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Posted: 5/23/2017 12:51:02 PM EDT
[#1]
Where is that peak oil thread?
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Posted: 5/23/2017 12:51:59 PM EDT
[#2]
Quote HistoryQuoted:
Making squeaky voices is a matter of the utmost national security. Quote HistoryQuoted:
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Now is a great time to sell. Prices are going down. I'm more worried about them selling off the Strategic Hydrogen Reserve. 
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Posted: 5/23/2017 12:52:24 PM EDT
[#3]
Quote HistoryQuoted:
Making squeaky voices is a matter of the utmost national security. Quote HistoryQuoted:
Quoted:
Quoted:
Now is a great time to sell. Prices are going down. I'm more worried about them selling off the Strategic Hydrogen Reserve. |
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Posted: 5/23/2017 12:53:11 PM EDT
[#4]
Quote HistoryQuoted:
This is the perfect time for it, on account of how crude oil costs next to fucking nothing right now. No, wait, not "perfect", the other thing-- yeah, retarded, it's a retarded time to sell the reserve. Why couldn't these clown-town motherfuckers sell off some of the reserve when gas was four fifty a fucking gallon? |
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Posted: 5/23/2017 12:53:33 PM EDT
[#5]
Nobody clearly studied WWII and why the reserve is so important .
I'd rather have the oil in reserve. It's like a first aid kit or a ccdw. |
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Posted: 5/23/2017 12:54:21 PM EDT
[#6]
Quote HistoryQuoted:
Trumpbots never cease to amaze me. Liquid helium is used to make all sorts of electronics. It is a vital strategic material. Quote HistoryQuoted:
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Now is a great time to sell. Prices are going down. I'm more worried about them selling off the Strategic Hydrogen Reserve. |
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Posted: 5/23/2017 12:55:41 PM EDT
[#7]
Quote HistoryQuoted:
Not a good idea. It's been done before but always replenished. |
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Posted: 5/23/2017 12:55:46 PM EDT
[#8]
While there is a semi-glut on the oil market in this country, the pipelines are full, and Cushing, OK has miles and miles of storage batteries full of crude...IMHO that doesn't mean we should sell our emergency supplies.
The working capacity at Cushing is amazing. Enbridge Energy alone has a maximum storage capacity of 20,060,000 barrels, and there are numerous operators with storage compounds there.There is approximately 85 million barrels of crude oil storage tanks around Cushing. It's an amazing thing to see, (especially if you're in the oil business), the miles and miles of huge storage tanks full of primarily West Texas Intermediate. The downside is...it could be erased pretty quickly as it's all above ground storage. 
The difference between Cushing and the Strategic Petroleum Reserves is one is a series of underground secured facilities close to refineries. If the SHTF, having the petroleum reserves to run our military might come in really handy. And, no, you can't ramp up production rapidly enough to negate the importance of having these reserves sitting there ready for use. We might be able to pump it...but we don't have the pipeline capacity to gather it all up. |
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Posted: 5/23/2017 12:55:59 PM EDT
[#9]
Quote HistoryQuoted:
Nobody clearly studied WWII and why the reserve is so important . I'd rather have the oil in reserve. It's like a first aid kit or a ccdw. Its a 4M/day problem when what we need is a 20M/day solution. |
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Posted: 5/23/2017 12:56:04 PM EDT
[#10]
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This is going to fuck the oil market really hard. But, the idea of a couple of large stockpiles makes me wince. It would be better if there was more dispersement of the actual reserves in the form of required capacity at the individual refineries. (This was brought up a while ago) Having the 60+ US based refineries add an equivalent amount of storage locally and then cut back the amount held at the SPR locations. This would help both time-to-market (SPR can only shed 4M barrels a day anyhow) and reduce dependance on spot order fulfilling. |
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Posted: 5/23/2017 12:56:54 PM EDT
[#11]
Quote HistoryQuoted:
This is going to fuck the oil market really hard. But, the idea of a couple of large stockpiles makes me wince. It would be better if there was more dispersement of the actual reserves in the form of required capacity at the individual refineries. (This was brought up a while ago) Having the 60+ US based refineries add an equivalent amount of storage locally and then cut back the amount held at the SPR locations. This would help both time-to-market (SPR can only shed 4M barrels a day anyhow) and reduce dependance on spot order fulfilling. |
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Posted: 5/23/2017 12:57:32 PM EDT
[#12]
Quote HistoryIt's hot as hell down here. Yeah man, but it's a dry heat! It looks like some kind of secretions. Yeah, but secreted by what? Nobody touch nothin'! |
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Posted: 5/23/2017 12:58:52 PM EDT
[#13]
Just popped over to the USGS sight on the North Dakota Bakken formation for their estimates on reserves...
