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Energy Sec. Granholm: U.S. aims to return SPR to prior levels by year-end
Posted on 3/19/24 at 8:34 am
Posted on 3/19/24 at 8:34 am
quote:
HOUSTON, March 18 (Reuters) - U.S. crude oil stockpiles in the Strategic Petroleum Reserve (SPR) at year-end will be at or exceeding the level prior to a massive 180 million barrel sale two years ago, U.S. Energy Secretary Jennifer Granholm said on Monday.
The U.S. is replenishing the SPR, after President Joe Biden's administration announced a sale of 180 million barrels of oil over six months from the reserve, the largest ever SPR sale, in an attempt to lower gasoline prices after Russia invaded Ukraine.
While the Department of Energy only expects to replenish by the end of this year about 40 million barrels since the 180 million sale, another 140 million barrels that would have been drained from 2024-2027 will stay in the SPR due to the cancellation in 2022 of congressionally mandated sales.
The department declined to provide a final number of stocks expected to be in the reserve at the end of the year.
The reserve currently holds about 362 million barrels. Stocks in the reserve stood at 565 million barrels before the announcement of the sale in March 2022.
Other congressionally mandated sales may also be canceled, Granholm said at the CERAWeek energy conference in Houston.
Having the SPR refilled is a congressional priority and "that's a conversation we'll be having with them," Granholm said.
Completion of maintenance at one SPR storage site will allow the U.S. to buy more oil, Granholm said.
Energy officials are monitoring the rise in U.S. oil prices and its impact on replenishing the reserve, Granholm said. The Department of Energy had aimed to repurchase the oil under $79 a barrel. U.S. crude futures were trading above $82 on Monday.
She also said the Biden administration's liquefied natural gas permitting pause "will be long behind us by this time next year."
She did not say when the export authorizations could resume, but ruled out estimates of a 10- to 14-month delay, calling the pause temporary and for study purposes only.
"The LNG pause should not be impacting major decisions globally, because it is simply a temporary pause," the secretary said, when asked about worries of higher coal buying in Asia.
LINK /
7
Posted on 3/19/24 at 8:39 am to ragincajun03
Buy high and sell low
Posted on 3/19/24 at 8:44 am to ragincajun03
I don't know what prices are like today, but this sure seems like "sell low, buy high" or at least "sell high, buy higher."
Also, serious question for those of us not in the Oil and Gas industry...
How long can oil be stored and remain in good shape? It it stored in such a crude form that it's basically the same as being in the ground (so it's good forever), or is rotating stock a thing?
Also, serious question for those of us not in the Oil and Gas industry...
How long can oil be stored and remain in good shape? It it stored in such a crude form that it's basically the same as being in the ground (so it's good forever), or is rotating stock a thing?
Posted on 3/19/24 at 8:46 am to ragincajun03
Until prices go up this summer and they release a bunch more like they did in 2022 to influence the upcoming election.
Posted on 3/19/24 at 8:51 am to ragincajun03
Prices for most months over the last year have been lower than they are now, but now is when they are buying? Also, they are buying for more than they sold.
That level of incompetence and mismanagement is a perfect encapsulation of the Biden administration's overall performance.
That level of incompetence and mismanagement is a perfect encapsulation of the Biden administration's overall performance.
Posted on 3/19/24 at 8:53 am to Longhorn Actual
quote:
I don't know what prices are like today, but this sure seems like "sell low, buy high" or at least "sell high, buy higher."
I believe the huge 2022 SPR sales were when oil was around $95/bbl. Actually, WTI prices from March-July 2022 averaged over $100/bbl.
Currently, WTI is stilling at $83/bbl, Brent at $87 and Louisiana Light at $85.
This post was edited on 3/19/24 at 8:56 am
Posted on 3/19/24 at 8:55 am to Bard
Incompetence or intentional? They are so bad and so frequently make terrible decisions that one has to wonder
Posted on 3/19/24 at 9:00 am to Bwmdx
Well when you are budgeting for your family, it’s one thing. When you have a pool of other(white peoples) money, it’s quite another.
