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Started By
Message
re: Oil at $57.50 a barrel. Trump is buying.
Posted on 10/21/25 at 10:04 pm to cadillacattack
Posted on 10/21/25 at 10:04 pm to cadillacattack
Well, Biden said “we’re going to end oil”.
So….
So….
0
Posted on 10/21/25 at 10:08 pm to SaintsTiger
quote:
IIRC Joe Biden bought oil for the reserve when gas was $5 a gallon
You recalled incorrectly.
Posted on 10/21/25 at 10:33 pm to CubsFanBudMan
Biden sold 180m barrels for $95/bbl. He bought back about 40m for $75/bbl and got approval to cancel the sale of another 140m barrels, effectively “replenishing” the SPR to required levels
Basically he sold 140m earlier than required and made an extra $20/bbl for it
Basically he sold 140m earlier than required and made an extra $20/bbl for it
Posted on 10/22/25 at 6:03 am to DaveyJones12
Amazing how people show up and post with such low post counts.. LINK
quote:
On July 29, multiple news outlets reported that the Biden Administration has replenished the 180 million barrels of oil it removed from the Strategic Petroleum Reserve. One headline read “U.S. Restores SPR to pre-2022 Levels.”
An article in The Hill reported:
“The Biden administration says it has replenished the 180 million barrels of oil it withdrew from the nation’s Strategic Petroleum Reserve in response to high prices following Russia’s invasion of Ukraine.”
It is absolutely false that the SPR has been replenished. In fact, here were the SPR levels as of July 19
Posted on 10/22/25 at 7:52 am to OU Guy
quote:
“The oil and gas industry worldwide are underinvesting in sustaining capital by $2 Billion per day…it begins to make a difference in 2027 & 2028.” - Rick Rule
This^^^
There's no capital spending going on right now, pretty much just maintenance work. Trump has got to get the EPA to undo some of the bullshite regulation that is hendering companies from building new refineries. This carbon credit bullshite has got to go. Get rid of the bullsit regulating the auto industry while you're at it. It's bullshite that they can only manufacture so many diesel burning or V8 gas engines because they have to be offset by the number of EV's produced etc or face penalties.
Posted on 10/22/25 at 8:23 am to OU Guy
Hope so, but I’ve heard this for a long time now.
Posted on 10/22/25 at 8:37 am to HagaDaga
quote:
IMO we shouldn't be paying full price for our nations natural resources for filling a strategic need. It belongs to us all. Pay for getting out, and a little something for their troubles, but that's it.
Ok, Maxine Waters.
Posted on 10/22/25 at 1:15 pm to antibarner
I said "effectively" replenished. Can you read?
There was a sale mandated by congress in 2022. That sale was cancelled.
There was a sale mandated by congress in 2022. That sale was cancelled.
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