Gustav damage update: the oil is okay…maybe

From The Wallstrip Blog

The post-Gustav state of oil is looking pretty good, according to some. But others have a different outlook.

Did we have to dip in to the U.S. Strategic Petroleum Reserve (SPR)? How long will it take to restore production? How much did we lose? No one really knows.

But here’s more confusion, from Reuters:

Several major U.S. refiners said early checks on Monday showed their facilities were unharmed by Hurricane Gustav, but at least two others were said to be considering dipping into the U.S. Strategic Petroleum Reserve to keep operations going after the storm shut down key waterways.
[ ... ]
Facing reduced feedstock supplies, Exxon Mobil Corp and Shell Oil Co. are expected to seek emergency crude from the U.S. Strategic Petroleum Reserve (SPR) on Tuesday, Louisiana’s Republican Gov. Bobby Jindal said. An Exxon spokeswoman said she could not confirm Jindal’s statement. A U.S. Energy Department official said no requests had yet been made to uncork some of the 700 million barrels of crude the U.S. has on hand for a supply interruption.
My comment -
is there oil in Strategic Petroleum Reserve ?!?! I believe they stopped filling it...

No comments: