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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!

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!

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.

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.

Yes, I agree that you have spouted off many conspiracy nutter angles. You do understand that just because you parroted Alex Jones that it doesn't mean the parroting is true, right?

OutcastPhilosopher wrote:All of the oil production figures are lies.

Prove it.

FYI: the amount of oil being sold is completely insignificant by any metric. BTW the price we'll get is far less then the TOTAL cost of what it took to get it into the SPR.

BTW we still import more oil then we produce. And the difference will increase in coming years. Also folks who get armed by the various number of oil imports/exports need to research the amount of REFINED crude oil products we EXPORT to get a more clear picture of the BIG PICTURE. Hint: the USA exports more refinery products (that stuff consumers CONSUME...compared to crude oil) then any other country on the planet. About 13% of the world's total.

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.

Way to go, keeping that track record that the more you post, the less credible you are. (And the better candidate for the loony bin).

Congrats.

But don't worry, there are plenty of conspiracy theorists around here likely to believe anything you say if it comes with a theory of doom. You can all form a club, wear big orange noses and shoes, and drive the clown car around in circles together. That will be JUST as productive as the sum total of what you type here.

BTW, I don't like, generally, the way the SPR is used. It should be used for ACTUAL OIL EMERGENCIES, not politics, etc. But that doesn't make loony conspiracy theories from your ilk any better.

ROCKMAN wrote:FYI: the amount of oil being sold is completely insignificant by any metric.

Of course.

But it isn't the amount being sold that matters......its the fact that selling oil from the SPR to foreign companies marks a change in government policy towards the SPR. Under Biden, the SPR is now seen as a place to store oil that will then be sold to foreign oil companies, even when there is no shortage of oil on the open market.

I'm surprised you don't realize that this marks a change in policy.

Please allow me to remind you that the original designated purpose of the SPR is to act as a reserve specifically for the US in case of an oil embargo or other problem in US supplies.

Cheers!

I have to admit that this picks my curiosity. Does anyone here have a reasonable explanation to why the US government would be selling SPR oil at below cost prices to foreign countries at this time, no matter how insignificant the amount? I am not an oil industry expert by any measure, and I can't imagine a reason why. I am hoping that a more knowledgeable member of our community can explain this to me. Why did Australia lease space in the SPR? How does this benefit the USA? Was it a political decision? Did we offer this to Australia in exchange for something else? Thanks!

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.

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!

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!

Typo Canoe

https://www.eia.gov/dnav/pet/pet_stoc_w ... _nus_w.htm

U.S. begins buying back oil for strategic petroleum reserve -official

WASHINGTON, Dec 16 (Reuters) - The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile.The department will buy up to 3 million barrels for delivery in February, a senior official told reporters.

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.
Crude quality complicates the problem of refilling the SPR. The U.S. Department of Energy may not have sufficient budget to refill the petroleum reserve.
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Earlier this week, the Biden administration rejected the first bids from companies offering to sell crude oil into the strategic petroleum reserve of the country. The tender followed a record release of 180 million barrels throughout 2022. And that 180 million barrels may never be returned to the SPR. “DOE will only select bids that meet the required crude specifications and that are at a price that is a good deal for taxpayers,” the Department of Energy said in a statement following the failed tender, which invited bids for a modest 3 million barrels. And 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.

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.

But not to worry......if the oil prices go up again no doubt Joe Biden will just tap the SPR again, especially if oil prices go up before the 2024 election.

Of course that will leave the SPR dangerously low, but draining the SPR seems to be all part of the Ds master plan for the USA.


I predict Biden and the Ds will tap the SPR again when oil prices jump again....and that means the SPR will be down by 2/3rds by the time Biden gets re-elected in 2024

Cheers!

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.

Economic weakness set to weigh on oil price in 2023: Reuters poll

Dec 30 (Reuters) - Oil prices are set for small gains in 2023 as a darkening global economic backdrop and COVID-19 flare-ups in China threaten demand growth and offset the impact of supply shortfalls caused by sanctions on Russia, a Reuters poll showed on Friday.

A survey of 30 economists and analysts forecast Brent crude would average $89.37 a barrel in 2023, about 4.6% lower than the $93.65 consensus in a November survey.

Obviously it should be renamed the US Get Reelected Petroleum Reserve.

Just engineer another pandemic, that did wonders getting the demand for petroleum under production.

theluckycountry wrote:Just engineer another pandemic, that did wonders getting the demand for petroleum under production.

It ihas been going on for half a year now, and expected to continue during 2023. Duh.

The Biden administration plans to sell more crude oil from the Strategic Petroleum Reserve, with deliveries estimated to happen between April and June.The non-emergency sale will amount to 26 million barrels of crude, according to people familiar with the matter, and is part the congressionally mandated sale lawmakers approved years ago for the current fiscal year.

USA to Sell 26MM More Barrels From Strategic Oil Reserve