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re: USA has been exporting more crude oil and petroleum products than it imports for22 months
Posted on 10/6/23 at 12:36 pm to fightin tigers
Posted on 10/6/23 at 12:36 pm to fightin tigers
quote:
No they created the legislation in 2015.
This is like saying the FBI isn't a part of the Executive Branch because Congress had to pass a law to create it...
0
Posted on 10/6/23 at 12:36 pm to AlumneyeJ93
quote:
Because refining capacity is maxed out and they won't build anymore.
This is the correct answer. My brother works for XOM and they’re going gangbusters at his facility. But without more refinery capacity, the oil being produced now is more valuable when exported rather than sitting in storage (which to my understanding is nearly at capacity also).
Posted on 10/6/23 at 12:37 pm to fightin tigers
quote:
No they created the legislation in 2015.
You just provided a link to Social Security. Would you like a mulligan? How about some Brawndo to water your crops?
Posted on 10/6/23 at 12:38 pm to Cycledude
90 bucks a barrel,, I would sell that shite to Martians if they want it.
Posted on 10/6/23 at 12:43 pm to Tomatocantender
quote:
You just provided a link to Social Security. Would you like a mulligan? How about some Brawndo to water your crops?
How do you think that bill was funded?
Sales from the SPR.
So yes, Congress forced the last sale of SPR bbls and refused to act to stop them even though the SPR was at the lowest level in however many years. I will note it was a Republican Congress writing the bill and refusing to act, but I don't believe a Democrat Congress would have acted any differently. And infact they worked together to create the 2015 bill and not to push the issue on the 2023 sale.
The DOE has stepped in and as a solution to refill has stopped the sale of bbls that were supposed to happen to fund that bill in 2015.
Now, is it right to sell bbls from the SPR to fund bills, eh, it is a good discussion. But the question was who was controlling the SPR for purely political purposes and I gave proof that Congress was so not to technically raise taxes.
This post was edited on 10/6/23 at 12:51 pm
Posted on 10/6/23 at 12:44 pm to imjustafatkid
quote:
Remind me again who controls the SPR and has been using that for purely political purposes?
So how'd we manage to reduce SPR ~10% under the previous regime. That's literally the textbook definition of decimating our supply
Posted on 10/6/23 at 1:06 pm to fightin tigers
quote:
But the question was who was controlling the SPR for purely political purposes
In the year 2022 (just last year), did Congress enact any legislation to perform a monthly selloff of the SPR? Or was it down by emergency executive order from Biden in advance of November midterms? Very simple 2-part question, there's no gotchas involved. I'm genuinely curious what you think.
Posted on 10/6/23 at 1:12 pm to Tomatocantender
quote:
did Congress enact any legislation to perform a monthly selloff
Not aware of how they funded every bill. Not likely they would do a monthly sellof, they usually do a target year.
quote:
Or was it down by emergency executive order from Biden in advance of November midterms?
It could have been both (i.e. both actions could have happened), but I believe it was Biden who authorized the 2022 sales.
This post was edited on 10/6/23 at 1:15 pm
Posted on 10/6/23 at 1:20 pm to Cycledude
Does those statistics account for the 180 million sold out of the SPR? If it does then 2022 isnt a real metric of anything.
Posted on 10/6/23 at 1:21 pm to fightin tigers
I don’t understand how the SPR ends up getting discussed so much in every thread about oil and gas in here.
What’s in the reserves has almost nothing to do with imports/exports and the market prices.
What’s in the reserves has almost nothing to do with imports/exports and the market prices.
Posted on 10/6/23 at 1:25 pm to notiger1997
quote:
I don’t understand how the SPR ends up getting discussed so much in every thread about oil and gas in here.
What’s in the reserves has almost nothing to do with imports/exports and the market prices
I think the complicated (really not so much) way that the SPR functions makes it easy to have clickbait information by presenting half evidence or manipulating the data.
Most will probably go along with thinking that drawdowns only happen when the President says and that we should buy oil to fill the reserves. Both of those ideas are sort of contrary to how the SPR should (and does) function. But it is good political fodder.
