re: The President: America benefits when oil prices increase

trump is full of shite

seems to be a common theme these days

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I remember futures were briefly negative on 4/20. I also remember some multi trillion dollar spending bill, with outrageous money printing with stimmies and ppp fraud for all. Then there's the fact we actually refilled about half that reduction, just in time for someone to start dumping it August through last week of October. Can't imagine why the unloading pt 2 stopped at the election.

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That period is not a huge change from what was happening since 2015 (mandate passed in 2015 to begin in 2017) due congress passing law to mandate the sell off a certain amount each year to fund spending and then doing it again later. A certain amount of reductions since 2015 has been mandated. The below graphs were made in 2017 and 2018 and were mostly projections. Besides the 2024 budget Act mandating sales I am not sure if anything with covid or post changed those projections.

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The Bipartisan Budget Act (Section 404), enacted in 2015, includes authorization for funding an SPR modernization program to support improvements deemed necessary to preserve the long-term integrity and utility of SPR's infrastructure by selling up to $2 billion worth of SPR crude oil in fiscal years 2017 through 2020. Although the estimated volumes presented in the chart above are based on an assumed oil price of $50 per barrel, the actual final sales volumes will depend on how SPR decides to allocate the sales volumes across those fiscal years and the actual price of crude oil at the time of the sales. For the Section 404 sales, SPR must get an appropriation from Congress to approve its requested sales revenue target.

Another section of the Bipartisan Budget Act (Section 403) mandates SPR crude oil sales for fiscal years 2018 through 2025 on a volumetric basis, rather than on a dollar basis, as specified in Section 404. The revenues from sales authorized under section 403 will be deposited into the general fund of the U.S. Department of the Treasury.

The 21st Century Cures Act, enacted in December 2016, calls for the sale of 25 million barrels of SPR crude oil for fiscal years 2017 through 2019. The first portion of these sales is expected in late spring 2017.

The Fixing America’s Surface Transportation Act, enacted in December 2015, calls for SPR sales totaling 66 million barrels from fiscal years 2023 through 2025.

The Bipartisan Budget Act of 2018, enacted in February 2018, calls for the sale of 30 million barrels over the four-year period of FY 2022 through FY 2025, 35 million barrels in FY 2026, and 35 million barrels in FY 2027.

The Tax Cuts and Jobs Act of 2017, enacted in December 2017, calls for the sale of 7 million barrels over the two-year period of FY 2026 through FY 2027.

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After the attempt/request to purchase more during beginning of Covid not getting funding from Congress they leased space to companies to store their excess temporarily in the reserve to be reversed by end of March 2021 at the latest. Some funds also went to buy additional reserves from smaller companies. Not sure if lease inputs and outputs recorded in official reserve numbers (seems likely based on structure of transactions), but they could account for some of both during 2020 on top of the mandated sell offs and the purchases made from companies with 5,000 or less employees.


For the 2024 sell off I guess you could say Biden’s Autopen did not initiate the additional sell off for the election, but they did try to claim it.

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On Tuesday, the U.S. Department of Energy (DOE) announced that it would sell 1 million barrels of gasoline, equaling 42 million gallons, from the Strategic Petroleum Reserve (SPR) ahead of July 4. A DOE press release said the sale would largely impact "the states of Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island, New York, New Jersey, and Pennsylvania."

"The Biden-Harris Administration continues to take strategic action to lower prices for American consumers in every aspect of their lives—especially as summer driving season ramps up," said DOE Secretary Jennifer Granholm. "By releasing this reserve ahead of July 4th, we are ensuring sufficient supply flows to the Northeast at a time hardworking Americans need it the most."

But the sale was not some magnanimous gesture—in fact, it was required by law. And it's hard to see how the act will make much of a difference, unless the goal is to shore up President Joe Biden's flailing reelection bid.

Section 308 of the 2024 Consolidated Appropriations Act mandated that "the Secretary of Energy shall draw down and sell one million barrels of refined petroleum product from the Strategic Petroleum Reserve during fiscal year 2024" and then "carry out the closure of the Northeast Gasoline Supply Reserve." For the DOE to brag about this sale, "the administration is claiming credit for a policy enacted by Congress," says Peter Van Doren, senior fellow at the Cato Institute.

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Looks stable af between late 2011 and March 2017 to me

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Considering I said it started in 2015 not sure why going back to 2011 means anything (Also, if you are going to jump back to 2011 why didn’t you just go back to mid or early 2011???). Also it started due mandates passed in 2015 and then more in 2016. If the mandated sell offs didn’t start until 2017 than I misread the graph I found and included in my post that had years pretty close together and no lines going up from them and then went with when the first mandates were passed and signed into law (2015), but no mandated sell offs under Trump’s first term were actually passed into law while he was President. They were mandated sell offs put into law under and by Obama.

