Energy: Phillips 66 is tapping the SPR. What’s the Impact?
Industry Focus
The Motley Fool
4.6 • 854 Ratings
🗓️ 7 September 2017
⏱️ 16 minutes
🧾️ Download transcript
Summary
Energy Secretary Rick Perry announced the Department of Energy is releasing 500,000 barrels of oil from the Strategic Petroleum Reserves. We discuss the impact and importance of the move.
Transcript
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| 0:00.0 | Welcome to Industry Focus, the show that dives into a different sector of the stock market every day. |
| 0:07.0 | It's Thursday, 7th of September and we're going to be discussing the Strategic Petroleum Reserve after a question from one of our wonderful |
| 0:13.4 | lists. Joining the studio is Motley full Canada premium analyst Taylor |
| 0:17.2 | Markman. Taylor thank you very much for joining me today. Absolutely. Are you |
| 0:20.8 | refreshed? Yeah. From the long my lack of labor over the weekend. |
| 0:25.0 | It was wonderful. |
| 0:27.0 | So as I said today we're going to be talking about the SPR, but really the reason that we're talking about that is |
| 0:34.9 | because of the sheer extent of the damage from Hurricane Harvey and we're going to be |
| 0:39.9 | kind of covering the SPR and its role during these emergency situations. |
| 0:44.3 | So Harvey, thankfully it's now passed, although we were just talking about this, and there's another |
| 0:48.6 | three hurricanes apparently out there getting ready. So Harvey dumped about 50 inches of rain on |
| 0:56.2 | parts of Texas and Louisiana. Sadly it took the lives of 42 people and left 40,000 homes damaged. |
| 1:03.9 | So some serious implications of this. |
| 1:07.2 | It's been truly terrible for Texas. |
| 1:09.5 | Just awful images in the media depicting terrible devastation and as so often happens in these times of crisis |
| 1:15.2 | some really wonderful stories of some really brave people. |
| 1:18.0 | Yes. |
| 1:19.0 | I saw a great one about a people forming like a human line to save a woman who was in labor |
| 1:25.0 | from the flood water which is just incredible. |
| 1:27.3 | That's a story to tell your kids in a few years. |
| 1:28.6 | It's true, yeah, babies won't wait, that's the thing. |
| 1:31.6 | Tech and residents and business owners are obviously left to survey the thing. Tech and residents and business owners |
... |
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