The function of releasing bbls isn't really supplementing bbls on the market as much as it is calming the futures volatility at this point.
This post was edited on 10/6/23 at 1:27 pm
Posted on 10/6/23 at 1:27 pm to fightin tigers
quote:
makes it easy to have clickbait information
This is correct
Posted on 10/6/23 at 1:29 pm to fightin tigers
quote:
but I believe it was Biden who authorized the 2022 sales.
I believe that your beliefs about Biden are correct. I also believe that a normal and reasonable person, using Occam's Razor or just plain common sense, could draw a conclusion that a methodical monthly selloff of strategic reserves through Dec. 2022 was done for political purposes. Just my humble belief.
Posted on 10/6/23 at 1:31 pm to Limitlesstigers
quote:
Not a lot of public drilling
There is a shite ton of drilling on BLM Lands currently in the Permian Basin.
Posted on 10/6/23 at 1:34 pm to PaperTiger
quote:
Does those statistics account for the 180 million sold out of the SPR? If it does then 2022 isnt a real metric of anything.
If you take that out, we are still a net exporter.
Posted on 10/6/23 at 1:35 pm to notiger1997
Why does it have no effect on the market?
And why doesnt it count towards export numbers? Theoretically, according to DOE, they sell the SPR reserves to highest bidder, but have no say so on what the winning bidder can and cant do with those reserves.
From the DOE website:
Not being an arse. Just learning the ropes here.
And why doesnt it count towards export numbers? Theoretically, according to DOE, they sell the SPR reserves to highest bidder, but have no say so on what the winning bidder can and cant do with those reserves.
From the DOE website:
quote:
In 2015, the crude oil export ban was lifted, allowing the United States to export crude oil and refined products— this means that the SPR cannot dictate whether or not companies export crude oil received from the reserve. U.S. companies are permitted to place bids on SPR crude oil, but DOE cannot dictate what selected bidders will do with the SPR crude oil after delivery. Since oil is a commodity traded on the global market, the release of SPR crude oil can have an effect on overall crude oil prices. It is esti- mated a vast majority is used domestically. Further SPR sales provisions are available here.
Not being an arse. Just learning the ropes here.
Posted on 10/6/23 at 1:37 pm to Tomatocantender
So The President and Congress?
I only said Congress because you don't have to draw conclusions as to the intent. They spelled out that their use of the bbls was for political purposes.
Question. Do you think we should be buying oil, to refill the SPR, when the price goes low?
I only said Congress because you don't have to draw conclusions as to the intent. They spelled out that their use of the bbls was for political purposes.
Question. Do you think we should be buying oil, to refill the SPR, when the price goes low?
Posted on 10/6/23 at 1:41 pm to ragincajun03
Still an exporter with just crude oil? DOE quoted:
What part am I missing here?
quote:
The United States remained a net crude oil importer in 2022, importing about 6.28 million b/d of crude oil and exporting about 3.58 million b/d.
What part am I missing here?
Posted on 10/6/23 at 1:47 pm to fightin tigers
quote:
Do you think we should be buying oil, to refill the SPR, when the price goes low?
I don't think Biden should have performed a monthly selloff to begin with in a non war-time capacity. That was reckless and irresponsible imo. I'm concerned that any type of buying (which I'm assuming is the power of the purse--House) at this point to refill the SPR back to pre-Biden 2022 levels would shoot Oil up $20 or more overnight and then create a feeding frenzy for OPEC+, BRICs et al. I honestly don't know the answer to the corner Biden backed us in. One thing I do know is that we don't need a POTUS in his state of the union addresses proclaiming that the world will never need another drop of oil in 10 years or less like he did at the beginning of this year. Talk about sending the wrong signal to the futures market.
Posted on 10/6/23 at 1:51 pm to Cycledude
quote:
Could have fooled me. I thought the U.S. had severely cut back on oil and gas production
1 - a good chunk of those months was coming from the SPR
1 - it's okay to send our oil and gas to other countries, just can't have it here (same NIMBY philosophy that closes off rare earth mining/extraction domestically, but is happy for other countries to to it to their own lands for our "green" benefit)
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