Recent

% | $
Quotes you view appear here for quick access.

Magnum Hunter Resources Corp. Message Board

  • woodone4384 woodone4384 Aug 8, 2004 3:30 PM Flag

    QUESTION....

    what happens if BUSH foregoes further replenisnment of the oil reserves for the next 60 days... ie the old political game...immediate price drop in crude oil and gas and best of all a political savy adjustment by BUSH..The pps drops big time IMHO...thoughts???
    woodone

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • During August, 3.417 million barrels are scheduled to be delivered to the SPR:

      http://www2.spr.doe.gov/DIR/SilverStream/Pages/pgDailyInventoryReportViewDOE_new
      .html


      That amounts to 110 thousand bbl per day, or about 0.13 % of global crude demand. To my eyes, this is insignificant when an Iraq pipeline outage typically blocks 5 times as much.

      Of some interest from the linked inventory, is that the majority of the SPR consists of sour (and presumably heavy) grades of crude. So while refineries are turning down what's left of Saudi marginal capacity, the traders may well be routing the less-usable sulfurous muck to TX and LA salt-domes.

      By the way, I looked at the financials and prospects and chart of MHR, and jumped aboard on Friday. Those of you who know me from other boards can either cringe or celebrate.

    • Thoughts-Bush should have stopped the addition of oil to the reserve long ago and/or started taking oil from the reserve.To do so now would be taken as a political ploy and would hurt him more politically than help him. He`s taken his stand and now he`s stuck with it. The question is --is he dumb or has he just been getting bad advice? JMHO.t

      • 1 Reply to tsandy_us
      • Terrorists worldwide wold like nothing more then to see America out-of-fuel. Without a comprehensive energy program that both promotes alternate fuels and exploits our domestic supplies of oil & NG (as proposed during both the Clinton & Bush administrations and defeated by democratic block-voting), the SPR is our only buffer. I am certain that is the energy bill was passed in 2002, we would not be looking at $44/bl oil and $6 NG. In my opinion, Bush is practicing the Republican norm of saving and investing for tomorrow, rather then the Democratic norm of instant gratification.