We should be storing our low-priced oil for another day

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.

C’mon, man.

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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

230 new COVID-19 cases reported over the weekend

City of Red Deer has nine active cases

City grapples with choosing public art

‘Art is in the eye of the beholder’

Wage subsidy will be extended until December amid post-COVID reopening: Trudeau

Trudeau said the extension will ‘give greater certainty and support to businesses’

As postponed NHL season resumes, some fans say the lure of parties will be strong

EDMONTON — As hockey fans gear up for a truncated season to… Continue reading

QUIZ: Are you ready for a summer road trip?

How much do you really know about roads, motor vehicles and car culture? Take this quiz to find out.

David Marsden: The remaking of Westerner Park

Red Deer residents have been tested by the COVID-19 pandemic in innumerable… Continue reading

In reversal, UK says it will make masks mandatory in shops

LONDON — The British government decided Monday to require people to wear… Continue reading

New Zealand opposition leader quits 2 months from election

WELLINGTON, New Zealand — The leader of New Zealand’s opposition National Party… Continue reading

Federal judge voids Georgia ‘heartbeat’ abortion restriction

ATLANTA — A federal judge on Monday permanently blocked Georgia’s 2019 “heartbeat”… Continue reading

Mayor: US Marshals investigate shooting at Portland protest

PORTLAND, Ore. — The U.S. Marshals Service is investigating after a protester… Continue reading

Statistics Canada analysis suggests small hit to inflation from pandemic

OTTAWA — Statistics Canada says Canadians’ buying patterns changed so much during… Continue reading

Return of North American economy will negate need for tariffs, PM tells Trump

WASHINGTON — Prime Minister Justin Trudeau urged Donald Trump to think twice… Continue reading

Pieridae Energy says engineering company seeking exit from Goldboro LNG deal

CALGARY — The engineering company hired to build the proposed Goldboro LNG… Continue reading

Most Read