Skip to comments.Europe may need to send oil stockpiles to US after Katrina damage - IEA's Mandil
Posted on 08/30/2005 8:58:55 PM PDT by jmc1969
Europe will need to send some of its strategic emergency stockpiles of crude to the US if refinery damage caused by Hurricane Katrina proves severe, said International Energy Agency executive director Claude Mandil.
For now, however, the US, Europe and Japan have enough emergency stockpiles to wait a week to assess the damage before having to decide whether to release oil to damp prices, Mandil told the Financial Times.
The IEA, which co-ordinates the emergency inventories of the world's biggest oil consuming countries, also said in a statement issued yesterday that, although persistent high oil prices are a growing concern, the underlying supply and demand for oil are 'roughly in physical balance and should improve'.
Non-OPEC supply growth will accelerate in the second half of 2005 and will reach almost 2 mln barrels per day in the first half of 2006 - enough to cover projected world growth in oil demand.
(Excerpt) Read more at forbes.com ...
Unless the stocks are of a refined nature (unleaded gas, diesel or jet fuel) there is no need to send crude oil that can't be refined. How stupid are these people?
CITGO, no oil for you!
Good thing Al gore had the fore-sight to sell our Elk Hills strategic oil reserves to Occidental at bargain basement prices!!
That has a Beatles melody.
In the mean time huge reserves of US oil in Alaska, the Florida Gulf and off California go untapped because of fears of scaring the wildlife, clean nuclear energy is decades away because of few environmental wackos and we pour billions into ethanol boondoggles that amount to little more than a massive farm subsidy. We deserve $3+/gallon gas.
Rotterdam is a major refining center.
Not trying to be cynical, but let's say you are a foreign country with some strategic oil reserves. You will most likely know you are selling at peak price now and can buy later at lower price when things settle down. And ripping off the US is no worry . . .
Yeah, I'm holding my breath. I fully expect no help from any other country, instead I expect jeers and taunts.
Why would they need Crude Oil from us? Venezuela has it's own crude oil.
I guess CITGO want to give it to Jackson's poor.
If our refineries are down, and therefore we can't accept oil, shouldn't that depress the demand for oil and drive oil prices down?
And wouldn't putting MORE oil on the market just make that worse?
If we need anything, it is refined gasoline.
We as a nation neeed to become energy self-sufficient ASAP.
Gassify coal. At some point it is cheaper than oil. Energy independence would make us a whole lot safer and stronger.
Utter nonsense. The US needs to pour resources into building new and more and better refineries. We've got plenty of oil, it's the capacity to turn it into Gas that's got us stymied.