The U.S. strategic oil reserve in 62 salt caverns at four locations in Texas and Louisiana currently sits at 635 million barrels, out of a total capacity of 797 million barrels.
In addition, stocks held at U.S. refineries and tank farms was 324 million barrels on April 10, taking up 57 per cent of total U.S. working storage capacity of 653 million barrels, according to the U.S. Energy Information Administration.
The size of Canada’s strategic oil reserve?
Zero, nada, nil, zilch.
Canada — the second-largest country on Earth, a cold climate, an oil importer yet, and one of the few developed countries to have no strategic oil reserve.
Isn’t this the perfect time to create strategic and commercial oil reserves and put some Canadians back to profitable work filling them with undervalued, even negative-valued, oil?
Mike Priaro, Calgary