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Message
re: Surging oil prices could cause demand to crumble, forcing Saudi Arabia to up production
Posted on 9/29/23 at 8:24 pm to LemmyLives
Posted on 9/29/23 at 8:24 pm to LemmyLives
quote:
Oil is fungible, it doesn't matter where it comes from or who buys it.
I know you’re trying to make a point around Russian oil but this statement simply is not true. Otherwise, we (USA) wouldn’t be exporting Midland Sweet and importing heavies from Canada and South America.
This post was edited on 9/30/23 at 8:29 am
0
Posted on 9/30/23 at 7:57 am to PPeterson1
quote:
Oh you mean when gas prices were $2.00 a gallon? Yeah sounds the same to me.
Look, it would be great if none of it ended up in China’s ports, but then we’d need the federal government to ban the private companies who buy the oil from allowing it to be sent to China.
That said, you’re saying it’s different if oil is sold “to China” when gasoline is $2/gal. So that means a time when oil was around $40ish a barrel.
I thought we were supposed to buy low and sell high from the SPR? That’s what would make the most sense to me, but maybe I’m an idiot.
Posted on 9/30/23 at 8:24 am to ragincajun03
quote:
thought we were supposed to buy low and sell high from the SPR? That’s what would make the most sense to me, but maybe I’m an idiot.
In an ideal world you would never buy a bbl of oil for the SPR. It would naturally repopulate through swaps.
Would take a long time to refill 100mmbbls drawdown, but it would theoretically happen.
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