Baytex Energy Corp T.BTE

U.S. Strategic Petroleum Reserve: U.S. Code

[Leewardcape]

Here is some code from The Act that governs the SPR and my high lighted areas. Hope this is useful....


(2)For purposes of this section, in addition to the circumstances set forth in section 6202(8) of this title, a severe energy supply interruption shall be deemed to exist if the President determines that—

(A)

an emergency situation exists and there is a significant reduction in supply which is of significant scope and duration;

(B)

a severe increase in the price of petroleum products has resulted from such emergency situation; and

(C)

such price increase is likely to cause a major adverse impact on the national economy.

(2)Petroleum products from the Reserve may not be drawn down under this subsection—

(A)

in excess of an aggregate of 30,000,000 barrels with respect to each such sh

ortage;

(B)

for more than 60 days with respect to each such shorta

ge;

(C)

if there are fewer than 252,400,000 barrels of petroleum product stored in the Reserve; or

(D)

below the level of an aggregate of 252,400,000 barrels of petroleum product stored in the Reserve.

(4)

In no case may the drawdown under this subsection be extended beyond 60 days with respect to any domestic energy supply shortage.

So this is from Section 6241 Drawdown and Sale of Petroleum Products from the Energy Policy and Conservation Act...so you can see that in no case may the drawdown be extended beyond 60 days...so as we move through until October of this year, drawdowns have to be replaced every 60 days, as in Build/Draw: 30+30/0, then 60+30/30= 60, so to until October, when its 0/60, and the initial 60 million barrels are replaced.

I don't know, but it all seems like a shell game to me........