The government's offer of barrels from the Strategic Petroleum Reserve has mitigated some of the upward price pressure on crude oil. The problems with gasoline and natural gas may not be helped even if the SPR is tapped. If refineries are offline and can't run the extra oil, it will make no difference.

Jason Schenker

Barrels Crude Mitigated Offer Pressure Price Reserve Strategic Upward

Related Quotes

The release of crude out of the Strategic Petroleum Reserve is not as critical as making sure that there is enough refined product supply and that there are refineries to process the crude.

— Victor Shum

CriticalCrudeNot

I think it is easily conceivable that we could see crude futures hit $70 this week.

— Jason Schenker

ConceivableCrudeEasily

If the rise in imports and utilization manifest this week continues next week, it could apply some downward pressure. Of course, any decline in petroleum prices would be predicated on the notion that the Iranian geopolitical situation remains relatively quiet.

— Jason Schenker

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Crude stocks are expected to have fallen by 600,000 barrels over the week while distillate stocks are expected to be up by 1.7 million barrels.

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Our Strategic Petroleum Reserve is there for a natural disaster or some other catastrophe.

— Jason Chaffetz

CatastropheDisasterNatural