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Page added on February 29, 2020

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US to Sell 12 Million Barrels of Oil as Virus Hits Demand

Consumption

The U.S. will sell up to 12 million barrels of oil from its emergency government stockpile just as global crude demand takes a hit from the spreading coronavirus.

The crude would be delivered to U.S. Gulf Coast pipelines in April and May, adding incremental barrels to an already oversupplied market at a time when oil demand is expected to slump. The International Energy Agency and the Organization of Petroleum Exporting Countries both expect fuel consumption to contract in the second quarter. OPEC and allied producers will gather in Vienna next week to discuss ways to stabilize oil prices, which have tumbled as supplies swell.

The Energy Department sale announced Friday is part of a regular drawdown schedule intended to raise $450 million for government programs in fiscal year 2020. That goal may prove difficult as oil prices have plunged more than 20% this year on the back of the coronavirus contagion. The U.S. benchmark on Thursday settled at the lowest level in more than a year.

Up to 6 million barrels will be sold from agency’s Bryan Mound site in Texas, with 6 million more coming from its Big Hill, Texas, and West Hackberry, Louisiana, sites.

Earlier this month, the Trump administration proposed selling 15 million barrels of oil from the emergency stockpile as part of its fiscal 2021 budget plan and has previously proposed reducing it by half. The oil reserve, set up after the Arab oil embargo in the 1970s, has also been tapped in response to emergencies, such as Hurricane Katrina.

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29 Comments on "US to Sell 12 Million Barrels of Oil as Virus Hits Demand"

  1. Sissyfuss on Sat, 29th Feb 2020 10:36 am 

    This is an investment towards Tdumps reelection. There is an air of desperation building in DCs ivory towers as economic headwinds bring down the façade of a working republic.

  2. Anonymouse on Sat, 29th Feb 2020 12:27 pm 

    450 million. Sounds like selling that oil will fix all the uS’s spending problems for sure.

    Hey, did you know, in 2015, the uS ‘lost track’ of 500 million dollars in weaponry given to one county, YEMEN, in this case.

    Or, according to its own auditors, the uSgov improperly pays out between 100-150 million each to year to deceased federal employees.

    If that one is too far down your memory hole, how about this then. 450mil would you get you ameridumbasses just 2 F-35 flying bricks. Not enough to cover the costs for three. So after buying those F-35s, you could use the 100 million? or so left over to pay down the deficit.

    The uS couldn’t fix its spending and budget problem(s) if the SR had a trillion barrels of HQ oil to sell. But, it seems every uS ‘president’ makes noises about selling SR oil at some point and the only reason they ever seem to offer up for why, is how it will help fund uS government operations in some way. Since the uS govt’s main priories is war-spending, toppling government’s they dont like, or subsidizing corporations that produce war materials or crappy cars no one wants or can afford, to use one example, It’s hard to see how any of that 450 million would ever benefit anyone that isnt part of the MIC or corportocacy.

  3. Duncan Idaho on Sat, 29th Feb 2020 12:29 pm 

    President Donald Trump’s psychological problems are getting worse and could be consequential as America faces a potential COVID-19 coronavirus pandemic.

    https://www.alternet.org/2020/02/psychiatrist-sounds-the-alarm-about-sociopath-president-trump-hes-getting-worse/?utm_source=&utm_medium=email&utm_campaign=3841

  4. makati1 on Sat, 29th Feb 2020 5:06 pm 

    Anon, the US military loses more than that $500,000,000. every year in waste and fraud.

    I think the two jet purchase would take all of the money as they are junk and would need repairs and upgrades before they would be useful. The US only builds junk. Nothing works except the payoff to the MIC.

    BTW: The US will never get to the moon as the German engineers they imported after WW2* are all dead and the US trained ones are too stupid.

    *”Wernher Magnus Maximilian Freiherr von Braun was a German and later American aerospace engineer and space architect. He was the leading figure in the development of rocket technology in Germany and a pioneer of rocket and space technology in the United States.” Wikipedia

  5. Davy on Sat, 29th Feb 2020 5:09 pm 

    “Did China Close First Lab To Sequence Covid-19 Out Of Fear It Would Lose Bat Soup Narrative?”
    https://tinyurl.com/t6nzodt zero hedge

    “The question we all should be asking: Why was the first medical research lab, located in Shanghai, to sequence the whole genome of Covid-19 and publicly share the data shut down?… China’s lack of transparency since the outbreak began late last year is a significant concern. The likely reason behind the lab’s closure early last month was pressure by the Chinese government on Shanghai Health Commission to prevent the spread of scientific data to the international community that would likely debunk the official narrative that the virus came from a food market in Wuhan, China. But as we noted last week, it’s too late, and the Global Times had to admit that a “New Chinese study indicates novel coronavirus did not originate in the Huanan seafood market.” Even China has had to question its official narrative; the NY Post published an article which sounds very familiar to ours: “Don’t buy China’s story: The coronavirus may have leaked from a lab” in which the author writes “the evidence points to SARS-CoV-2 research being carried out at the Wuhan Institute of Virology.”

