Fresh Loaf

Jim Galloway posts that yesterday’s release of 900,000 barrels of oil from the Strategic Petroleum Reserve wasn’t thanks to Gov. Sonny Perdue’s efforts. It was just well-timed and concurrent with a request from refiners.

The AJC muckracker passes ob a statement from a U.S. Department of Energy spokesman:

“DOE approved an additional release of up to 900,000 barrels of crude oil from the SPR to two refiners who submitted requests. This was a concurrent request made by the individual refiners that echoed what the Governor was asking for. The 900,000 barrel SPR release was not in direct response to the Governor’s request.

“We appreciate the Governor’s concern about fuel supplies in the United States. As he noted, emergency oil exchanges from the Strategic Petroleum Reserve are an important tool to mitigate supply constraints. Following Hurricanes Gustav and Ike, DOE released over four million barrels of SPR oil for this purpose, and stands ready to quickly assist in response to additional refinery requests.

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Turns out Gov. Sonny Perdue’s got some pull up in Washington, D.C.

Per the governor’s request, the U.S. Department of Energy says it’ll open the Strategic Petroleum Reserve in the Gulf of Mexico to help ease Georgia’s gas shortage.

“Today the Department approved an additional release of up to 900,000 barrels of crude oil from the SPR for two refiners that have not been able to obtain adequate supplies due to the ongoing disruptions,” Secretary Samuel Bodman wrote to Perdue. “With this additional release, the total amount provided from the SPR to refineries will be approximately 5.7 million barrels since September 3, 2008.”

The state Department of Revenue has also granted waivers to out-of-state haulers without a Georgia motor-fuel licenses to deliver gasoline into the state. Diesel goes first to first responders, school systems experiencing low supplies, and agriculture centers.

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Gov. Sonny Perdue has asked Pres. Bush to release crude oil from the Strategic Petroleum Reserve. (Click here to view the letter to the president.)

“As President Bush and Congress work on a plan to rescue our financial markets, I urge them to also focus on our fuel shortage in the Southeast,” Perdue said in a release. “As refinery capacity is returning to pre-hurricane levels, I believe a surge in crude from the Reserve would bridge the gap until full production resumes and lessen the impact of shortages on the daily lives of our citizens.”

According to the U.S. Department of Energy, 57.4 percent of crude oil production in the Gulf of Mexico is out, a slight improvement from Friday. Three refineries re-opened over the weekend; two refineries remain completely shut down. Oil is on the way, they say.

Keep us posted, governor. In the meantime, Georgians will continue to keep each other informed via Twitter.

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Earliest date new U.S. offshore drilling might produce oil for market: 2030

Earliest date oil from the Alaskan National Wildlife Refuge might produce oil for market: 2018

Estimated amount offshore and ANWR drilling will lower the price of gasoline per gallon in 2025: 3.5 cents

Barrels of oil Americans use daily: 21 million

Barrels of oil Tifton agricultural scientist J.C. Bell says he can produce annually using bio-mass (non-food plant materials): 5 billion

Percent of current U.S. oil consumption 5 billion barrels equals: 65

Annual budget of Bell’s research facility: $60 million

Exxon-Mobil’s average daily profit during the first-quarter of 2008: $119.3 million

Sources: U.S. Department of Energy, Bell BioEnergy Labs, Tifton Gazette, CNNMoney.com

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From The Independent:

Saudi Arabia will raise oil production to record levels within weeks in an attempt to avert an escalation of social and political unrest around the world . . . the Saudis will be pumping an extra half-a-million barrels of oil a day compared to last month, bringing total Saudi production to 9.7 million barrels a day,”

Let’s see:

500,000 barrels per day
x $140 per barrel
x 365 days
= The Saudi royal family has just promised to boost its oil revenue at an annual rate of approximately $25.6 billion.

But they’re doing it to avert social and political unrest, not for the money.

Forgive me, Saudi royal family, if I neglect to mail you a thank you note.

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Two nights ago, I spoke with a friend in France who said that while she feels sorry for us Americans and our shock about high gas prices, the collective opinion of Europeans is “welcome to the club.” We’re finally paying the true cost of energy as they always have and — shock! — it’s a lot.

And in metro Atlanta, where decades of inaction on public transit has been almost a badge of honor for shortsighted legislators, people are realizing how woefully underfunded one of the best alternatives is now that they need it the most.

(more…)

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