IEA says no need to send emergency gasoline to U.S.

[freedomnorth]

Source: Reuters

By Tom Doggett

WASHINGTON (Reuters) - Even though U.S. gasoline inventories are the lowest since 1967 because of disruptions caused by the recent hurricanes, the head of the International Energy Agency said on Thursday there still was no need for IEA members to release emergency fuel supplies to the U.S. market.

"We don't have to mobilize," IEA Executive Director Nobuo Tanaka told Reuters in an interview. "The market is now taking care of the current situation," he said.

Tanaka said the U.S. Energy Department had not asked the IEA to release fuel supplies in response to the four-decade low in U.S. inventories. Energy Secretary Sam Bodman confirmed as much on Thursday, saying the U.S. supply crunch will ease over time.

(snip)

"If the disruption continues in a very serious level, we definitely will use our (petroleum reserves) ... activate them, if necessary," he said.


Read more: http://www.reuters.com/article/domesticNews/idUSTRE48O5YW20080925

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Time to open reserves. Peak Oil is coming fast...

[liberal N proud]

1. 1967?

Really, Lowest levels since 1967?

[Subdivisions]

3. Yes. Our national pipeline system is below minimum operational levels. n/t

[Subdivisions]

2. Peak Oil is coming fast...

We've been on an oil-production plateau for nearly 5 years. Peak oil is and has been here for awhile now. What's coming fast is the downturn in production, from which the world will never recover.

[FirstLight]

4. Has anyone ever thought that maybe they are empty and there are NO reserves?

I bet Bushies already sold them off to play the market...

This is just a litle weird, dontcha think? I mean, low levels is one thing, rising osts, speculation in the crude market, etc...

The market is melting down, we need emergency bailout, and yet, our oil reserves are "fine, fine, just fine..."

I smell a rat. I think either there is nothing in reserves, or they are waiting for us to hit depression status and then the oil will be rationed ...to their cronies only.

anyone else not trust this?