General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe World Is Losing 100,000,000/barrels of oil per week
Saudi Aramco CEO Amin Nasser warned Monday that the world is losing approximately 100 million barrels of oil per week. Tanker traffic through the Strait of Hormuz has collapsed due to the Iran war, from 70 vessels per day to 2-5. The International Energy Agency announced its largest coordinated strategic reserve release in history 400 million barrels from 32 member states. The U.S. authorized the release of 172 million barrels from the Strategic Petroleum Reserve. Reuters-polled analysts now expect oil demand to outpace supply by 750,000 barrels per day this year. Just months ago, they forecast a surplus of 1.63 million barrels per day. IEA Executive Director Fatih Birol said strategic reserve releases "will only help to reduce the pain" rather than solve the supply crisis.
The release of strategic crude oil is only a Band-Aid
How much longer can they manipulate the price of crude?
OAITW r.2.0
(32,520 posts)gab13by13
(32,709 posts)if Hormuz isn't reopened in 7 weeks.
NickB79
(20,398 posts)Better put in some extra veggies, and stock up on canning supplies.
Disaffected
(6,539 posts)Climate benefits - both immediate and future even if strait opens due to delay in restoration of production and, (hopefully) altered consumption patterns such as faster moves to renewables.
I'm hoping the price of fossil fuels remains permanently elevated. Maybe it will persuade folks to ditch their gas guzzling pickups and SUVs and turn down their thermostats a bit.
AZJonnie
(3,985 posts)At some point all of us liberals are going to need to speak with a united voice on this, not just pick and choose 'who is responsible' as the determining factor WRT whether we support petroleum remaining in the ground instead of its carbon being released to the atmosphere. Otherwise, a great many observers are likely to notice that we're failing to keep our proverbial story straight. And of course, our side is always held accountable for inconsistencies, unlike the other side who are blessed with the largess of the IOKIYAR Doctrine and "That's just Trump being Trump, OH WELL HERPTY DERR!!!" at every f****** turn
IMHO, this is actually the one good side to this war. Just as it was the one good side to COVID.