Filed under: Uncategorized | Tags: China oil consumption, China oil imports, oil reserves, oil reserves purchases, SPR, strategic petroleum reserve, US oil consumption
China consumption rising, US consumption dropping. From the Wall Street Journal:
Analysts have been watching China’s import data climb higher over recent months. The wave of imports, added to domestic production, has exceeded the amount of crude the country’s refineries can process, analysts said.
Moreover, China has been increasing its oil purchases even though prices have soared, a rare occurrence for a country that usually steps out of the market when prices are high. The market’s conclusion: After a three-year hiatus, China is filling up its strategic petroleum reserves.
Filed under: Uncategorized | Tags: boehner, congress, energy, gas prices, Mitch McConnell, peak oil, reid, SPR, strategic petroleum reserve
And that leaves me in weird agreement with Mitch McConnell, one of the most objectionable individuals in the entire den of thieves on Capitol Hill:
“The [SPR] is there for an emergency situation. You have to ask the question: If there were release from the [SPR], would it have the desired effect, and how long would it have the desired effect?” McConnell said.