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Many oil refiners along the Gulf of Mexico prepared to reopen their plants after shutting ahead of Ike's approach, reducing the nation's refining capacity by almost a fifth.

Valero Energy Corp., the largest U.S. refiner, said it found ``no significant structural damage'' at three Houston-area refineries it had closed.

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The Department of Energy said it would release 939,000 barrels of crude oil from its strategic reserves to help offset the closures.

Gasoline futures dropped more than 5 percent on the New York Mercantile Exchange.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aGf3chRuNbuU&refer=worldwide

I am against using our strategic oil reserves. They should NOT be touched for something like this. Someday, they may just cut us off from ALL oil supplies. And don't think for a minute that can't happen. They need to leave that oil right where it is and untouched.

I think it is about time the government stops hoarding the oil to keep th eprice high for the oil companies to make the profit over there. This is a problem that has been going on for too long and it is about time Bush and congress got together and worked to do this. Now the price of gas can come down a little for us when we need it most indeed.

I say don't use it, too.  It's nothing more than a shot of saline solution when antibiotics and/or full open surgery to take out the sick parts of the body are needed.

So, how long will it take us to use this release from the SPR?  

Now, this is going to be assuming that our oil use has stayed the same since 2005 (which I'm sure it's increased)...

https://www.cia.gov/library/publications/the-world-factbook/print/us.html

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Oil - consumption: 20.8 million bbl/day (2005 est.)  

939,000 barrel release is a little more than 4 1/2% of what we would be using on any one day...3 years ago.


This number also comes to about 4 1/2% of one day if you check this source...
http://www.eia.doe.gov/steo#US_Petroleum_Markets

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Consumption.  Total U.S. petroleum and other liquids consumption is projected to decline by 610,000 bbl/d, or about 3 percent, in 2008 based on prospects for a weaker economy and high crude oil and product prices continuing into 2009 (U.S. Petroleum Products Consumption Growth).  

If 610,000 bbl/d is about 3%, 939,000 still comes to about 4 1/2%.

It will have a negligable effect on prices.