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Posted on 5/21/24 at 9:29 pm to BCreed1
Oops, sorry. Didn't see your thread. Will close mine. 
Posted on 5/21/24 at 9:37 pm to BCreed1
It was a congressional mandate to sell off the reserve and close the facility, part of the March spending bill, not some sinister Biden agenda. Congress could have struck the language
AP News
AP News
quote:
The move, which the department said is intended to help “lower costs for American families and consumers," follows a mandate from Congress to sell off the 10-year-old Northeast reserve and then close it. The language was included in a spending deal Congress approved in March to avert a partial government shutdown.
Posted on 5/21/24 at 10:04 pm to BCreed1
Posted on 5/21/24 at 10:10 pm to Taxing Authority
quote:
Irresponsible
That's much kinder than anything I call him
Posted on 5/21/24 at 10:11 pm to Taxing Authority
quote:
Trying to buy an election with our strategic reserves. Irresponsible.
He learned that from the Donald.
Posted on 5/21/24 at 10:16 pm to cajunangelle
quote:
will Biden refill these reserves after he sells them to Chynah?
If he got 10% from refilling it and another 10% from emptying it again I’m sure he’d find a way to keep the cycle going.
Posted on 5/21/24 at 10:18 pm to OU Guy
quote:
If it was Trump there would be massive protests and people chaining themself to the gates that surround the SPR.
Well this is a gasoline reserve, not the crude oil reserve.
However, also, even though leftists did stupid protests under Trump…the SPR level did decrease under his Presidency.
Posted on 5/21/24 at 10:20 pm to CleverUserName
Yep. Ultimate hypocrites.
Posted on 5/21/24 at 11:37 pm to beaux duke
quote:
T
It was a congressional mandate to sell off the reserve and close the facility, part of the March spending bill, not some sinister Biden agenda. Congress could have struck the language
AP News
quote:
The move, which the department said is intended to help “lower costs for American families and consumers," follows a mandate from Congress to sell off the 10-year-old Northeast reserve and then close it. The language was included in a spending deal Congress approved in March to avert a partial government shutdown.
I wish more people would slow down and read this. Biden is not selling part of the SPR this time. This is 1 million barrels of refined GASOLINE currently stored in the Northeast Gasoline Supply Reserve, which was created to help out New England states if they have supply issues again.
It turns out that storing refined gasoline is expensive, and the reserve has not been necessary in its 10 years of existence. So the House insisted on closing the reserve in the most recent spending bill.
Biden is just following through on the Congressional mandate. He will not refill this gasoline reserve, because it will be closed.
Posted on 5/22/24 at 12:18 am to Dday63
quote:
Biden is just following through on the Congressional mandate. He will not refill this gasoline reserve, because it will be closed.
As I said on tOT thread the only thing the Biden administration deserves blame or credit for is the timing of the release into the stream of commerce because that is the only thing they have control of. In this case, I think the release at high demand makes more sense than releasing at lower demand, especially given the limiting factor for the supply of gas within the US is refining capacity.
In the case of this closure/selloff because of the backlash from the last SPR auction congress is adding a stipulation that Chinese companies may not bid or receive the gasoline. In the end, that is merely window dressing because no matter where a global commodity is released to it has the same effect on the global supply and the same resulting impact on price. In fact preventing any entity from bidding in an auction potentially reduces the price.
The problem with the SPR in its current incarnation is the crude stored in it is not the primary crude used to refine gasoline in the US. As a result, most of it has to go offshore anyway. So as it currently stands it is really mainly functional for price manipulation. If we want a true SPR useful in a time of war or other forced isolation we need to be stockpiling the crude grades that we have the most gasoline refining capacity with.
Posted on 5/22/24 at 6:31 am to BCreed1
Everything he says and does from here on out is all about the election. Lord, just let us make until November (or January).
Posted on 5/22/24 at 6:32 am to teke184
quote:you don't seem to understand. This revenue will fund the fedgov for 15 minutes. Do your part and shutup
Price down by how much? 1/100 of a cent?
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