<Monday Open Thread The Oil Drum Well none of this is particularly good news!>

109 comments on Hubbert Theory says Peak is Slow Squeeze.

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Slippery Slope on December 5, 2005 - 8:58pm Permalink | Subthread | Comments top
Interesting analysis Stuart.

The filling of existing strategic petroleum reserves (SPRs), and the creation of new ones should also mitigate the decline by postponing some consumption.  The US Congress has authorized the US SPR to be enlarged by 300 million barrels.  I suppose that China and India will proceed with their own SPR stockpiling.  I wonder what the attitude of producers will be when the peak is past?  Will we see "custodianship" take precedence over "reliable supplies"?

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peakearl on December 6, 2005 - 2:45am Permalink | Subthread | Parent | Comments top
Fantastic work, as always. I think Stuart sets the standard for those who dispute him to meet. They need to show better models or specific holes in his logic to have any credibility.

Regarding the SPRs, I don't think there's any chance of them being filled. If energy supply is contracting while worldwide demand is increasing, prices will shoot up, and it would be political suicide to further reduce supply to put it into a reserve for what? - for an emergency? I think 5+$ gasoline will be considered emergency enough as is challenges our economy. There will be pressure to release the reserve (as we have been doing already), not fill it. Last week's numbers showed further decline in SPR despite the congressional authorization for an increase, and the 16-17 million barrels removed since Katrina were drawn down during a time of much less stress than what's coming.
 

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Slippery Slope on December 6, 2005 - 10:53am Permalink | Subthread | Parent | Comments top
Where are the US SPR inventories reported?  I would like to monitor them also.  
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Typhoon on December 6, 2005 - 12:34pm Permalink | Subthread | Parent | Comments top
The U.S. SPR inventories are reported in the Weekly Petroleum Status Report issued by the EIA.  The latest balance sheet, which automatically updates each Wednesday morning, can be found here: U.S. Petroleum Balance Sheet.  The amount stored in the SPR dropped for quite awhile, but 700,000 barrels were added in the week ending 11/25.  
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peakearl on December 6, 2005 - 1:04pm Permalink | Subthread | Parent | Comments top
Thanks for replying and correcting. It was the previous week it had dropped 0.3.
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109 comments on Hubbert Theory says Peak is Slow Squeeze.

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