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Started By
Message
U.S to Sell 26 Million More Barrels of Oil from Strategic Petroleum Reserve
Posted on 2/15/23 at 6:58 am
Posted on 2/15/23 at 6:58 am
quote:
U.S to Sell 26 Million Barrels of Oil from Strategic Petroleum Reserve, Will Hit Lowest Level in 40 Years
LINK
The Biden administration is planning to sell off millions of barrels of oil from America’s Strategic Petroleum Reserve (SPR).
26 million barrels will be sold this fiscal year, a move that will cause the SPR to drop to its lowest level in 40 years.
The sell-off comes after a sale of 180 million barrels last year.
The sale from SPR is set to be delivered to the market between April 1 and June 30.
20
Posted on 2/15/23 at 7:01 am to frequent flyer
Meanwhile, the Arabs are predicting major oil shortages in 2024.
Good ole biden, frickin' us some more
Good ole biden, frickin' us some more
Posted on 2/15/23 at 7:01 am to frequent flyer
They are doing this to control fuel prices.
They should be leaving it alone in case we need it for war. Too much crazy shite happening right now. Need to be prepared.
They should be leaving it alone in case we need it for war. Too much crazy shite happening right now. Need to be prepared.
Posted on 2/15/23 at 7:02 am to frequent flyer
Strategic manipulation of the oil market to drive prices down during the summer, then buy and refill during off-seasons when prices are lower. Its a smart move for .gov.
Posted on 2/15/23 at 7:04 am to goofball
quote:
They are doing this to control fuel prices.
That’s what they want you to believe…
Posted on 2/15/23 at 7:05 am to Locoguan0
Dumbest president administration ever. Completely fricking over this country. But hey another 10% to the Big Guy.
Posted on 2/15/23 at 7:05 am to goofball
Guess we need some more of his “breathing room”.
Posted on 2/15/23 at 7:06 am to Locoguan0
quote:
buy and refill during off-seasons
Have they done this at all?
Posted on 2/15/23 at 7:08 am to bad93ex
quote:
quote: buy and refill during off-seasons Have they done this at all?
Not in 2 years, but don’t worry, they will totally start next winter. They promise.
Posted on 2/15/23 at 7:08 am to bad93ex
Didn't they (the royal they) announce several months ago that they were going to refill it?
Posted on 2/15/23 at 7:09 am to frequent flyer
Really wish banning wasn’t a thing on this site. Because I can only think of bannable things to say about Biden and his piece of shite administration/entire party.
Posted on 2/15/23 at 7:10 am to frequent flyer
I think this administration is dumb don’t get me wrong here.. but majority of this crude that we are selling is absolute shite sour crude (at least last years sells, not sure about this). The crude was so sour that no domestic refinery would touch it because it is so hard on the units it wasn’t worth the discounted cost. My hope is that they are making room for better quality crude in our reserves..
Posted on 2/15/23 at 7:13 am to PureBlood
quote:
Good ole biden, frickin' us some more
It's kind of his thing.
Posted on 2/15/23 at 7:14 am to frequent flyer
Oil shortages.
Global high prices.
Record profits for some oil companies.
Yet gas prices are always the presidents fault. Unless that president is W.
Global high prices.
Record profits for some oil companies.
Yet gas prices are always the presidents fault. Unless that president is W.
Posted on 2/15/23 at 7:15 am to frequent flyer
For an administration that prides itself on being against fossil fuels they sure are doing great things for the workers in that industry.
Posted on 2/15/23 at 7:15 am to PureBlood
quote:
Good ole biden, frickin' us some more
You realize that Congress is behind this sale, right?
Biden has no real power to stop it.
Let the downvotes start because the truth is inconvenient to politics.
This post was edited on 2/15/23 at 7:17 am
Posted on 2/15/23 at 7:17 am to fightin tigers
But he certainly has the power to encourage it, and he is doing that.
Posted on 2/15/23 at 7:18 am to Locoguan0
quote:
Strategic manipulation of the oil market to drive prices down during the summer, then buy and refill during off-seasons when prices are lower. Its a smart move for .gov.
Last I heard selling something you need to buy back when the current price is 2x what it usually is makes for a bad business deal.
Unless this administration has no real intent to refill the SPR which is a key component of our national security plan.
The SPR is a strategic reserve, not a tool for feeble Presidential administrations to try to use to affect the market.
If this administration was truly serious about good energy policy that lowered oil prices they could just go back on every energy policy decision they have made since Potato Head was installed as President.
Posted on 2/15/23 at 7:18 am to redstick13
quote:
For an administration that prides itself on being against fossil fuels they sure are doing great things for the workers in that industry.
Its all a farce, they'll make bank regardless of the way that fossil fuels move in the market. Every major announcement from D.C. is guaranteed to be filling a politician's pocket, both sides of the aisle.
Posted on 2/15/23 at 7:18 am to Oilfieldbiology
quote:
But he certainly has the power to encourage it, and he is doing that.
Congress holds the power to stop the sale, or force the sale.
Yet you blame the person you think is envouraging it.
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