How much oil and gas are actually in the Bakken Formation? The USGS estimates that there may be 4.4 to 11.4 billion barrels of undiscovered, technically recoverable oil in the Bakken Formation (with a mean estimate of 7.4 billion barrels). These are estimates of oil that has yet to be found, but if found, could be produced using currently available technology and industry practices. Estimates are based on an assessment of the geologic data. An additional 6.7 trillion cubic feet of associated/dissolved natural gas and 0.53 billion barrels of natural gas have been estimated. These are mean values for undiscovered volumes. Approximately 450 million barrels of oil were produced from the Bakken and Three Forks Formations between 2008 and 2013. Add in the Shale plays in Oklahoma and Texas... we have all the reserve we need. |
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Posted: 5/23/2017 1:00:17 PM EDT
[#14]
Quote HistoryQuoted:
I thought they were just underground tanks 
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Posted: 5/23/2017 1:04:53 PM EDT
[#15]
Quote HistoryQuoted:
While there is a semi-glut on the oil market in this country, the pipelines are full, and Cushing, OK has miles and miles of storage batteries full of crude...IMHO that doesn't mean we should sell our emergency supplies. The working capacity at Cushing is amazing. Enbridge Energy alone has a maximum storage capacity of 20,060,000 barrels, and there are numerous operators with storage compounds there.There is approximately 85 million barrels of crude oil storage tanks around Cushing. It's an amazing thing to see, (especially if you're in the oil business), the miles and miles of huge storage tanks full of primarily West Texas Intermediate. The downside is...it could be erased pretty quickly as it's all above ground storage. https://upload.wikimedia.org/wikipedia/commons/thumb/c/c0/Enbridge_tank_farm%2C_Cushing_Oklahoma.jpg/1280px-Enbridge_tank_farm%2C_Cushing_Oklahoma.jpg http://www.livemint.com/rf/Image-621x414/LiveMint/Period1/2015/04/01/Photos/[email protected] The difference between Cushing and the Strategic Petroleum Reserves is one is a series of underground secured facilities. If the SHTF, having the petroleum reserves to run our military might come in really handy. And, no, you can't ramp up production rapidly enough to negate the importance of having these reserves sitting there ready for use. We might be able to pump it...but we don't have the pipeline capacity to gather it all up. |
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Posted: 5/23/2017 1:05:07 PM EDT
[#16]
Building a few more refineries would be a smarter move.
