No. of Recommendations: 2
The idea of an SPR was born of the embargos of the 70s. iirc, Ireland turned the former Gulf terminal at Bantry Bay into part of it's SPR.
But what if Iran has more hang time than anticipated, and the tanks run dry?
G7 energy ministers to meet Tuesday morning to discuss release of oil reserves, sources say
Energy ministers from the Group of Seven nations will hold a virtual meeting Tuesday morning to discuss a possible release of oil reserves to address the supply disruption triggered by the Iran war, sources told CNBC.
G7 finance ministers met Monday to discuss a release of reserves but did not make a decision. The G7 members are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
The U.S. believes a joint release of 300 million to 400 million barrels, representing 25% to 30% of the 1.2 billion barrels in the reserve, would be appropriate, a source told CNBC.cnbc.com - Iran war g7 energy minister oil reservesjust for fun:
One of the highlights of watching the Apollo mission coverage on TV, was this advert, from Gulf, about their then new Bantry Bay terminal. For the trivia obsessed, the song is a version of a Clancy Brothers track: "Gallant Forty-Twa"
1960's Classic Gulf Oil CommercialYouTube: 1960's Classic Gulf Oil Commercial (pbatommy)Steve
