Guitars: John Lennon, Hugh McCracken, Earl Slickįrom the John Lennon & Yoko Ono album 'Milk and Honey' (recorded 1980) There's UFOs over New York and I ain't too surprised There's a little yellow idol to the north of KatmanduĮverybody's smoking - no one's getting highĮverybody's flying and never touch the sky Well, everybody's a winner and nothing left to lose Nobody told me there'd be days like theseĮverybody's running and no-one makes a move They're starving back in China so finish what you got There's always something cooking and nothing in the pot
There's Nazis in the bathroom just below the stairsĪlways something happening and nothing going on OUT NOW → Įverybody's talking and no-one says a wordĮverybody's making love and no-one really cares
Listen to JOHN LENNON like you've never heard him before. The Very Best of John Lennon.ģ6 tracks completely remixed from the original multitracks in Stereo, 5.1 and Dolby Atmos. That’s exactly the kind of emergency that an SPR is designed to cope with.JOHN LENNON. She gives a hypothetical example: Middle Eastern oil producers may suffer a drop in revenue as the world buys less of the fuel, which can spark unrest and instability in the region and cause a supply shock that ricochets worldwide. Still, while countries may begin to draw down their SPR stockpiles as the world shifts away from fossil fuels, Meidan argues that governments have strong incentives to keep a robust reserve mechanism to hedge against the myriad uncertainties of the global energy transition. Rather than using the crude reserves solely in cases of emergency, Washington has been drawing down its stocks and selling off oil to raise money for the national budget and possibly to finance part of the infrastructure deal.
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Meidan hypothesizes that there may be a simpler explanation: “It might just be that they’ve reached the critical threshold …and they’re saying, OK, now let’s test it.” That test involves a series of logistical questions: which refineries will sign up for the bidding, how will the pricing work, how will the crude be transported?Ĭhina may also be looking to what the US has done in recent years with its own SPR. And while Beijing has signaled that the auction is aimed at taming inflation, Meidan doesn’t buy this argument either, since domestic product prices are set by the government anyway, and the seven million crude barrels is a mere drop in China’s consumption bucket. “Typically, is an emergency supply system,” but there’s been no physical crude shortage in China. “It’s not really clear why they’re doing this SPR release now,” said Meidan. Why is China selling oil from its strategic reserve now?
However, Meidan estimates that China now has roughly 90 days worth of crude in reserve, matching the International Energy Agency’s standard for the size of emergency oil stocks. China is also secretive about its SPR, keeping information on the size of its reserves under wraps. The first policy debates about it only began in the mid-1990s, according to research by Meidan, and it wasn’t until 2004 that China’s state-owned oil giants agreed to contribute to the newly established SPR. The SPR was set up in 1975, following the oil embargo when Arab producers cut off exports to the US.Ĭhina’s SPR is much younger. With a storage capacity of 714 million barrels, the US holds the world’s largest SPR, making it “a significant deterrent to oil import cutoffs and a key tool in foreign policy,” according to the US Department of Energy. “What’s happening on Friday is a test, the first test, of China’s SPR mechanisms…China has never done an SPR release before.” What is a strategic petroleum reserve?Ī strategic petroleum reserve (SPR) is a stockpile of crude oil held by governments as well as private industry, designed to provide emergency fuel supplies and shore up national security in the event of an energy crisis.
This is the “coming of age of China’s ,” said Michal Meidan, director of the China energy program at the Oxford Institute of Energy Studies in London. Still, the mere fact that China is releasing supplies from its strategic inventories for the first time ever is noteworthy in itself. Though the Chinese government has indicated that it aims to use the sale to stabilize prices, the limited quantity up for bidding is unlikely to affect prices in any significant way. While unprecedented, it’ll be a small auction: just 7.38 million crude barrels, about half of what the world’s largest crude importer consumes per day. China is selling its first ever batch of crude oil from its strategic petroleum reserve tomorrow (Sep.