Lowest since April 1984.
Posts Tagged ‘Strategic Petroleum Reserve’
SPR update: down to 396.2 million bbls as of 11/4/2022
Posted in energy policy, tagged SPR depletion, Strategic Petroleum Reserve on November 9, 2022| Leave a Comment »
Strategic Petroleum Reserve falls below 400 million barrels (as of 10/28/2022)
Posted in energy policy, tagged SPR, SPR depletion, Strategic Petroleum Reserve on November 1, 2022| Leave a Comment »
For the first time since May 18, 1984, when the SPR was being filled, the reserve has fallen below 400 million barrels.
This will reduce the SPR to <400 million (from 727 million bbls when full) for the first time since May 1984
Posted in energy policy, tagged SPR depletion, Strategic Petroleum Reserve on October 19, 2022| Leave a Comment »
As of 10/14/2022, the SPR inventory was 405.1 million barrels.
President Biden will announce on Wednesday that he is releasing 15 million more barrels of fuel from the Strategic Petroleum Reserve, a move aimed at easing gas prices three weeks before voters anxious over rising costs head to the polls as Democrats have been battered by GOP attacks on the economy.
WP
One objective is to support domestic drillers😀😀😀
The administration is also expected to release further details on timing for refilling the stockpile, reflecting its desire to combat rising pump prices while also supporting domestic drillers with future demand for their oil, they said.
Reuters
Declining SPR nears the 400 million barrel mark
Posted in energy policy, tagged SPR depletion, SPR milestones, Strategic Petroleum Reserve on October 13, 2022| Leave a Comment »
SPR “Milestones” update:
- Largest-ever one year SPR decline – 208 million bbls or 33.7% (10/8/2021 to 10/7/2022)
- 43.7% decline since 2010
- 79 consecutive weeks of decline – 4/9/2021 to 10/7/2022
- Lowest inventory since 6/15/1984
Don’t forget that in the spring of 2020 the previous administration proposed to refill the SPR to maximum capacity of 727 million barrels at $24 per barrel, but Congress failed to authorize the purchase.
Updated Strategic Petroleum Reserve “milestones”
Posted in energy policy, tagged dubious milestones, SPR depletion, Strategic Petroleum Reserve on October 5, 2022| Leave a Comment »
- Largest-ever one year SPR decline – 203 million bbls or 32.8% (9/24/2021 to 9/30/2022)
- 42.8% decline since 2010
- 78 consecutive weeks of decline – 4/9/2021 to 9/30/2022
- 84 million bbls below the strategically important 500 million barrel threshold which was first breached (on the downside) on 6/24/2022
- Lowest inventory since 7/6/1984 when the SPR was being filled
SPR withdrawals to continue
Posted in energy policy, tagged SPR milestones, Strategic Petroleum Reserve on September 21, 2022| Leave a Comment »
WASHINGTON, D.C.— The U.S. Department of Energy’s (DOE) Office of Petroleum Reserves today announced a Notice of Sale of up to 10 million barrels of crude oil to be delivered from the Strategic Petroleum Reserve (SPR) in November 2022.
DOE
Updated SPR “milestones”
Posted in energy policy, tagged dubious milestones, SPR depletion, Strategic Petroleum Reserve on September 7, 2022| Leave a Comment »
The reckless depletion of an important strategic resource continues:
- Largest-ever one year SPR decline – 179 million bbls or 28.8% (9/3/2021 to 9/2/2022)
- 39.2% decline since 2010
- 74 consecutive weeks of decline – 4/9/2021 to 9/2/2022
- 58 million bbls below the strategically important 500 million barrel threshold which was first breached (on the downside) on 6/24/2022
- Lowest inventory since 11/23/1984
(Politically) Strategic Petroleum Reserve
Posted in energy policy, tagged depletion, dubious milestones, energy security, SPR, Strategic Petroleum Reserve on August 26, 2022| Leave a Comment »
The SPR withdrawals are scheduled to end just prior to the mid-term elections. What happens if oil markets tighten further, perhaps with OPEC assistance?
Remember that the SPR was intended to diminish the vulnerability of the United States to the effects of a severe energy supply interruption!
Updated SPR “milestones”
- Largest-ever one year decline – 168.2 million bbl or 24.4% (8/13/2020 to 8/19/2022)
- 37.7% decline since 2010
- 72 consecutive weeks of decline – 4/9/2021 to 8/19/2022
- 47 million bbls below the important 500 million barrel threshold which had never before been breached on the downside
- Lowest inventory since 1/11/1985
New “milestones” for the Strategic Petroleum Reserve
Posted in energy policy, tagged depletion, milestones, Strategic Petroleum Reserve on August 8, 2022| Leave a Comment »
- Largest-ever one year decline – 151.4 million bbl or 24.4% (see table below)
- 35.3% decline since 2010 (see chart below)
- 69 consecutive weeks of decline – 4/9/2021 to 7/29/2022
- For the first time, broke the 500 million barrel threshold (on the downside): 6/24/2022
- Lowest inventory since 5/17/1985 when the reserve was still being filled
| 7/30/2021 | 621.3 million bbls |
| 7/29/2022 | 469.9 million bbls |
You can’t print oil
Posted in energy policy, tagged DOE, Strategic Petroleum Reserve on May 5, 2022| 1 Comment »
When you withdraw oil from the Strategic Petroleum Reserve, eventually you have to replace it. But don’t worry, DOE has got this.
WASHINGTON, D.C. — The U.S. Department of Energy (DOE) today announced it is initiating a long-term replenishment plan for America’s Strategic Petroleum Reserve (SPR) to ensure that it will continue to deliver on its mission as an available resource to alleviate domestic and global crude oil supply disruptions. The buyback process will begin with a call for bids to repurchase a third of the 180 million emergency barrels released as part of a coordinated action with our international partners …
Feel better now?
Bud's Offshore Energy (BOE) 