Surviving an oil crisis
We are and remain increasingly dependent on fuel and gas. We require a substantial amount to fuel our cars, to heat our homes, to run businesses, harvest crops and transport imports and exports in and out of the country. Today the U.S. imports crude and petroleum oil from over 90 countries to keep up with demand, yet we have seen demand outweigh supply many times, causing multiple energy crisis in the US.
When will the next crisis come? Currently the focus is on the Strait of Hormuz. If the Strait of Hormuz shuts down, an estimated 20% of world crude oil supply will be cut off. This includes 15% of total U.S. imports, which can result in the country plunging into another energy crisis and recession.
So what can we do to prevent and survive another crisis?
What the White House wants: Domestic Oil Exploration
According to defenddemocracy.org; “Politicians and pundits alike have called for increases in domestic oil exploration, and conservative talk radio is filled with pronouncements that this is the road to American energy independence.
“The debate about drilling for oil in the Arctic National Wildlife Refuge (ANWR) is emblematic of the broader debate about domestic exploration. About 10.4 billion barrels are technically recoverable there, while the U.S. consumes about 7.5 billion barrels of oil each year. Not all the oil will be immediately available, even after drilling begins and for this reason, the Energy Information Administration estimates that ANWR exploration will likely only cut crude oil prices by 75 cents per barrel by 2025.”
The benefits of domestic oil exploration:
- Stabilization of prices
- Less reliance on foreign oil, which can reduce the trade deficit
- Provides an opportunity to develop energy
- Can prevent any overseas supply disruption
Although there are some fantastic benefits to take advantage of, there are a few snares that need to be considered carefully. There is a limited supply of crude oil available in the ANWR, which can see the US return to Saudi Arabia, Iran, Iraq, Kuwait, and UAE for their reserves. Also if domestic oil exploration is successful the Organization of the Petroleum Exporting Countries (OPEC) will be able to control crude oil prices, which can see the potential savings per barrel cease to exist.
What we can do at home: Fuel and Gas Storage
By storing a supply of fuel and gas in a tank and in gas cans you can prevent panic in the home and on the road. Fuel and gas tanks can be easily found and provide households with the comfort in knowing that a fuel supply is in close proximity. If the Strait of Hormuz does shut down and it causes the country to fall into another recession and energy crisis, having a back-up supply will become invaluable.
The same can be said of having a few gas cans filled with gasoline or diesel. Prevention is the best way to protect yourself and the family from a potential fuel crisis. Please do be careful when storing fuel at home.
Surviving an oil crisis has been written by RPM Fuels and Tanks who supplies and variety of steel, plastic and bunded tanks, among many other fuel and gas supplies.