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US Cancels Latest Oil Reserve Refill Plan Amid High Prices
Posted on 4/3/24 at 8:00 am
Posted on 4/3/24 at 8:00 am
quote:
(Bloomberg) -- The Biden administration won’t move forward with its latest plans to buy oil for the Strategic Petroleum Reserve amid rising prices.
The Energy Department said it was “keeping the taxpayer’s interest at the forefront” in its decision not to purchase as many as 3 million barrels of oil for a Strategic Petroleum Reserve site in Louisiana. The plan for the barrels to be delivered in August and September had been announced in mid-March.
“We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow,” the department said. “We will continue to monitor market dynamics.”
The move follows a rally in crude prices, with US benchmark West Texas Intermediate on Tuesday breaking above $85 a barrel for the first time since October. The Biden administration has a target to buy oil at $79 or lower to refill the reserve, though spent an average of about $81 a barrel in its latest purchase of 2.8 million barrels late last month.
The Energy Department has been slowly refilling the emergency oil supply after it reached a 40-year-low following the administration’s unprecedented drawdown of a record 180 million barrels in the wake of Russia’s invasion of Ukraine. It currently holds about 363 million barrels, according to Energy Department data, down from almost 600 million at the start of 2022.
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Posted on 4/3/24 at 8:30 am to ragincajun03
quote:
The Energy Department said it was “keeping the taxpayer’s interest at the forefront”
Thank you daddy government for always having our backs !!!
Posted on 4/3/24 at 8:32 am to ragincajun03
Didn't they attack orange man for trying to refill when prices were low?
Posted on 4/3/24 at 8:33 am to Lawyered
quote:
The Energy Department said it was “keeping the taxpayer’s interest at the forefront”
Posted on 4/3/24 at 8:36 am to ragincajun03
quote:
The Energy Department said it was “keeping the taxpayer’s interest at the forefront”
If they were really serious they would downsize…. But they aren’t THAT serious
Posted on 4/3/24 at 8:51 am to bad93ex
quote:
Didn't they attack orange man for trying to refill when prices were low?
BaiLinG oUT BiG oilL!!!
Posted on 4/3/24 at 8:56 am to ragincajun03
The fix for high crude prices, and $81 is no longer high, is asking companies to allow WFH to slow demand until the manufactured crisis subsides.
Posted on 4/3/24 at 9:00 am to ragincajun03
quote:
ragincajun03
Didn't you assure me in the past that the need to refill the SPR is completely outdated and unnecessary since the US is a net exporter? Then a month after telling me that you posted an article that states the US is actually a net importer LOL. I can't keep up with your fence riding. Where do you stand this week, or more precisely, at 9am on Wednesday
Posted on 4/3/24 at 9:04 am to ragincajun03
We are so fuc&ed people are more concerned with LSU women’s basketball than national security
Posted on 4/3/24 at 9:05 am to ragincajun03
There also trying to wrap up construction at several of the sites. When the SPR is pumping in or out they have to shut down construction and only site employees are allowed on site everyone else has to stay home. The LE2 project is and has slid out to the right more than they want at admit.
Posted on 4/3/24 at 9:07 am to ragincajun03
Shocking.
Stupid fricks.
Purely political release to spare Dems in 2022 and the NATIONAL SECURITY of the country remains precarious because of it.
Stupid fricks.
Purely political release to spare Dems in 2022 and the NATIONAL SECURITY of the country remains precarious because of it.
Posted on 4/3/24 at 9:12 am to ragincajun03
Thank goodness. Ukraine needs this money.
Posted on 4/3/24 at 9:24 am to ragincajun03
WTF did they draw down these reserves in the first place?
Oh, wait, now I remember.
Oh, wait, now I remember.
Posted on 4/3/24 at 10:07 am to Tomatocantender
quote:
Didn't you assure me in the past that the need to refill the SPR is completely outdated and unnecessary since the US is a net exporter?
I have never called the need to have a filled SPR outdated. In fact, I even posted an article one time showing that Reagan did a great job filling it.
A couple folks here more familiar than me on the downstream refining side may have, but I have not.
This post was edited on 4/3/24 at 10:09 am
Posted on 4/3/24 at 10:16 am to ragincajun03
quote:
I have never called the need to have a filled SPR outdated. In fact, I even posted an article one time showing that Reagan did a great job filling it. A couple folks here more familiar than me on the downstream refining side may have, but I have not.
I would argue it’s a bit outdated. The SPR started during the oil embargo of the early 70s when the US was importing a great deal of oil. Oil reserves were also crucial to the Allies’ victory in WW2. However, with the advent of hydraulic fracturing and US energy independence, is there really a need to have it “full?” What is defined as “full” and what is that number based on? The US is currently producing more oil than any country in the history of the world.
This post was edited on 4/3/24 at 10:22 am
Posted on 4/3/24 at 10:18 am to ragincajun03
Honestly with our high production, I don’t see the need for the SPR to be as high as in the past. However you have to do a plan on this and get the mix right as there are different types of crudes. Currently they’re just making political decisions for votes.
Posted on 4/3/24 at 10:21 am to C
quote:
However you have to do a plan on this and get the mix right as there are different types of crudes.
Come on, man. You don’t have confidence that Secretary Granholm has already devised a fully vetted plan?
Posted on 4/3/24 at 10:24 am to ragincajun03
Right ….
And the plan should be irrelevant to the price! Can you imagine telling a govt agency you didn’t buy emergency equipment because it cost too much!
And the plan should be irrelevant to the price! Can you imagine telling a govt agency you didn’t buy emergency equipment because it cost too much!
Posted on 4/3/24 at 10:26 am to blueridgeTiger
quote:
WTF did they draw down these reserves in the first place?
Oh, wait, now I remember.
Posted on 4/3/24 at 10:38 am to ragincajun03
How it started Oct 2023
How its going Mar 2024
How its going Mar 2024
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