From this story:
U.S. to Release 30 Million Barrels of Oil from Strategic Reserve – FoxNews.com.
Comes this statement:
“The U.S. is releasing 30 million barrels of oil from the Strategic Petroleum Reserve as part of an international effort to make up for the loss in supply from the disruption in Libya’s production in the face of ongoing “kinetic military action,” the Energy Department announced Thursday.”
And this statement:
“The IEA said that the percentage distribution of stocks from each country is based on the proportionate share of consumption. As a result, the U.S. is releasing 50 percent of the total while European countries release about 30 percent and Asian countries provide the remaining 20 percent.”
But… a fool like myself knows that Libya normally pumped about 1.6 million bpd before being attacked by Barack Obama; 85% of which is exported to Europe. 1.6 million bpd is somewhere around 2% of the global total. Also, The IEA said Libya last year imported about 80,000 bpd of refined oil products and exported about 100,000 barrels per day of oil products to OECD countries, mostly in Europe.
That leaves a net export of 20,000 bpd for Libya. And according to the statements above, that is what we’re trying to recoup.
(here’s the supporting data:
http://www.reuters.com/article/2011/03/16/libya-oil-idUSLDE72F22G20110316)
Point #1
So, the story is:
28 countries are going to release 60 million barrels from their reserves.
To make up a shortfall of 20,000 bpd from Libya.
At 20,000 bpd, that’s 3,000 day’s worth of oil.
(or September 9, 2019)
Wow. How long are we going to be in Libya?
————
Point #2
Half of that oil (30 million barrels) is coming from the United States.
85% of which goes to Europe, 25.5 million barrels.
Before the (so called) crisis, the United States imported NO oil from Libya.
————-
I have found in life that when things don’t make sense, it is because somebody hasn’t told the truth. My guess is that the release of these reserves has nothing to do with Libya, and more to do with the fact that the world economy is about to collapse.