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The Great Simplification with Nate Hagens
Arthur Berman: "BRICS+, Strategic Petroleum Reserve & Metaphysics”
Oct 11, 2023
Oil expert Arthur Berman joins Nate Hagens to discuss the state of global oil, including BRICS+ and shale oil. They delve into the Strategic Petroleum Reserve and its misuses, as well as the current dynamics affecting oil prices and future availability. They also touch on geopolitical relationships, oil profits, and the importance of adopting abundance mindset. Lastly, they explore the history and significance of the Strategic Petroleum Reserve, and the importance of valuing oil for future generations.
01:32:00
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Quick takeaways
- The Strategic Petroleum Reserve (SPR) serves as an important reserve of oil in case of supply disruptions, but its drawdown should be viewed in context of the larger volume of crude oil exports by the United States.
- Despite a decline in productivity, oil extraction remains profitable, especially with high oil prices, highlighting the need to understand the economic realities of the industry.
Deep dives
The Origin and Purpose of the Strategic Petroleum Reserve
The Strategic Petroleum Reserve (SPR) was established in 1975 in response to the Arab oil embargo. It was created to ensure a domestic supply of oil in case of supply disruptions. The SPR consists of underground salt caverns primarily located in Texas and Louisiana and currently holds around 360 million barrels of oil. It serves as an insurance policy for the United States against potential oil shortages.
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