What are your thoughts on Releasing oil from SPR
It seems that the politics involved say that it is no longer important. They've been drawing about 100k bbl/day.
I'm not quite sure how I feel about this, especially considering Venezuela (and other hot spots). And even if prices hit $100/bbl tomorrow, it would still take a year for the oil to flow from the oil patch in the US.
Sure, there is a "glut" in the oil market, but it's only about 1 million bbl/day extra in supply, if at all. Demand may have consumed all that extra supply and/or OPEC may have eliminated it. It may even be a 1 million bbl/day deficit going into summer. It's likely the glut will be gone very soon.
It feels like a money grab by the politicians and a way to keep oil prices low when OPEC is starting their supply constraints.
Submitted April 12, 2017 at 11:38AM by MadComputerGuy
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