US plans to release 50 million barrels of crude oil from reserve
Tuesday, November 30, 2021
Last week the White House announced plans to release 50 million barrels of crude oil from the U.S. Strategic Petroleum Reserve to help bring down oil prices, according to Reuters. The reserve supply will start hitting the market in mid to late December.
The release will be made in concert with other releases from strategic reserves by China, India, South Korea, Japan and Britain, marking the first time the U.S. has coordinated releases with some of the world’s largest oil consumers according to Biden administration officials.
The release will take the form of a loan and sale.
Learn more: Reuters > U.S. to release 50 mln barrels of oil from emergency reserve – White House
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.