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re: US Dept of Energy preparing to start SPR refill purchases

Posted on 3/2/23 at 6:12 pm to
Posted by Zarkinletch416
Deep in the Heart of Texas
Member since Jan 2020
8689 posts
Posted on 3/2/23 at 6:12 pm to
quote:

You realize the highest bidder gets the oil, right?




Whoa, wait a minute. Vlad Putin and Xi Jinging be pals now....right? So does this mean Chyna gets their oil (and gas) from the Ruskies? Effectively denying the "Big Guy" a nice fat 10% cut?

Sigh! So how can Creepy Joe Biden screw this thing up more than it is?

Things be heatin up. It do.

This post was edited on 3/2/23 at 6:16 pm
Posted by fightin tigers
Downtown Prairieville
Member since Mar 2008
73775 posts
Posted on 3/2/23 at 6:28 pm to
It sells on the global market in order to get the best price. If you limit outside buyers really you would likely only screw yourself (i.e. the taxpayer). The stockholders of the buyers would still profit though.

Even then, you could have someone like P66 or potentially a mid-stream play to blend the crude then sell it on the open market as a refined product.

Honestly, the sale shouldn't be happening and the buying shouldn't be happening right now, but Congress moves slow (by design) and have zero chance of reacting to market changes because of the design.
This post was edited on 3/2/23 at 6:28 pm
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