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The Bipartisan Budget Act (Section 404), enacted in 2015, includes authorization for funding an SPR modernization program to support improvements deemed necessary to preserve the long-term integrity and utility of SPR's infrastructure by selling up to $2 billion worth of SPR crude oil in fiscal years 2017 through 2020. Although the estimated volumes presented in the chart above are based on an assumed oil price of $50 per barrel, the actual final sales volumes will depend on how SPR decides to allocate the sales volumes across those fiscal years and the actual price of crude oil at the time of the sales. For the Section 404 sales, SPR must get an appropriation from Congress to approve its requested sales revenue target.

Another section of the Bipartisan Budget Act (Section 403) mandates SPR crude oil sales for fiscal years 2018 through 2025 on a volumetric basis, rather than on a dollar basis, as specified in Section 404. The revenues from sales authorized under section 403 will be deposited into the general fund of the U.S. Department of the Treasury.

The 21st Century Cures Act, enacted in December 2016, calls for the sale of 25 million barrels of SPR crude oil for fiscal years 2017 through 2019. The first portion of these sales is expected in late spring 2017.

The Fixing America’s Surface Transportation Act, enacted in December 2015, calls for SPR sales totaling 66 million barrels from fiscal years 2023 through 2025.

The Bipartisan Budget Act of 2018, enacted in February 2018, calls for the sale of 30 million barrels over the four-year period of FY 2022 through FY 2025, 35 million barrels in FY 2026, and 35 million barrels in FY 2027.

The Tax Cuts and Jobs Act of 2017, enacted in December 2017, calls for the sale of 7 million barrels over the two-year period of FY 2026 through FY 2027.

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And I think you meant year 2017 not 2020 in the below

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2011-Oct 10/07 695,956
2020-Feb 02/24 695,076

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While not choosing to go back to go back to April 1, 2011 & it’s 726,542 level while talking about stability…

I am also guessing you didn’t remember that the answer to your below comment was actually the laws mentioned earlier that were passed in 2015 and 2016 that mandated the reduction you questioned in below quote and not a Trump policy. The laws were about gaining additional revenue for the govt and not about anyone manipulating the market.

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Any word why trump 1.0 reduced the SPR 10% from inauguration through mid November/beginning of December 2019 feel free to frame your response around almost every last month in that period was record production.

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Buncha downvotes which is fine. But not a single one of you downvotes have the balls to come on here and dispute what I said.

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Your statement assumes we had only two choices and two out comes. Choice one ..what we are doing now. Outcome..no nuke in DC, New York, Israel. Choice 2 ..something else . Outcome nuke goes off in Israel, New York, DC. Thats total bullshite all the way around.

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I understand. It would undermine your framing to include what they took credit for.

The stipulation of foreign sales is just poster board material. It gets the people going though.

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I get that you can’t admit that you were just trying to make whatever points you could regardless of relevance to my post.

My inclusion of foreign sales part of the law was to include another use of the NG reserve being including in the Strategic Reserves after your comment - “ The National Gasoline Reserve is (was) not the SPR.” The bill’s inclusion was to stop those countries from directly profiting off the sell off.

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I think it is but that is only because Republicans refused to stop the sales (they had control of Congress) while also complaining Biden was draining the SPR through acts they put in place to force his hand.

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Biden’s Autopen drained much more off than any of the projections from laws mandating future sell downs passed from 2015 thru 2018. I also don’t think Biden’s Autopen was thought to ever be a future President during those years to specifically be an attempt to force his hand as president (or his Autopen) for those amounts.

With you jumping around and misreading things I am not sure what time period you are saying Republicans controlled congress. So just in case:

Since you mention blaming Biden’s Autopen and this has been about you misreading a point on Biden’s Autopen they did not control it all under Biden’s Autopen in 2024 and only gained the House after 2022 elections.

2019 & 2020 Republicans didn’t control the entire Congress.

If you were taking about congress in 2017 & 2018 then see the below:

I included the ones passed under Trump’s first term twice and even made them bold like the others in one post. The point of pointing out the laws passed in 2015 & 2016 was to explain why the consistent sell offs started in 2017 and why they were not an attempt by Trump to manipulate the market as was implied by another poster. They were mandated by law passed and enacted under Obama not Trump.

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Again though. You are trying to spin a story so facts like that distract from what you are doing.

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What exactly am I doing in your mind?

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Your statement assumes we had only two choices and two out comes. Choice one ..what we are doing now. Outcome..no nuke in DC, New York, Israel. Choice 2 ..something else . Outcome nuke goes off in Israel, New York, DC. Thats total bullshite all the way around.

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So in other words, you trust a radical, hate filled theocracy that publicly hangs women for showing their hair to make rational decisions?

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Legitimately curious, but has the political board always been far right?

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I mean this with no ambiguity or exaggeration, that board is just as far right as r/politics is left. They’ll say no it’s not because they don’t ban people for disagreeing but there’s plenty of examples of that happening, it just doesn’t happen to any of them so they don’t hear about it

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in other words, you trust a radical, hate filled theocracy that publicly hangs women for showing their hair to make rational decisions?

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If Trump.wouldve made a deal.....would that have been him trusting the regime?

Trump has fricked up.