Depleted strategic oil reserve nears level that raises concerns about damage | Hacker News Reader

Depleted strategic oil reserve nears level that raises concerns about damage

cnbc.com

22 pointsanigbrowl5 comments

China's known reserves will get them through another year or more if you add all the strategically hidden reserves.

not "nears level"

it's already BELOW the 300 million barrels permanent damage level and dropping every week

the "70 million barrels" is the level disputed by people who are just guessing the damage won't be beyond repair

they cannot refill it at these prices for months, maybe years, unless American oil companies are going to sell below market value, which they won't because why would they? Are they going to steal it from Venezuela? Or Greenland?

like everything else this administration, someone else's problem, the entire cabinet is multi-millionaires, they will walk away in two years and just shrug

By end of the year Diesel will break the all-time record ever over $6, and that's going to completely break commerce when nothing can be shipped anywhere reasonably and even Walmart/Amazon can't get trucks around the country profitably

This all echos of Bush/Cheney, Iraq Forever War, Stop-Loss and utterly destroyed economy, except extra stupid this time around with no logic at all, just an 80yr-old with growing dementia playing with his drapes and tacky gold, putting his name on everything like a child while everything burns

Permanent damage? Putin approves.

The U.S. really should stop destroying its military, infrastructure, health and education. Putin's sixth column in this country needs to be removed.

This is the only explanation that makes sense to me. It must be endlessly amusing to Putin that he has been successful in achieving a true 'Manchurian Candidate', and is now sitting back and eating popcorn as he watches the complete destruction of the United States of America. Why is this so hard for people to accept?

Another public good to be repaired when this is over.

> The SPR will sit at around 243 million barrels after the drawdown is finished.

> The Energy Department has said at least 70 million barrels must remain in the reserve to safely manage the caverns. Amos Hochstein, a senior energy advisor to President Joe Biden, disputed that figure this week.

> “Don’t believe the people out of the government that are saying the SPR can go to 70 million barrels. It’s nonsense,” Hochstein told CNBC’s “Squawk Box” Thursday. At that level, the reserve would be depleted to “the point of never resurrecting it,” he said.

> Depleting the reserve below 300 million barrels risks damage to the caverns, the former Biden administration official warned in June.

> “I don’t know anyone who believes we can go below 300,” Hochstein told CNBC’s Brian Sullivan at an Atlantic Council event. “I know plenty of people who think we can’t get near 300 because physically you will damage the caverns where the oil is stored.”

Reply on news.ycombinator.com