4 ms·

The strategic oil reserve has never been necessary given we are a massive oil producer.

frank2 7y ago
From some time in the 1950s or early 1960s to a few years ago, the US consumed more oil than it produced. I am going to guess that for more than half of that time, it produced less than half of the oil it consumed. Then US companies figured out how to profit from extracting from shale oil deposits (by fracking).
- valuearb 7y ago
  The strategic oil reserve doesn’t protect us from being a net oil importer. It’s always going to be a tiny fraction of 1% of our existing supplies, and a small percentage of our annual consumption. It literally does nothing but subsidize US oil producers and mildly reduce price spikes for limited periods.
- SilasX 7y ago
  Just through the 60s? I'm pretty sure the US consumed more oil than it produced all the way into late 2018 when it became a net exporter: https://www.wsj.com/articles/u-s-becomes-net-exporter-of-oil-fuels-for-first-time-in-decades-1544128404 https://www.wsj.com/articles/u-s-becomes-net-exporter-of-oil... Edit: Nevermind, misread the sentence. Keeping this for the link.
  - frank2 7y ago
    Right, now look at where "from" and "to" are in my sentence. During and for years after WWII, the US was a major net exporter of oil, which is why I felt the need to specify the approximate start (some time in the 1950s or early 1960s) of the US's dependence on imported oil.
    - SilasX 7y ago
      Oops, sorry.
      - frank2 7y ago
        No need to apologize. If you didnt catch my meaning then probably many other readers didnt either.
kube-system 7y ago
It has been used multiple times: https://www.energy.gov/fe/services/petroleum-reserves/strategic-petroleum-reserve/releasing-oil-spr?mod=article_inline https://www.energy.gov/fe/services/petroleum-reserves/strate... US production rates of oil have varied dramatically over the years.
chatmasta 7y ago
We make a lot of N95 masks too, and yet, here we are...
remote_phone 7y ago
Never? We only recently became a huge producer because of shale. Otherwise we were a net importer
- valuearb 7y ago
  How does a strategic reserve protect us from being an importer? Answer: it doesn’t.

From some time in the 1950s or early 1960s to a few years ago, the US consumed more oil than it produced. I am going to guess that for more than half of that time, it produced less than half of the oil it consumed. Then US companies figured out how to profit from extracting from shale oil deposits (by fracking).

valuearb 7y ago
The strategic oil reserve doesn’t protect us from being a net oil importer. It’s always going to be a tiny fraction of 1% of our existing supplies, and a small percentage of our annual consumption. It literally does nothing but subsidize US oil producers and mildly reduce price spikes for limited periods.
SilasX 7y ago
Just through the 60s? I'm pretty sure the US consumed more oil than it produced all the way into late 2018 when it became a net exporter: https://www.wsj.com/articles/u-s-becomes-net-exporter-of-oil-fuels-for-first-time-in-decades-1544128404 https://www.wsj.com/articles/u-s-becomes-net-exporter-of-oil... Edit: Nevermind, misread the sentence. Keeping this for the link.
- frank2 7y ago
  Right, now look at where "from" and "to" are in my sentence. During and for years after WWII, the US was a major net exporter of oil, which is why I felt the need to specify the approximate start (some time in the 1950s or early 1960s) of the US's dependence on imported oil.
  - SilasX 7y ago
    Oops, sorry.
    - frank2 7y ago
      No need to apologize. If you didnt catch my meaning then probably many other readers didnt either.

kube-system 7y ago

It has been used multiple times: https://www.energy.gov/fe/services/petroleum-reserves/strategic-petroleum-reserve/releasing-oil-spr?mod=article_inline https://www.energy.gov/fe/services/petroleum-reserves/strate... US production rates of oil have varied dramatically over the years.

chatmasta 7y ago

We make a lot of N95 masks too, and yet, here we are...

remote_phone 7y ago

Never? We only recently became a huge producer because of shale. Otherwise we were a net importer

valuearb 7y ago
How does a strategic reserve protect us from being an importer? Answer: it doesn’t.