  6. Duncan Idaho on Sat, 29th Feb 2020 6:22 pm 

    “I don’t know about you, but I’m more worried about Trump’s redhats listening to this fool and failing to take precautions than I am worried about foreigners at this point.”

    All Wingpawns are clueless and dangerous– we just have a abundance of them in Merika.

  7. makati1 on Sat, 29th Feb 2020 6:41 pm 

    Duncan, there are a lot of uneducated people in Amerika, including the prez. I can see the virus getting a stronghold and then decimating the economy and Amerika’s future as a 1st world country.

    Ignorance is bliss…until it is death. Sigh!

  8. Duncan Idaho on Sat, 29th Feb 2020 7:12 pm 

    makati—
    I agree, Merikins are some of the most uneducated people on the planet, and they will get their ass kicked for it.

    Just got invited to a trip to Palau– but I’m probably going to pass.

  9. Richard Guenette on Sat, 29th Feb 2020 7:37 pm 

    The virus is going to cause economic and social breakdown. A lot of people are panic buying- in stores where shelves are going bare. There are ways to avoid the virus: 1. Cough and sneeze into your sleeve. 2. Avoid people who are sick 3.Wash your hands frequently.

  10. Richard Guenette on Sat, 29th Feb 2020 7:39 pm 

    Pharmaceutical medication will run low due to the spread of the virus. As for the power grid, who’s going to keep it going if nobody shows up to work?

  11. makati1 on Sat, 29th Feb 2020 9:53 pm 

    Richard, good question. How many Amerikans are prepared to live without electric for weeks, maybe months? few, I bet. Even solar does not work in cloudy or stormy weather. And how many have a grid big enough to power furnaces, refrigerators, etc?

    We and our neighbors are. No problem.

  12. Davy on Sat, 29th Feb 2020 9:59 pm 

    “Illinois Reports Another “Presumptive” Case Of Coronavirus, Bringing US Total To 24; Washington Declares State Of Emergency After 1st US Death”
    https://tinyurl.com/u62a3ut zero burger

    The sky is falling! The sky is falling!

    WE ALL GONNA DIE!!!

  13. makati1 on Sat, 29th Feb 2020 10:05 pm 

    The US is not testing so it has no numbers to post. That will likely lead to a wide spread epidemic that cannot be ignored in a few months. We shall see. Not a good year for the US.

  14. Davy on Sat, 29th Feb 2020 10:12 pm 

    “The US is not testing so it has no numbers to post. That will likely lead to a wide spread epidemic that cannot be ignored in a few months.”

    So true makato. So true.

    WE ALL GONNA DIE!!!

    Cept fer REAL green. Cus REAL Greens not REAL.

    (or green)

  15. joe on Sat, 29th Feb 2020 11:37 pm 

    Fuckin snowflakes. Die already, just be fukin adult about it. I’d rather wait for the antiviral, failing that I’ll praise Jesus name and put my faith in Him. Love you neighbour as yourself. That’s all any of us can really ever do.

  16. Abraham van Helsing on Sat, 29th Feb 2020 11:47 pm 

    “Love you neighbour as yourself.”

    Except for Germans of course.
    Some restrictions apply.

  17. Abraham van Helsing on Sat, 29th Feb 2020 11:51 pm 

    “Everything is mystery about a woman. The solution to the riddle though is pregnancy”

    Friedrich Nietzsche

    https://www.dailymail.co.uk/news/article-8060471/Carrie-Symondss-marriage-baby-non-negotiable.html

    “How marriage and a baby was always non-negotiable for Carrie Symonds who had date nights at her mother’s local Italian and cosy evenings oil-painting together with Boris Johnson“

    All human beings want to realize their maximum potential.

    For a woman that’s a good catch and a child.
    For a man that’s becoming PM.

    Wish them both much happiness and a healthy child.

    Outside the EU.

  18. Abraham van Helsing on Sun, 1st Mar 2020 12:18 am 

    When it comes to stopping the invasion of new armies of young muslim men, the Austrians give the best example. Where Americans merely talk about walls, every Balkan country actually HAS a wall:

    https://www.independent.co.uk/news/world/europe/austria-immigration-border-refugee-crisis-greece-turkey-a9366536.html

    “Austrian chancellor hints at closing borders as police clash with refugees on Greece-Turkey border“

  19. Abraham van Helsing on Sun, 1st Mar 2020 12:31 am 

    Britain gone mad. Advisors (from hell) claim that Britain doesn’t need a food sector, as it is “not essential for the economy”.

