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re: U.S to Sell 26 Million More Barrels of Oil from Strategic Petroleum Reserve
Posted on 2/15/23 at 7:21 am to goofball
Posted on 2/15/23 at 7:21 am to goofball
quote:
They should be leaving it alone in case we need it for war.
Lol, the only war we will fight is to bully a middle eastern shithole again.
0
Posted on 2/15/23 at 7:22 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.
in theory...absolutely but its also too early to affect summer prices....but in the end if you dont ever refill them with the lower prices its a retarded move
in the last sell off they sold high....then when prices dropped during the winter they never refilled.
i dont trust the idiot in charge to refill as he hasnt shown that he has that kind of foresight.
what makes you feel comfortable that they will refill?
Posted on 2/15/23 at 7:24 am to frequent flyer
EU / Biden introduce price cap on Russian oil, Russia responds with production cuts to keep price high and says no more sales to price cap countries.
Biden releases from strategic reserve to keep prices low and maintain price cap.
A dumb game we're playing especially when we're buying Russian product from India.
Biden releases from strategic reserve to keep prices low and maintain price cap.
A dumb game we're playing especially when we're buying Russian product from India.
This post was edited on 2/15/23 at 7:25 am
Posted on 2/15/23 at 7:25 am to fightin tigers
quote:
Congress holds the power to stop the sale, or force the sale. Yet you blame the person you think is envouraging it.
I blame Congress plenty. I also blame the potato in chief and whoever are the real decision makers in his idiotic administration for pushing policies that have proven over, and over, and over, and over again to make energy more expensive EVERYWHERE
Posted on 2/15/23 at 7:25 am to lsu777
I would think you wait until a global recession to refill. 70/bbl isn't bad, but there is no logical reason to refill at that price when domestic production is more available than ever before.
Shouldn't be still drawing down, but this is a shortsightedness of the laws in place.
Shouldn't be still drawing down, but this is a shortsightedness of the laws in place.
Posted on 2/15/23 at 7:32 am to frequent flyer
Those balloons don’t run on air.
Posted on 2/15/23 at 7:47 am to PureBlood
Oil shortages predicted next year, this admin selling off inventory.
Almost likebthere is a plan to destroy America.
Almost likebthere is a plan to destroy America.
Posted on 2/15/23 at 7:48 am to PureBlood
quote:
the Arabs
UAE
Posted on 2/15/23 at 7:58 am to frequent flyer
The major global shortage coming is because the stupid bans on Russian oil. They are overflowing with oil but the Zelenskybots say we should do this to prop up the most corrupt regime in Europe.
Chunks of the globe will be in famine crisis after the failed crops of 2023/2024 because Russia is also the leading exporter of fertilizer product.
Chunks of the globe will be in famine crisis after the failed crops of 2023/2024 because Russia is also the leading exporter of fertilizer product.
Posted on 2/15/23 at 8:00 am to XenScott
quote:
The major global shortage coming is because the stupid bans on Russian oil.
This might not be as bad as the doom and gloomers have thought.
It appears the oil flows have just shifted around rather than being removed from the market.
Posted on 2/15/23 at 8:01 am to frequent flyer
do you know how long it takes to refill the tank with 26 million barrels? about 10 minutes.
Posted on 2/15/23 at 8:05 am to PureBlood
quote:
Meanwhile, the Arabs are predicting major oil shortages in 2024.
Arabs > Oils shortages
Cajuns > crawfish shortages
Posted on 2/15/23 at 8:08 am to frequent flyer
The last time we sold the oil for bid. Ghina bought it despite already having more oil in their strategic reserve. Btw - what’s the price of oil at this time? How much money does the fed stand to make off of this transaction and what it the reason they say for the sell off?
Posted on 2/15/23 at 8:14 am to Napoleon
quote:
Yet gas prices are always the presidents fault. Unless that president is W.
If you are using W as a gotcha, you are sadly mistaken. He’s a globalist fake and fits right in with the rest of the RINOs and your fellow Demoncrats.
Posted on 2/15/23 at 8:17 am to NPComb
About $30/bbl is the average, will sell it at market price (probably 70-90 depending on what it is and when it closes).
Mandated by law to sell from the SPR.
Mandated by law to sell from the SPR.
Posted on 2/15/23 at 8:26 am to oldcharlie8
quote:
do you know how long it takes to refill the tank with 26 million barrels? about 10 minutes.
That's about how long it takes us to use it too.
Posted on 2/15/23 at 8:55 am to frequent flyer
From your article:
That seems to be an important piece of info to this story that you left out in your OP.
We currently now have a Republican House. A Speaker who was endorsed and promoted by former President Trump. They should pass a bill today to reverse this mandate, and then kick it to the Senate.
quote:
The release is mandated as per laws enacted by Congress during the Obama administration in 2015.
That seems to be an important piece of info to this story that you left out in your OP.
We currently now have a Republican House. A Speaker who was endorsed and promoted by former President Trump. They should pass a bill today to reverse this mandate, and then kick it to the Senate.
This post was edited on 2/15/23 at 9:00 am
Posted on 2/15/23 at 9:03 am to ragincajun03
When the law was passed we had a split house/senate.
Both sides are for the drawdowns, for their own individual reasons. No one is going to stand in the way.
Both sides are for the drawdowns, for their own individual reasons. No one is going to stand in the way.
Posted on 2/15/23 at 9:07 am to ragincajun03
quote:
We currently now have a Republican House. A Speaker who was endorsed and promoted by former President Trump. They should pass a bill today to reverse this mandate, and then kick it to the Senate.
Also from the same article
quote:
On February 1, Sen. Joe Manchin (D-WV), chairman of the U.S. Senate Committee on Energy and Natural Resources, introduced legislation to block the Biden administration from selling crude from the SPR to China or any company controlled by the Chinese Communist Party (CCP).
The bipartisan effort was supported by Sen. Ted Cruz (R-TX).
“The Strategic Petroleum Reserve is a vital piece of our nation’s infrastructure that bolsters our energy and national security,” Manchin said in a news release.
“The reserve is, above all, meant to help the United States and our allies through difficult times, not to help the CCP power China’s economy.”
Earlier, on January 27, the Republican-controlled House of Representatives passed the “Strategic Production Response Act.”
The bill mandates a plan that would require additional oil and gas leasing on federal lands and waters to offset drawdowns of SPR.
Posted on 2/15/23 at 9:13 am to fightin tigers
quote:
When the law was passed we had a split house/senate.
Can you link the law or give specific details about what was in it?
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