Sunday, November 13, 2005

The bottom of the barrel

Since the hurricanes shredded our Gulf of Mexico
oil and gas capacity, Europe has been sending us
2 million barrels of crude oil and "refined
product" a day from its collective strategic
petroleum reserve. The "refined product" includes
800,000 barrels of gasoline, plus diesel,
aviation, and heating fuel. Meanwhile, US
domestic production has fallen to around 4
million barrels of conventional crude a day.
America uses close to 22 million barrels of oil a
day. Bottom line: post-hurricane, total imports
have accounted for 80 percent of America's oil

Now, the important part of all this is that last
week the International Energy Agency (IEA),
Europe's energy security watchdog, declared that
it would now end the 2 million barrel a day
shipments to the US.

My goodness...and all my other parts.

Amerika will look odd without the usual quantity
of oil flowing.

Full article.