With war in the Middle East keeping the critical Strait of Hormuz fuel route closed, the international community is reaching into its oil reserves to fill the supply gap.
On Wednesday, the International Energy Agency (IEA) agreed to release 400 million barrels from its emergency reserves — its largest-ever release — in order to help ease a disruption of “unprecedented” scale, the IEA said.
That’s drawing scrutiny of Canada’s oil reserves — or, rather, its lack of them, as Canada is the only nation in the G7 that doesn’t maintain a strategic reserve.
While Natural Resources Minister Tim Hodgson said on Wednesday that Canada would “do its part” to help contribute to the global oil supply, Conservative Party Leader Pierre Poilievre criticized the Liberal government for not having any reserves.
Do you know what the shelf life of oil is? I’m just curious.
But unprocessed oil is not the same as gas. And I have had gas last much much longer then that even with out stabilizers.