Posted on 3/19/24 at 10:30 am to Bwmdx
quote:
Incompetence or intentional? They are so bad and so frequently make terrible decisions that one has to wonder
Incompetence. Biden would have to be Keyser Söze playing Verbal for decades in order to pull off intentionality.
If someone or some group is making decisions on Biden's behalf, then possibly intentional.
Posted on 3/19/24 at 11:07 am to ragincajun03
quote:
"The LNG pause should not be impacting major decisions globally, because it is simply a temporary pause
Then why was the pause necessary if you plan to go forward without regard to the study?
Posted on 3/19/24 at 12:33 pm to Bard
quote:
Incompetence. Biden would have to be Keyser Söze playing Verbal for decades in order to pull off intentionality.
If someone or some group is making decisions on Biden's behalf, then possibly intentional
Without doubt, Biden is a puppet.
Many in Biden's administration are former Obama people. Obama thru his folks is directing this administration.
Posted on 3/19/24 at 12:36 pm to lake chuck fan
Who gave them permission to sell any of the Strategic Petroleum reserve? It is not there to cheapen the cost of gasoline, it is there in case of emergencies like war.
Posted on 3/19/24 at 1:06 pm to RedHog260
quote:
Who gave them permission to sell any of the Strategic Petroleum reserve?
quote:
Section 161 of the Energy Policy and Conservation Act (EPCA) gives authority to the President under specified conditions to direct the Secretary of Energy to conduct a public sale of oil from the Strategic Petroleum Reserve. DOE sells SPR oil in a competitive auction to the highest bidder.
The Department may initiate a sale to respond to a severe energy supply interruption, to prevent or address lesser supply shortages or to conduct evaluations of drawdown and sales procedures. The Statutory Authority for an SPR Drawdown outlines the EPCA requirements for an authorized sale and drawdown.
LINK
Also, there was previous regular sales Congressionally mandated by a law passed some time ago, that I THINK has been changed or something has occurred for those to stop. In fact, the SPR levels were lower when President Trump left office than when he entered, though the drop obviously was not nearly as drastic as what President Biden’s Administration has overseen.
Posted on 3/19/24 at 1:39 pm to Longhorn Actual
quote:
I don't know what prices are like today, but this sure seems like "sell low, buy high" or at least "sell high, buy higher."
Over 12 bucks a barrell more than 3 months ago.
I’m sure they will lock it in when it get back to normal summer pricing.
Posted on 3/19/24 at 2:00 pm to ragincajun03
quote:
I believe the huge 2022 SPR sales were when oil was around $95/bbl. Actually, WTI prices from March-July 2022 averaged over $100/bbl.
Remember when Trump wanted to refill the SPR and buy 77 million barrels at $24 a barrel? Democrats lost their friggin minds about it.
Posted on 3/19/24 at 2:08 pm to PaperTiger
quote:
Democrats lost their friggin minds about it.
They cried that doing so would be a bailout for the oil companies.
Look, I’m not trying to say the Biden Administration’s approach to energy is smarter than the Trump Administration’s. In fact, I think Jennifer Granholm has zero business being in her current position, which is made even more dangerous when the President she’s “serving” is a potato.
However, I point that price point out only because some posters seem to perpetuate a thought of “sell low, buy high”, when prices in 2022 were higher than they are now.
This post was edited on 3/19/24 at 2:12 pm
Posted on 3/19/24 at 2:26 pm to Bard
quote:
Also, they are buying for more than they sold.
What was the price point they sold at?
Posted on 3/19/24 at 6:27 pm to ragincajun03
That lady lies her arse off every fricking year at CERA week. She goes in there knowing the audience is pro energy and tries to get applause. She kept talking about getting LNG and other permits faster and working together last year. Yea - look what they have done on LNG permitting. I was infuriated that the crowd of energy industry veterans applauded her and Podesta’s fake bullshite last several years. That lady knows zero about energy and Podesta is just another low level Obongo servant.
Posted on 3/19/24 at 6:31 pm to ragincajun03
She is straight up lying …. gaslighting the voters is all the rage
Posted on 3/19/24 at 8:33 pm to PGAOLDBawNeVaBroke
quote:
infuriated that the crowd of energy industry veterans applauded
quote:
That lady knows zero about energy
Completely agree.
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