60 million barrels of oil to help with shortages - GreenHybrid

Jason · #1 (**permalink**) 09-02-2005, 01:12 PM

Quote:

Speaking from Washington, Bodman announced that the International Energy Agency (IEA) will release crude oil, gasoline and other refined products over the next month at the rate of 2 million barrels a day...

"I believe it is an appropriate response to the disruption that is occurring as a result of the hurricane."

...The last time the IEA tapped emergency reserve was in January 1991 when U.S. military forces attacked Iraqi forces in Kuwait.

http://money.cnn.com/2005/09/02/news...cnn_topstories

lars-ss · #2 (**permalink**) 09-02-2005, 01:15 PM

That's good, and was expected, but :

Where is it going to be refined? Much of our refining capacity is down because of the storm damage.......???

tbaleno · #3 (**permalink**) 09-02-2005, 02:26 PM

Some of it is already refined. Its not all crude oil.

Schwa · #4 (**permalink**) 09-02-2005, 02:34 PM

Keeping the working refineries at capacity seems to be the logical answer. With other refineries offline that means all the other ones will have to produce as much as they can for the areas with offline refineries. If there's no enough oil to refine, then that's gonna be a problem.