Posts tagged “oil supplies”
High Gas Prices During Election Season
Last week, reports from both Platts Energy News and Reuters said that officials in the Obama Administration are considering releasing oil from the U.S. Strategic Petroleum Reserve. The Platts report even said that a release was “imminent,” citing a meeting on Thursday at the White House with oil analysts. Other reports stated that the release could be up to 180 million barrels – six times as large as last summer’s.
Such a release would be contrary to the rationale of having Strategic Petroleum Reserves, and — coming only 60 days before an election — it would be a nakedly political ploy seemingly aimed only at alleviating a persistent political vulnerability: high gas prices.
In this week’s episode of R-Squared Energy TV, I discuss the recently released paper by former Eni executive Leonardo Maugeri — in which he suggests global oil supplies will increase by 17 million barrels per day by the end of the decade — as well as George Monbiot’s highly publicized reaction to the report.