    Typical Anglo thinking: the abstract Holy Economy (read: money) is more important than food security.

    https://www.dailymail.co.uk/news/article-8060473/Britain-doesnt-need-farmers-reveal-leaked-emails-senior-government-official.html

    “Britain doesn’t need farmers, reveal leaked emails: Major new Whitehall storm erupts after Number 10 brands senior mandarin who quit over Priti Patel row ‘Sir Calamity’“

    Instead they want to mimic Singapore, a daft idea, since Singapore is a small city state, parasitizing on the immense flow of goods passing their city on the way to and from China. Nothing like those conditions exists for isolated Britain, that is much bigger than Singapore, that is majority Chinese, where Britain just managed to isolate itself from the lucrative European market.

  20. joe on Sun, 1st Mar 2020 6:29 am 

    Bojo is busy trying to oust these deepstate pro EUSSR commies who think we dont need farmers, GO BOJO!

  21. joe on Sun, 1st Mar 2020 6:37 am 

    Syrians to Germany! What’s a few million more…..

    Erdoğan says border will stay open as Greece tries to repel influx

    “https://amp.theguardian.com/world/2020/feb/29/erdogan-says-border-will-stay-open-as-greece-tries-to-repel-influx&ved=2ahUKEwjt0M3LpPnnAhUdUhUIHZVYAEwQyM8BMAB6BAgGEAQ&usg=AOvVaw23w7NEjZMhwnP9Po2wjx4P&ampcf=1”

    You’ll need more than 71billion yoyos per year to deal with this bigger migration crisis. Get ready Germany aloha akbar!

  22. Abraham van Helsing on Sun, 1st Mar 2020 9:53 am 

    Bojo is busy trying to oust these deepstate pro EUSSR commies who think we dont need farmers, GO BOJO!

    Reading is not a core competence of yours, eh, joe esquire? The article quotes a powerful government adviser and ally of Cummings, a dr. Tim. He runs no risk of being ousted at all. Dr. Tim is one of Cummings’ “weirdo” buddies.

    Define “EUSSR commies”?

    I vaguely remember that during WW2 the USSR was your ally. You would expect that the UK would be a capitalist champ in contrast to these “shabby continental communists”.lol

    The opposite is true. The UK is the country with the largest deficit in Europe and after the US even in the world:

    https://en.wikipedia.org/wiki/List_of_countries_by_current_account_balance

    The UK simply has little to offer to the rest of the world.

    The UK is currently the #9 economy, closely followed by France. Expect the UK to swap with France after a no-deal Brexit will inflict severe damage on the UK economy.

    The UK ranks low in the per capita GDP list. 5 areas in the UK are the poorest in entire western Europe.

    And like in the USSR people in the UK can be thrown in the slammer on bogus charges, like “terrorism”.

    But what can you expect from a loon who thinks that the British Empire still exists.ROFL

  23. Duncan Idaho on Sun, 1st Mar 2020 9:59 am 

    1954 — First H-bomb tested on Bikini Atoll. Over 7,000 square miles are contaminated as well as many local residents & Japanese fishermen.

  24. Duncan Idaho on Sun, 1st Mar 2020 10:00 am 

    1985 — US: Beloved & Respected Comrade Leader Acting President President Ronnie Reagan says Nicaraguan Contra murderers, torturers, rapists & bandits are “the moral equivalent of our Founding Fathers.”

  25. Duncan Idaho on Sun, 1st Mar 2020 10:03 am 

    “It seems somewhat ridiculous to talk of revolution . . . . But everything else is even more ridiculous, since it implies accepting the existing order in one way or another.”

    — Situationist International #1

  26. joe on Sun, 1st Mar 2020 11:20 am 

    Abraham van Helsing on Sun, 1st Mar 2020 9:53 am

    Just telling it like it is. We might rank low in the world, give us a break though, we’ve only been independent for 2 months….. 😉

  27. Abraham van Helsing on Sun, 1st Mar 2020 3:23 pm 

    Brexit talks going nowhere.
    They should go nowhere.

    https://www.dailymail.co.uk/news/article-8062291/French-minister-Amelie-Montchalin-warns-Britain-fishing-row-collapse-post-Brexit-trade-deal.html

    “’We know how to make it a very nasty battle’: French minister warns Britain that a post-Brexit trade deal could collapse if there is no agreement to allow EU fishermen work in UK waters“

  28. Abraham van Helsing on Sun, 1st Mar 2020 4:18 pm 

    For an entire month it is no longer possible to apply for asylum in Greece:

    https://www.spiegel.de/politik/ausland/fluechtlinge-griechenland-setzt-asylrecht-fuer-einen-monat-aus-a-14421c7e-80da-43d7-976c-9d00cae92127

    It should be cancelled for the endless third world hordes for ever. These young muslim male invaders are enemy combatants and should be treated in a military fashion. Between the eyes.

  29. arianapham on Tue, 17th Mar 2020 3:44 am 

    Really nice and interesting post. I was looking for this kind of information and enjoyed reading this one. gun mayhem pogogamesplay

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