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Posted: 5/23/2017 1:07:14 PM EDT
[#17]
Quote HistoryQuoted:
This is the perfect time for it, on account of how crude oil costs next to fucking nothing right now. No, wait, not "perfect", the other thing-- yeah, retarded, it's a retarded time to sell the reserve. Why couldn't these clown-town motherfuckers sell off some of the reserve when gas was four fifty a fucking gallon? Link: https://www.energy.gov/fe/services/petroleum-reserves/strategic-petroleum-reserve/releasing-oil-spr Fwiw, average cost per bbl in the reserve is $29.70 |
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Posted: 5/23/2017 1:08:04 PM EDT
[#18]
Quote History |
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Posted: 5/23/2017 1:10:01 PM EDT
[#19]
Quote HistoryQuoted:
While there is a semi-glut on the oil market in this country, the pipelines are full, and Cushing, OK has miles and miles of storage batteries full of crude...IMHO that doesn't mean we should sell our emergency supplies. The working capacity at Cushing is amazing. Enbridge Energy alone has a maximum storage capacity of 20,060,000 barrels, and there are numerous operators with storage compounds there.There is approximately 85 million barrels of crude oil storage tanks around Cushing. It's an amazing thing to see, (especially if you're in the oil business), the miles and miles of huge storage tanks full of primarily West Texas Intermediate. The downside is...it could be erased pretty quickly as it's all above ground storage. https://upload.wikimedia.org/wikipedia/commons/thumb/c/c0/Enbridge_tank_farm%2C_Cushing_Oklahoma.jpg/1280px-Enbridge_tank_farm%2C_Cushing_Oklahoma.jpg http://www.livemint.com/rf/Image-621x414/LiveMint/Period1/2015/04/01/Photos/[email protected] The difference between Cushing and the Strategic Petroleum Reserves is one is a series of underground secured facilities close to refineries. If the SHTF, having the petroleum reserves to run our military might come in really handy. And, no, you can't ramp up production rapidly enough to negate the importance of having these reserves sitting there ready for use. We might be able to pump it...but we don't have the pipeline capacity to gather it all up. |
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Posted: 5/23/2017 1:10:25 PM EDT
[#20]
Quote HistoryQuoted:
Just popped over to the USGS sight on the North Dakota Bakken formation for their estimates on reserves... How much oil and gas are actually in the Bakken Formation? The USGS estimates that there may be 4.4 to 11.4 billion barrels of undiscovered, technically recoverable oil in the Bakken Formation (with a mean estimate of 7.4 billion barrels). These are estimates of oil that has yet to be found, but if found, could be produced using currently available technology and industry practices. Estimates are based on an assessment of the geologic data. An additional 6.7 trillion cubic feet of associated/dissolved natural gas and 0.53 billion barrels of natural gas have been estimated. These are mean values for undiscovered volumes. Approximately 450 million barrels of oil were produced from the Bakken and Three Forks Formations between 2008 and 2013. Add in the Shale plays in Oklahoma and Texas... we have all the reserve we need. You can produce all you want but if you don't have the pipeline capacity to get it hundreds of miles to the refineries...it's basically a moot point. 
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Posted: 5/23/2017 1:11:21 PM EDT
[#21]
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Salt domes....and nearby to refining facilities. http://www.earthlyissues.com/images/sprcolor.JPG http://www.fairwaymidstream.com/images/salt-cavern-sm.png Where does the ExxonMobil pipeline from Baton Rouge go? I did not know it existed and have been in the industry for 15 years. 
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Posted: 5/23/2017 1:13:22 PM EDT
[#22]
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@pcsutton Where does the ExxonMobil pipeline from Baton Rouge go? I did not know it existed and have been in the industry for 15 years. ETA: Cushing is the 'holy-holy' of crude oil. Most production in the country goes through Cushing. Natural Gas goes through Henry Hub, south of Lafayette. It's the 'holy-holy' of natural gas, but it's not nearly as impressive as Cushing. |
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Posted: 5/23/2017 1:13:37 PM EDT
[#23]
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Are you super serious all the time or just on the Internet? |
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Posted: 5/23/2017 1:14:31 PM EDT
[#24]
This seems like a big smack in the face to OPEC. Add a little more to the market to drop the price just a little more after they asked us to lower our oil production.
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Posted: 5/23/2017 1:14:47 PM EDT
[#25]
Iran fires one silkworm missile and that 90 day reserve becomes 75 while prices triple. This is a move that belies a complete failure to grasp the nature and purpose of a strategic reserve.
