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re: Energy Sec. Granholm: U.S. aims to return SPR to prior levels by year-end
Posted on 3/19/24 at 9:18 pm to ragincajun03
Posted on 3/19/24 at 9:18 pm to ragincajun03
quote:
They cried that doing so would be a bailout for the oil companies.
When we buy it, we buy it from the oil companies right?
Then when we sell it, we sell it to the oil companies. Right?
So with respect to the major integrated oil companies, we are buying their crude at a higher price than we sell it back to them, while we maintain the storage costs.
Isn’t all of that a bailout of sorts for the oil companies?
1
Posted on 3/19/24 at 10:46 pm to LSUFanHouston
quote:
So with respect to the major integrated oil companies, we are buying their crude at a higher price than we sell it back to them, while we maintain the storage costs.
That isn’t how it works necessarily. The last batch we sold to China iirc. The point of the whole project is should a national emergency occur, we’re sitting on a pile of oil that can be refined and used to help us in the short term. A good example of this is hurricane Katrina. The majors were cut off from producing for a bit in the gulf. Can’t just go hat in hand to chevron and demand they produce immediately.
Posted on 3/21/24 at 3:26 pm to ragincajun03
[url=https://postimages.org/] 
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[/url]Posted on 3/21/24 at 3:29 pm to RedHog260
[url=https://postimages.org/] 
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[/url][url=https://postimages.org/nl/]pic upload[/url]Posted on 3/21/24 at 3:30 pm to RedHog260
But then on March 19, 2020, President Trump directed the Department of Energy to fill the SPR to maximum capacity to help support domestic oil producers during the Covid-19 pandemic. Funding was blocked by Congress, but 2020 did see a slight increase in the SPR to 638 million barrels. However, President Trump became the first Republican president in the history of the SPR to see a net decline in the SPR volume during his term.
President Joe Biden inherited an SPR at 638 million barrels. However, first in response to rising gasoline prices, and then as a result of Russia’s invasion of Ukraine, President Biden announced the most aggressive SPR drawdown in history. During his first two years in office, the SPR was drawn down by 266 million barrels. So far in 2023, another 25 million barrels have been sold from the SPR. SPR levels
President Joe Biden inherited an SPR at 638 million barrels. However, first in response to rising gasoline prices, and then as a result of Russia’s invasion of Ukraine, President Biden announced the most aggressive SPR drawdown in history. During his first two years in office, the SPR was drawn down by 266 million barrels. So far in 2023, another 25 million barrels have been sold from the SPR. SPR levels
Posted on 3/21/24 at 3:34 pm to TJG210
quote:
That isn’t how it works necessarily. The last batch we sold to China iirc. The point of the whole project is should a national emergency occur, we’re sitting on a pile of oil that can be refined and used to help us in the short term. A good example of this is hurricane Katrina. The majors were cut off from producing for a bit in the gulf. Can’t just go hat in hand to chevron and demand they produce immediately.
Why sell to China?
Posted on 3/21/24 at 3:36 pm to RedHog260
quote:
Why sell to China?
We (The US) sold some of the barrels to a U.S. arm/subsidiary of Sinopec.
I’m sure there were also barrels that were sold to U.S. based companies like Marathon or such that ended up at ports in China as well via a subsequent transaction.
Posted on 3/21/24 at 3:41 pm to ragincajun03
quote:Why didn't he just refill it? It was very cheap then
In fact, the SPR levels were lower when President Trump left office than when he entered
Posted on 3/21/24 at 3:45 pm to UncleFestersLegs
quote:
Why didn't he just refill it? It was very cheap then
During Covid Democrats screeched about it being a bailout for the oil companies. So instead, a bunch of checks were sent to mailboxes, with Republican and Democrat politicians alike hoping it would translate to votes for their side.
Posted on 3/21/24 at 3:48 pm to ragincajun03
quote:what does that have to do with the SPR?
So instead, a bunch of checks were sent to mailboxes, with Republican and Democrat politicians alike hoping it would translate to votes for their side.
Posted on 3/21/24 at 3:56 pm to UncleFestersLegs
quote:
what does that have to do with the SPR?
I’m guessing funding wasn’t going to be allocated? Though it seems like the Dept of Energy could authorize purchases without Congressional approval; however, the Trump Administration did try to put into the 2020 stimulus bill $3 Billion for oil purchases, but Democrats, mostly, stripped it out.
Stimulus passed without the funding.
Posted on 3/21/24 at 4:12 pm to Bard
quote:
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.
You don't do this unless you're preparing for a war
Posted on 3/21/24 at 4:31 pm to Padme
quote:
Buy high and sell low
The illegitimate regime will claim when factoring in 25-30% inflation they're getting oil on the cheap.
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