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US Dept of Energy preparing to start SPR refill purchases
Posted on 3/2/23 at 2:00 pm
Posted on 3/2/23 at 2:00 pm
quote:
The US Department of Energy is preparing to start purchasing crude oil to partially refill the Strategic Petroleum Reserve (SPR) after it sold 180mn bl last year in response to the war in Ukraine.
"We would like to start buying within the next year, depending on the window of opportunity," said Christopher Roark, senior crude oil marketing analyst at the US Department of Energy, speaking at a meeting of the Crude Oil Quality Association.
Even though the US government is "not the fastest at things," the department could "react quickly to the market" through a competitive solicitation process to buy oil, Roark said.
"Looking at the market situation, not only do we want to get the best value for taxpayers, we also don't want to impact the markets," he said.
quote:
The department must also schedule refill plans around ongoing maintenance at its underground storage facilities in Texas and Louisiana. The department's Bayou Choctaw storage site in Louisiana is offline for maintenance, with similar work planned for other facilities, Roark said.
"We are trying to time our fill program around the maintenance," Roark said. "Just like a refinery turnaround there might be some slippage, so we are cautious about that."
The Biden administration has said it wants to finish congressionally mandated crude drawdowns before refilling the SPR. The last mandatory crude sale until fiscal year 2027, for the sale of up to 26mn bl of sweet crude, will finish withdrawals by 30 April for the Big Hill SPR facility in Texas and by 30 June for the West Hackberry SPR facility in Texas.
LINK
I’m guessing someone will need to fix the typo of labeling West Hackberry SPR site in Texas.
Posted on 3/2/23 at 2:27 pm to ragincajun03
quote:
US Dept of Energy preparing to start SPR refill purchases
they sold it to china for $40 a barrel and now the taxpayers must pay $100 a barrel to try to fill it back up, but biden will soon turn around and sell it to china again for $40 a barrel as soon as he needs to create another distraction.
Posted on 3/2/23 at 2:27 pm to ragincajun03
We've mismanaged this so catastrophically bad in the past two years.....
Posted on 3/2/23 at 2:35 pm to keakar
quote:
they sold it to china for $40 a barrel and now the taxpayers must pay $100 a barrel to try to fill it back up, but biden will soon turn around and sell it to china again for $40 a barrel as soon as he needs to create another distraction.
And gas prices are no lower now than they were and will increase during this period
Posted on 3/2/23 at 2:37 pm to ragincajun03
Expect the supply to drop and the price to go up accordingly at the pump.
Posted on 3/2/23 at 2:39 pm to ragincajun03
Our country is being run by people with the mind of a child.
Posted on 3/2/23 at 2:44 pm to ragincajun03
Buy high, sell low. Bold strategy.
Posted on 3/2/23 at 2:53 pm to keakar
quote:
taxpayers
Bend over and take it
Posted on 3/2/23 at 2:57 pm to ragincajun03
Working on the LE2 project there now. They can’t put oil in anytime soon since they’re still drawing down…. Plus we are about to shut 3 sites down for construction work. Can’t pump in during the shutdown.
They don’t have to purchase all the oil. The companies that bought the oil have to replace so much in certain periods of time.
They don’t have to purchase all the oil. The companies that bought the oil have to replace so much in certain periods of time.
Posted on 3/2/23 at 3:00 pm to LSUDUCKMAN67
quote:
Plus we are about to shut 3 sites down for construction work. Can’t pump in during the shutdown.
Are you saying 3 of the 4 sites are going to be in this mode at the same time?
Posted on 3/2/23 at 3:10 pm to keakar
They'll just print money, deflate the value of the dollar even more, and then make an idiotic claim about their great economic prowess.
Posted on 3/2/23 at 3:15 pm to keakar
quote:
they sold it to china for $40 a barrel and now the taxpayers must pay $100 a barrel to try to fill it back up, but biden will soon turn around and sell it to china again for $40 a barrel as soon as he needs to create another distraction.
I'm no economist but your conclusion seems basically backwards.
Crude Prices since 2020
Posted on 3/2/23 at 3:32 pm to keakar
quote:
they sold it to china for $40 a barrel and now the taxpayers must pay $100 a barrel to try to fill it back up
Please show your work on that. I think you will find is pretty much everything you said is false.
Posted on 3/2/23 at 3:36 pm to keakar
quote:
they sold it to china for $40 a barrel and now the taxpayers must pay $100 a barrel to try to fill it back up, but biden will soon turn around and sell it to china again for $40 a barrel as soon as he needs to create another distraction.
Why lie?
Remember when OML said that any president who would sell SPR oil to China should be hung for treason, and then when it was shown that several of trump’s spr sales went to chinese national companies he had to back track
This post was edited on 3/2/23 at 3:39 pm
Posted on 3/2/23 at 3:42 pm to Obtuse1
It’s keakar, everything he posts is wrong
Posted on 3/2/23 at 5:33 pm to ragincajun03
Place your bets, folks. How long before Plugs sells the oil to China at cut rate price per barrel?
Bonus Question: How much will the "BiG Guy's" cut be from the sale?
Bonus Question: How much will the "BiG Guy's" cut be from the sale?
Posted on 3/2/23 at 5:56 pm to ragincajun03
We could probably wait to refill the reserves for a better prices, but now that politicians have learned the code to the SPR atm taxpayers are going to be working that average price up.
Gotta male sure those oil producers have a soft landing.
Gotta male sure those oil producers have a soft landing.
Posted on 3/2/23 at 5:57 pm to Zarkinletch416
quote:
How long before Plugs sells the oil to China at cut rate price per barrel?
You realize the highest bidder gets the oil, right?
Posted on 3/2/23 at 6:00 pm to fightin tigers
quote:
You realize the highest bidder gets the oil, right?
Very few understand at all how any of this stuff works.
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