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Posted: 5/23/2017 1:14:58 PM EDT
[#26]
It's also useful to have storage capacity available. If OPEC tries to flood the market again and is succeeding, spare storage capacity allows the government to function as a buyer of last resort and preserve an industry critical to national defense
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Posted: 5/23/2017 1:15:04 PM EDT
[#27]
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Helium is most definitely a matter of national security. Quote HistoryQuoted:
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Are you super serious all the time or just on the Internet? Should I wait for the Feds to come pick me up or just go turn myself in? |
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Posted: 5/23/2017 1:15:04 PM EDT
[#28]
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Bad idea. Next thing you know people will be getting down to a 90 round zombie reserve because ammo is cheap and plentiful at the moment. |
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Posted: 5/23/2017 1:16:08 PM EDT
[#29]
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lol, I do. |
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Posted: 5/23/2017 1:17:34 PM EDT
[#30]
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I have about 4-6 mags worth of ammo unless I'm stocking up for a class. IRL I've never used more than a mag before the festivities ended. Quote HistoryQuoted:
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Bad idea. Next thing you know people will be getting down to a 90 round zombie reserve because ammo is cheap and plentiful at the moment. |
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Posted: 5/23/2017 1:17:58 PM EDT
[#31]
Quote HistoryQuoted:
We have plenty of oil already underground that hasn't been tapped. Sell what's already been stored at a higher margin vs extracting what's still in the ground at a higher cost. Not a bad move. The US is sitting on plenty of crude. Or maybe we should empty out ft Knox too since it's costing so much to store and secure the gold there. 
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Posted: 5/23/2017 1:20:06 PM EDT
[#32]
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Type of crude and location. My understanding is many US refineries are setup for heavy crude and much of what we produce is light crude. Also getting domestic oil to East and West coast refineries is tricky. (Anyone with direct knowledge feel free to correct me) |
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Posted: 5/23/2017 1:21:51 PM EDT
[#33]
Quote HistoryQuoted:
Bad move |
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Posted: 5/23/2017 1:22:36 PM EDT
[#34]
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Do you just not shoot except at paid classes? |
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Posted: 5/23/2017 1:24:57 PM EDT
[#35]
Quote HistoryQuoted:
Has anyone here actually been in the SPR caverns? They must be ginormous. |
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Posted: 5/23/2017 1:25:49 PM EDT
[#36]
Quote HistoryQuoted:
Has anyone here actually been in the SPR caverns? They must be ginormous. He said he had a buggy he would ride around on and he never saw all of it. |
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Posted: 5/23/2017 1:27:20 PM EDT
[#37]
Quote HistoryQuoted:
This seems like a big smack in the face to OPEC. Add a little more to the market to drop the price just a little more after they asked us to lower our oil production. Timing is excellent. |
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Posted: 5/23/2017 1:28:42 PM EDT
[#38]
Quote HistoryQuoted:
Yeah, that's a fucking stupid idea. |
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Posted: 5/23/2017 1:28:47 PM EDT
[#39]
Quote HistoryQuoted:
Why sit on it when we have an absurd amount of proven reserves plus technology that has no par in recovering those reserves? Seriously. I get "money in the bank" and "oh shit" cases. But with the number of capped Wells across the united States... Less debt seems like a smarter move. Strategic resources should not be used for partisan purposes. |
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Posted: 5/23/2017 1:32:19 PM EDT
[#40]
I see the Oil Patch Kids are all upset....Must be a good move as they tend to be the most selfish peeps on the site when it comes to that type of thing.
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Posted: 5/23/2017 1:32:26 PM EDT
[#41]
I don't like it. Mulvaney KILLED it today during the budget briefing, but this idea made me scratch my head.
