Economy

Warpy

(113,131 posts)

9. It wasn't used up but it was used appropriately to stabilize the global oil market

Reply to mahatmakanejeeves (Original post)

Tue Jan 10, 2023, 02:07 AM

Jan 2023

Gee Dubya overfilled it when oil prices were over $100/bbl, probably because the PNAC wanted war over the entire Middle East. It had stayed overfilled until Russia invaded Ukraine and prices started to go up to those levels again.

Here's a fact sheet on prior releases and sales: https://www.energy.gov/ceser/spr-quick-facts

I couldn't find the list of "historic highs," but "historic lows" means it is still at the same level it was in 1985, when there was an adequate amount to stabilize prices, the way it was designed, but not to supply a huge war effort overseas.

Dubya just never got the memo about what it was actually for.

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Using Up America's Oil Reserve Was Easy. Refilling It Won't Be. [View all] mahatmakanejeeves Jan 2023 OP

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It wasn't used up but it was used appropriately to stabilize the global oil market Warpy Jan 2023 #9