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re: U.S. Department of Energy to Release 1 Million Barrels of Gasoline from Reserves
Posted on 5/21/24 at 10:25 pm to ragincajun03
Posted on 5/21/24 at 10:25 pm to ragincajun03
Just a danged minute, wasn't this year that they announced they'd start refilling he reserves after an earlier sell off?
0
Posted on 5/21/24 at 10:26 pm to ragincajun03
So less than 1/13 of our daily production? Not even 2 fricking hours of oil 
Posted on 5/21/24 at 10:28 pm to ragincajun03
Gas isn’t even that expensive right now lol. Biden is retarded.
Posted on 5/21/24 at 10:35 pm to ragincajun03
quote:
Well those production platforms are producing a million bbls of oil a day (if that’s the quantity, I don’t know), not a million bbls of gasoline a day.
Unless something changed that I’m not aware of, the SPR is crude, not refined oil.
And yes Shell Perdido produces 1 million per day.
Eta I read the OP wrong FML
This post was edited on 5/21/24 at 10:38 pm
Posted on 5/21/24 at 10:43 pm to dkreller
This is a different gas reserve. It was mandated to be closed by congress because it’s essentially not worthwhile because it’s too small to do anything. This one’s actually not on Biden. The only discretion they really had was when to time the sale and closure.
Posted on 5/21/24 at 10:45 pm to ragincajun03
quote:
Those are actually legit questions. Does there need to be periodic releases in order to keep the product from going bad?
I didn’t realize there even was a gasoline reserve. I know oil, maybe that’s what they meant?
Posted on 5/21/24 at 10:45 pm to AUFANATL
quote:
He's basically selling an extra day's worth of gas cheap into the local supply. This won't put a golf ball dimple in prices at the pump.
First, I am not saying it will result in a large (that's subjective after all) or sustained change but because gas is a highly inelastic good supply/demand mismatches have an outsized impact on price.
Posted on 5/21/24 at 10:45 pm to billjamin
Speaking of timing, pissing it all away right before hurricanes start hitting is top notch thinking.
Posted on 5/21/24 at 10:48 pm to dkreller
quote:
How does this do anything when there are production platforms in the gulf producing 1 million barrels a day???
There is no production platform in the Gulf producing that. The big ones do 100,000 to at most 250,000 barrel equivalent oil per day when combining oil and gas.
Posted on 5/21/24 at 11:07 pm to fallguy_1978
quote:
It's $3/gallon. That's not an emergency. That's pretty disgusting actually to manipulate elections.
Yeah, I haven't paid attention to the price of a gallon in a while. I just know it hasn't been under $3 in my area in a while and it hasn't been over $4 in a very long while.
I don't consider it an "emergency" until it's up over $5 for a while.
Posted on 5/21/24 at 11:12 pm to DavidTheGnome
quote:
I didn’t realize there even was a gasoline reserve. I know oil, maybe that’s what they meant?
The article did not make a mistake this is the Northeast Gasoline Supply Reserve. It was created 10 years ago after Sandy hit the NE. It is not strategic in nature just in order to provide short-term relief for the area in case of disaster.
This selloff is actually a closure of the NGSR with no plans to refill. It is also a congressional move so Biden deserves neither credit or blame for it happening. Choosing the timing is on him but honestly I don't know why someone would blame him for releasing it at a peak usage time where although he might garner some credit it would also have the most impact on the nations wallet. Releasing it at a lower usage time would have far less impact on price.
Posted on 5/21/24 at 11:12 pm to No Colors
I guess I got bad info. I was just out on Shell in that field.
A quick search does show that Olympus can handle 360K.
A quick search does show that Olympus can handle 360K.
Posted on 5/21/24 at 11:13 pm to dukke v
quote:
I fear in 20 years when supply runs out.
supply of what runs out?
Posted on 5/21/24 at 11:15 pm to dkreller
quote:
Eta I read the OP wrong FML
Posted on 5/22/24 at 12:29 am to ragincajun03
Wasn't it just announced we were trying to *refill* the strategic reserve?
Posted on 5/22/24 at 12:32 am to Hickok
quote:FIFY
just a democrat bribing it’s citizens.
Posted on 5/22/24 at 12:36 am to Hondo Blacksheep
quote:
Wasn't it just announced we were trying to *refill* the strategic reserve?
This has nothing to do with the Strategic Petroleum Reserve.
Posted on 5/22/24 at 12:40 am to mudshuvl05
quote:
just a democrat bribing it’s citizens.
Just congress bribing it's citizens.
FIFY
The reality is it is just the Biden administration taking credit for a congressional action but as I said previously the blame/credit given to Biden should be limited only to the timing because that is all his administration has control of.
Posted on 5/22/24 at 12:42 am to Obtuse1
Except to the extent this oil could be used toward refilling the reserve.
Why are we simultaneously unloading this oil but looking to buy more from others (other than trying to drag down prices for a while in the run up to the election) ?
Why are we simultaneously unloading this oil but looking to buy more from others (other than trying to drag down prices for a while in the run up to the election) ?
Posted on 5/22/24 at 12:42 am to ragincajun03
Price gonna drop $0.10
And it will be seen as a boost in the economy
And it will be seen as a boost in the economy
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