of 2021, and the lowest amount of crude oil held in the stockpiles since November 1983.
Ms. Cat’s Chronicles 
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