U.S. to suspend oil reserve shipments
 

SAN FRANCISCO (MarketWatch) -- The Energy Department canceled oil shipments into the Strategic Petroleum Reserve beginning in July when the current purchase contract expires, the Associated Press reported Friday. The Energy Department will not sign contracts for new shipments of 76,000 barrels of oil a day for the six-month period beginning July 1, the news agency said. The reserve is 97% full, holding 701 million barrels of crude.

http://www.marketwatch.com/news/stor...111E5%7D&dist=
http://money.cnn.com/2008/05/16/markets/oil/index.htm

Good....

76,000 barrels equates to less than 1/10th of 1 percent of the world's average daily oil usage of ~84,000,000 barrels - it's literally a drop in the whole scope of things... it won't make any meaningful difference other than to politicians.

Ron

elections are approaching....

Its not going to make a damn difference that they are stopping this. 150 here we come!

I read in the times last year that the main reason china would not start a war with the US is strategic oil reserve. china has enough reserve for 3-4 days while the US has 30 days supply, hence no war.

I'm glad that you are so happy that our strategic oil reserve is going to drop. how's your Chinese?