Rep. Markey seeks mandatory SPR oil withdrawal

Source: Washington Post

WASHINGTON (Reuters) - The U.S. government would withdraw 500,000 barrels of oil a day from an emergency reserve over six months to help lower retail gasoline prices under legislation being sought by a key Democrat in the U.S. House of Representatives.

Rep. Edward Markey, the Massachusetts Democrat who chairs a special energy panel in the House, told reporters he will be introducing the legislation if President George W. Bush continues to oppose any withdrawals of oil from the Strategic Petroleum Reserve.

Markey said that the bill will call for replenishing the SPR through government purchases of heavy crude oil over five years.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2008/07/14/AR2008071401431.html

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many answers to drilling in the Place Where the World Begins and nursery for the Caribou

There's only 773 MILLION barrels in the SPR.

Lots of hiney holes are gonna be slamming shut in the pits and on the wires if this comes to pass.

http://tonto.eia.doe.gov/dnav/pet/pet_cons_wpsup_k_w.htm

that top figure under 07/04/08 is the daily product supply (read: usage):

that's 20,320,000 barrels per DAY...500,000 barrels = 2.46% of consumption...

don't quite think that dent will be very big....

I would recommend this site and suggest you check it often...it has as much oil information as there can be...and it paints no pretty pictures...

http://www.eia.doe.gov/

Every drop of light sweet and heavy crude will help!

Which is unlikely... and THEN only by about 2.5%. Great... what is that 8 cents a gallon? :rofl:

WOOHOO we're saved! 8 cents a gallon IF we actually force our refineries to sell the gas here in the US. :thumbsdown: