US and Allies to Release 60 Million Barrels of Oil

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Shel_B

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US and allies agree to release 60 million barrels of oil from their reserves as Russian invasion of Ukraine causes price spike.


I'm just wondering, how long would 60 million barrels last based on current usage?
 

Shel_B

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My understanding is they are releasing from US reserve for US consumption
From the article I read that prompted my question:

Half of that total -- 30 million barrels -- will come from the US Strategic Petroleum Reserve, and the other half will come from allies in Europe and Asia. Those other allies include Germany, the United Kingdom, Italy, the Netherlands and other major European countries, as well as Japan and South Korea.
 
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From the article I read that prompted my question:

Half of that total -- 30 million barrels -- will come from the US Strategic Petroleum Reserve, and the other half will come from allies in Europe and Asia. Those other allies include Germany, the United Kingdom, Italy, the Netherlands and other major European countries, as well as Japan and South Korea.

For domestic use though. Not like they are shipping it to Ukraine
 
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Higher energy prices FEED Putin and his buddies. They are heavily into oil EXPORTS and make more money the higher the price goes.
My very limited understanding is that if we lock Russia out the international money transfer system, that effectively takes them out of the export business?
So no money coming in, then the rich guys in Russia think that they were doing just fine before, without Ukraine, and Putin has an "accident" or changes his mind on the whole thing...
Our energy prices would increase dramatically in the short term, but our production and exports will increase eventually as well, as there's no shortage of oil or gas on the N.A. continent in the ground at least.
 
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