Plantagenet wrote:I never thought I'd see the day when the US was selling off the oil in the US strategic petroleum reserve to foreign countries.
But thats exactly what Joe Biden is doing....
u-s-makes-first-strategic-reserve-crude-sale-to-foreign-nation
I wonder why Joe Biden is doing this?
Does he think the US doesn't need petroleum any more?
Does Joe think there will never be another oil crisis or oil embargo against the US?
Does Joe not know what the SPR is there for?
I'm very puzzled by this......oil prices aren't especially high.....why sell off oil from the SPR now?
Cheers!
OutcastPhilosopher wrote:Dude, I told you guys a while back that the US was using the oil in the SPR to boost oil production and manipulate the price of oil and supply because the Shales were FAILING.
OutcastPhilosopher wrote:All of the oil production figures are lies.
OutcastPhilosopher wrote:Dude, I told you guys a while back that the US was using the oil in the SPR to boost oil production and manipulate the price of oil and supply because the Shales were FAILING.
Now they are selling it off the other countries because they don't have enough to keep running operations.
All of the oil production figures are lies.
ROCKMAN wrote:FYI: the amount of oil being sold is completely insignificant by any metric.
AdamB wrote:Republicans Want More Control Over America's Oil Reserve. They Should Scrap It Instead.
Why We Should Get Rid Of The Strategic Petroleum Reserve
In March 2022, as crude oil prices spiked amid Russia’s war in Ukraine, President Joe Biden announced that he would be tapping into the Strategic Petroleum Reserve (SPR) to help mitigate rising gas prices. In what he called a “wartime bridge,” Biden authorized the release of up to 180 million barrels over six months.
yellowcanoe wrote:AdamB wrote:Republicans Want More Control Over America's Oil Reserve. They Should Scrap It Instead.
Why We Should Get Rid Of The Strategic Petroleum Reserve
In March 2022, as crude oil prices spiked amid Russia’s war in Ukraine, President Joe Biden announced that he would be tapping into the Strategic Petroleum Reserve (SPR) to help mitigate rising gas prices. In what he called a “wartime bridge,” Biden authorized the release of up to 180 million barrels over six months.
Nice mixing of different units of measurement to mislead naive readers. "But currently, the reserve amount sits at around 370 million barrels, its lowest level in nearly four decades. That may sound like a dire situation, but at the same time, commercial oil producers hold 448 million gallons of crude oil in inventory." Well duh, a barrel is a heck of lot larger than a gallon!
AdamB wrote:180 Million Barrels Of Crude May Never Be Returned To The SPR
The Department of Energy rejected a bid for 3 million barrels to refill the SPR last week...... The U.S. Department of Energy may not have sufficient budget to refill the petroleum reserve......this statement reflects what many feared last year when President Biden first said the administration would sell oil from the SPR to lower gasoline prices.
Plantagenet wrote:AdamB wrote:180 Million Barrels Of Crude May Never Be Returned To The SPR
The Department of Energy rejected a bid for 3 million barrels to refill the SPR last week...... The U.S. Department of Energy may not have sufficient budget to refill the petroleum reserve......this statement reflects what many feared last year when President Biden first said the administration would sell oil from the SPR to lower gasoline prices.
Exactly right.
And people in the oil biz are predicting another jump up in oil prices is coming later this year or next year, because oil demand is going up as China reopens and there isn't a lot of spare capacity out there to help boost oil production.
theluckycountry wrote:Just engineer another pandemic, that did wonders getting the demand for petroleum under production.
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