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Started By
Message
Strategic Petroleum Reserve - Scary
Posted on 12/6/22 at 11:22 am
Posted on 12/6/22 at 11:22 am
So the whole Biden debacle taught me the SPR only has enough oil to run the country for like 2 months before its tapped.
In my mind I thought this was a vast resource that could power the country for like a year. Idiot presidents aside, should we be dramatically increasing our storage capabilities with this?
In my mind I thought this was a vast resource that could power the country for like a year. Idiot presidents aside, should we be dramatically increasing our storage capabilities with this?
18
Posted on 12/6/22 at 11:25 am to CAD703X
The worst part is that reserve was bought cheap and now were paying premium after he tapped it.
Posted on 12/6/22 at 11:27 am to momentoftruth87
Somehow oil prices are plummeting though even with this increased demand and global turmoil
Posted on 12/6/22 at 11:27 am to CAD703X
quote:
should we be dramatically increasing our storage capabilities with this?
No, we should be drastically increasing our production of energy sources and the protection of them.
The SPR is a joke that Presidents use for political stunts.
Posted on 12/6/22 at 11:27 am to CAD703X
We still produce oil and gas in this country daily so not sure why it needs to be bigger. I could see going bigger as production declines again.
Posted on 12/6/22 at 11:29 am to CAD703X
quote:
should we be dramatically increasing our storage capabilities with this?
No, increase domestic capabilities
Posted on 12/6/22 at 11:32 am to momentoftruth87
quote:
The worst part is that reserve was bought cheap and now were paying premium after he tapped it.
Bought cheap (not sure what the avg price paid was), sold high and now have the opportunity to refill at a price lower than sold.
Posted on 12/6/22 at 11:35 am to cwill
So you're cool with the Fed price gouging the public?
Posted on 12/6/22 at 11:37 am to Wtodd
quote:
So you're cool with the Fed price gouging the public?
Not sure what you're getting at...sold into a high market to push prices down...announced will re-buy at $70ish (yet to be seen) in order to set a price floor. Gouging?
Posted on 12/6/22 at 11:37 am to CAD703X
quote:
So the whole Biden debacle taught me the SPR only has enough oil to run the country for like 2 months before its tapped.
In my mind I thought this was a vast resource that could power the country for like a year. Idiot presidents aside, should we be dramatically increasing our storage capabilities with this?
But we're continuously producing oil so we have no need to use the SPR to run the country for 2 months. This is fear mongering.
Posted on 12/6/22 at 11:38 am to cwill
why not just tap our land and make money instead of being leveraged by hostile nations?
Posted on 12/6/22 at 11:39 am to cwill
quote:
Not sure what you're getting at...sold into a high market to push prices down...announced will re-buy at $70ish (yet to be seen) in order to set a price floor. Gouging?
Emptying the SPR did nothing to the overall price of gas...maybe a penny or 2. We footed the bill to fill the reserve at $20 something a barrel and now we're paying to refill the fricking thing at 3+ times the price.
Posted on 12/6/22 at 11:40 am to Wtodd
also, most states suspended gas tax, which will return and jack prices back up.
Posted on 12/6/22 at 11:42 am to Wtodd
quote:
Emptying the SPR did nothing to the overall price of gas
It did, just because it didn't materially move down isn't proof it didn't work...it kept it from going much higher.
quote:
We footed the bill to fill the reserve at $20 something a barrel and now we're paying to refill the fricking thing at 3+ times the price.
A lot of the oil was sold in the $100-120 range and then down into the $80s. The proposal is to rebuy at $70 or less. How is that a loss?
Posted on 12/6/22 at 11:44 am to cwill
quote:
How is that a loss?
Bc WE didn't benefit one damn bit. Where did the profits go bc we didn't partake in it?
Posted on 12/6/22 at 11:45 am to cwill
for one, its not supposed to be used to sell for profit. It is a reserve and it could critically hurt us. Just becaue we make a few bucks doesnt mean it was an overall good deal.
Posted on 12/6/22 at 11:47 am to C
quote:
We still produce oil and gas in this country daily so not sure why it needs to be bigger. I could see going bigger as production declines again.
The global leader in oil consumption needs the four reserves we have (if not way more) in order to be in a good place during a market like this.
Trump wanted to fill it at 24 per bbl.
Idiot democrats cut their nose off to spite their face because they don’t like him.
That’s it.
That’s the reason we may have to fill it at 77 per bbl.
Posted on 12/6/22 at 11:48 am to cwill
quote:
A lot of the oil was sold in the $100-120 range and then down into the $80s. The proposal is to rebuy at $70 or less. How is that a loss?
Because Democrats got in the way of Trump topping off the SPR when oil prices were $25 per barrel.
Posted on 12/6/22 at 11:52 am to CAD703X
quote:
So the whole Biden debacle taught me the SPR only has enough oil to run the country for like 2 months before its tapped.
Huh?
This is wrong on so many levels.
Posted on 12/6/22 at 11:54 am to cwill
quote:
Not sure what you're getting at...sold into a high market to push prices down...announced will re-buy at $70ish (yet to be seen) in order to set a price floor. Gouging?
Because before the current administration screwed the energy for this country. I and everyone else was paying substantially lower prices on utilities, gasoline, diesel and everything effected groceries and supplies. Now with this ponzi scheme you are talking about and the government making money on the backs of the citizens is complete bs. And higher fuel prices for longer. Book it the SPR will stay low.
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