Trump was elected as a "populist jobs president" and the price of crude is teetering enough as it is. All it will take is OPEC deciding to unsheathe the oil weapon again to snuff out thousands of new jobs. I would imagine that should we actually NEED the SPR because of an emergency, it would be exponentially more expensive to ramp up transport to fill the reserve while also servicing the production boom the price increase would create. I am 100% biased, but $50-60/bbl oil is a sweet spot for the nation. It keeps plenty of good paying jobs in tact and keeps fuel prices at reasonable levels. Dicking with oil prices is going to fuck up tax revenues and cause increases in demand for welfare programs. |
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Posted: 5/23/2017 1:36:05 PM EDT
[#42]
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I see the Oil Patch Kids are all upset....Must be a good move as they tend to be the most selfish peeps on the site when it comes to that type of thing. $110/bbl was ludicrous, even WE bitched about fuel prices.... 50-60 is a nice sweet spot for everyone involved up and down stream. |
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Posted: 5/23/2017 1:36:08 PM EDT
[#43]
Quote HistoryQuoted:
Has anyone here actually been in the SPR caverns? They must be ginormous. Dept of Energy: SPR Storage Sites |
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Posted: 5/23/2017 1:37:55 PM EDT
[#44]
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That stores oil, right? Since it's all oil, right? Quote HistoryQuoted:
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lol, I do. Yeah, in case you're not aware of this, ....oil is stored in the Earth. ...for free. We pull it out of this natural "storage", refine, and use it. Pulling it out of "free" storage, and moving into "expensive" storage is silly. |
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Posted: 5/23/2017 1:39:24 PM EDT
[#45]
Quote HistoryQuoted:
Watching your 15+ year career go up in smoke on a political whim, along with the ripple effects of watching towns hundreds of miles away from the oil rigs suffer from reduced economic activity usually gets people riled up. $110/bbl was ludicrous, even WE bitched about fuel prices.... 50-60 is a nice sweet spot for everyone involved up and down stream. Quote HistoryQuoted:
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I see the Oil Patch Kids are all upset....Must be a good move as they tend to be the most selfish peeps on the site when it comes to that type of thing. $110/bbl was ludicrous, even WE bitched about fuel prices.... 50-60 is a nice sweet spot for everyone involved up and down stream. |
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Posted: 5/23/2017 1:39:51 PM EDT
[#46]
Quote HistoryQuoted:
I see the Oil Patch Kids are all upset....Must be a good move as they tend to be the most selfish peeps on the site when it comes to that type of thing. The strategic reserve of anything should be held or disposed for strategic reasons. Not for economic ones. The price of any particular good or service is none of the government's business. |
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Posted: 5/23/2017 1:42:31 PM EDT
[#47]
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I don't agree with that spr should be maintained, especially while crude prices are low. Fill it All The Way up with USA Oil when prices are low... When "disruptions hit the Middle East.. We ride the storm out |
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Posted: 5/23/2017 1:44:55 PM EDT
[#48]
Say goodbye to low gas prices....
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Posted: 5/23/2017 1:46:33 PM EDT
[#49]
Quote HistoryQuoted:
looks like a great target for a nuke, if things ever come to that. |
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Posted: 5/23/2017 1:51:01 PM EDT
[#50]
Quote HistoryQuoted:
holy shit, I thought you were joking. Yeah, in case you're not aware of this, ....oil is stored in the Earth. ...for free. We pull it out of this natural "storage", refine, and use it. Pulling it out of "free" storage, and moving into "expensive" storage is silly. The benefit for having strategic petroleum reserves is multi-faceted. It's tangible and readily available to refineries are the biggest benefits. People seem to believe that getting oil out of an oil well is as simple as flipping a switch. That ain't the case. Additionally, once you produce/pump it out of the ground, whatcha gonna do with it? There is only so much pipeline capacity. Finally, where you gonna send it until the refineries can process it? I don't know about y'all, but it makes sense to me to have a ready supply that's already been pumped out of the ground, sent through the pipelines, and stored next to the refineries ready to be processed. It's already endured all of the pitfalls of getting oil from the wellhead to the refinery which can be a months long endeavor. |
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