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Started By
Message
1
Posted on 2/15/23 at 9:22 am to Areddishfish
This is possibly the worst time to sell off that oil in the last 40 years.
Posted on 2/15/23 at 9:34 am to GRTiger
403 I think is what it is
Basically forced sales
auto download of pdf from dept of energy site
Fun little 150pg read
dated, but gives out the individual mandates
Basically forced sales
auto download of pdf from dept of energy site
Fun little 150pg read
dated, but gives out the individual mandates
This post was edited on 2/15/23 at 9:50 am
Posted on 2/15/23 at 9:36 am to frequent flyer
Why the F are we selling any or it?
Stolen elections have consequences and these bastards are blatantly destroying the USA
Stolen elections have consequences and these bastards are blatantly destroying the USA
Posted on 2/15/23 at 9:37 am to bayoudude
quote:
Why the F are we selling any or it?
You want the tin foil corruption is everything reasoning?
Posted on 2/15/23 at 10:09 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.
Is this the same government which blocked President Trump's attempt to purchase oil for the SPR at $24/barrel but now will be purchasing oil at $80+ per barrel?
You and I have different definitions of "smart move."
Posted on 2/15/23 at 10:09 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.
Oil is essentially at its lowest price in a year. Rather than taking more oil out of the reserve, it would be much smarter to be buying right now to fill the reserve back up from the massive sell off last year given the tensions with China and the fact that an oil reserve is not in any way designed to be used to lower the market value of oil the way this administration is using it. I am not sure why we are taking more out out of our strategic reserve. This admin concerns me with their foreign policy ineptitude.
This post was edited on 2/16/23 at 8:55 am
Posted on 2/15/23 at 10:11 am to Locoguan0
Locoguano
You cant really be this stupid, can you?
You cant really be this stupid, can you?
Posted on 2/15/23 at 10:13 am to fightin tigers
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.
So China and India buying cheap oil while Europe and the west get expensive oil
Is a good thing for the west?
Posted on 2/15/23 at 10:17 am to frequent flyer
China needs gasoline for its population and Joe is just the man to deliver it to them.
Posted on 2/15/23 at 10:21 am to frequent flyer
It is a great plain. Nothing this administration does strengthens the country.
Posted on 2/15/23 at 10:33 am to fightin tigers
The 2015 budget act included an authorization for SPR sales as part of a modernization effort among other justifications, and the authorization was for up to 150 million barrels between 2017 and 2025.
Biden sold more than that just in the last year, so the claim that this is a congressionally mandated sale is dubious.
Biden sold more than that just in the last year, so the claim that this is a congressionally mandated sale is dubious.
Posted on 2/15/23 at 10:37 am to frequent flyer
this is only about 1.4 days supply in the U.S. and about 6 hrs supply globally. Will have no impact on refined fuel prices due to losing 2.0MM capacity in the U.S. during the last 3 yrs. That is 10% of refining capacity lost in the U.S. all the while demand has increased. Oil price is ~ 60% of the cost of production of refined fuels fwiw. As many of you know, this oil is also mostly light sweet crude and alot of it will be traded to other regions of the globe because we need heavier more sour crude in our refineries.
This post was edited on 2/15/23 at 10:42 am
Posted on 2/15/23 at 10:50 am to grizzlylongcut
quote:You think people on welfare should personally thank you when they're buying their groceries at the store.
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.
I'm not sure you have room to call others POS.
Posted on 2/15/23 at 10:55 am to NPComb
quote:Trump is our only savior!
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.
Jesus would even have a pair of Trump underwear with all the miracles Trump has done.
Posted on 2/15/23 at 11:00 am to Oilfieldbiology
quote:
So China and India buying cheap oil while Europe and the west get expensive oil
Is a good thing for the west?
Not necessarily. Russian oil isn't exactly cheap by some standards. The demand in the market will make it cheap, but really that only hurts Russia (helps China as well).
China out of other markets also drops that price since there is less demand.
Like I said, shifted, not eliminated Russian oil. Not to mention Russian oil is still on the world market in many ways.
Posted on 2/15/23 at 11:01 am to GRTiger
quote:
Biden sold more than that just in the last year, so the claim that this is a congressionally mandated sale is dubious.
The amount set was per year, not a total amount. They are still forced to sell a certain amount per year.
Posted on 2/15/23 at 11:49 am to fightin tigers
quote:
The amount set was per year, not a total amount.
That's not correct. The relevant sections of the bill (403 and 404) only specify the total number of barrels over a period of time (58 million total over the period 2018-2025; sales totaling up to 2 billion in sales from 2017 - 2020).
Both sections include a provision that prohibits any sale that impacts the SPRs ability to achieve it's strategic objectives.
The specific number of barrels to be sold annually was part of the DOEs plan to implement the provisions of the bill. Congress did not say in 2015 that exactly 26 million barrels should be sold in 2023 to comply with the 2015 budget act. The draw down of 300 million barrels from the reserve the last 2 years would undoubtedly require an adjustment to the plan.
This is based on a summary of the bill from Congress. If I missed something, I'd like to know the section that lays it out.
Posted on 2/15/23 at 1:46 pm to GRTiger
The sales this year might be more due to this act then:
Don't know the legal side of it that much, just know that we will likely see these forced sales from the SPR for a while to come because they are goldmines for pork and the American public has to foot the bill eventually to replenish the SPR.
quote:
The Fixing America’s Surface Transportation Act, enacted in December 2015, calls for SPR sales totalling 66 million bbls from fiscal years 2023 through 2025.
Posted the link in my other reply, but it spells out all the different acts passed on SPR sales
link to the relevant ones. not sure how many additional have been added
Don't know the legal side of it that much, just know that we will likely see these forced sales from the SPR for a while to come because they are goldmines for pork and the American public has to foot the bill eventually to replenish the SPR.
This post was edited on 2/15/23 at 1:48 pm
Posted on 2/15/23 at 2:23 pm to frequent flyer
Makes no fukkin sense doing this. Warmongering shite stains will likely have us in a war before the years end and depleting our supply.
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