re: U.S to Sell 26 Million More Barrels of Oil from Strategic Petroleum Reserve

this is only about 1.4 days supply in the U.S. and about 6 hrs supply globally. Will have no impact on refined fuel prices due to losing 2.0MM capacity in the U.S. during the last 3 yrs. That is 10% of refining capacity lost in the U.S. all the while demand has increased. Oil price is ~ 60% of the cost of production of refined fuels fwiw. As many of you know, this oil is also mostly light sweet crude and alot of it will be traded to other regions of the globe because we need heavier more sour crude in our refineries.