November 19, 2021
Yes, Democrats, Let's Just Give Our Oil Reserves Away
By Jeffrey Folks
The Strategic Petroleum Reserve, created following the oil crisis of the 1970s, exists to supply Americans during a war or other emergency. Democrats are now calling for oil to be released from the reserve to help reduce high gas prices that they themselves have created. This is not an emergency unless you believe that the loss of Democrat seats in the 2022 midterm election constitutes an emergency.
The Strategic Petroleum Reserve currently holds 638 million barrels, approximately 1,000 days of net petroleum imports — but far, far less (only 32 days worth) of total domestic demand of 20 million barrels per day. At the maximum draw-down capacity of 4.4 million barrels per day, the SPR would last only 145 days.
In fact, a release of 4.4 million barrels per day would be impossible because it would leave us strategically undefended. It is irresponsible to remove any amount from the SPR except in times of true emergency, but the little that could be removed would not be enough to affect global oil prices and therefore would not significantly reduce gas prices in this country or anywhere else. Global oil production is currently 95 million barrels per day: an additional half-million barrels, however imprudent, would have little effect, and that effect would be temporary. If anything, it would simply postpone more drilling and thus reduce long-term supply.
more
https://www.americanthinker.com/blog/2021/11/yes_democrats_lets_just_give_our_oil_reserves_away.html
