Every major spike in oil prices brings with it a major spike in bullshit discussions of the Strategic Petroleum Reserve. Right on queue, here’s President Obama:
Trouble is: there’s about 600 million barrels of oil in the SPR and we use about 20 million a day. So, that gives us about a month’s supply, after which time, we won’t have any more reserves. Filling it back up again will require us to – oh yeah! – buy more. So even if the cost of oil goes down slightly as a result of us relying on the SPR, it goes right back up again when we need to fill it up.. unless of course you’d like to go without?