Strategic Oil Reserve. Intresting Video.....

[Averageman]

I think I said this was going to happen when the "Ding Bat" in Chief first sold this stuff off.

This has been the worst Administration in our History. That this idiot has put us in such peril to sell oil to his cronies is a crime.

[FromMyColdDeadHand]

Uhm, why do we need a strategic reserve, when we pump all the oil we need? So we drill here in the US, bring it to the surface, and then put it back down this hole…. It made sense when we relied on overseas- and especially Middle East oil, but aren’t we in a fundamentally different energy situation now? We need to be increasing our ability to export natural gas so that we can reduce in the influence of Russia and support our EU allies.

I’m fine with refilling it, if we think that for some reason our pipelines or lift capacity is at risk, but If we are talking strategic reserves, the 21st century needs rare earths rather than more oil, back in the ground…. Why am I wrong?

[FromMyColdDeadHand]

Double

I refilled my comment reserve.

[Averageman]

I guess my point is Joe "Mr. Electric Car" Biden, hates oil and let a real error in his tactical decison making shit in his bed.
I believe the plan was for enough in reserve for one month of two front war fighting world wide. Makes Sense right? It's in reserve because you don't want to go from 40% to Max Capacity production overnight in CONUS.
There was a lot of speculation that, that oil went to China. It's not been refilled and it's not going to be refilled, but lets give Israel and Ukraine some more money.

We might have bargained ourselves into a nightmare scenerio.

[Wake27]

Here's a slightly less emotional take from today's Knightsbridge Research report for you guys that prefer to get information with less drama.

The Biden Administration has cancelled a plan to purchase three million barrels of oil to partially replenish the Strategic Petroleum Reserve (SPR) due to high prices. The SPR currently holds about 363 million barrels of oil, which is significantly down over the past two years.

In a statement, the Department of Energy said the SPR would be refilled when prices drop.

"Keeping the taxpayer’s interest at the forefront, we will not award for the Bayou Choctaw SPR site in August and September and will continue to solicit available capacity as market conditions allow," a DOE spokesperson said. "As always, we monitor market dynamics to remain nimble and innovative in our successful replenishment approach to protect this critical national security asset."

ANALYSIS: The SPR was drawn down over the last two years as a response to high oil and fuel prices, which the Biden Administration attempted to moderate by releasing millions of barrels of oil into the open market. This had a slight effect on prices but left the SPR at its lowest levels since the 1980s.

The plan, according to White House officials, is to refill the SPR when oil prices are at or below $79 per barrel. The current price is in the mid $80s, after briefly dipping into the $70s. This plan appears likely to remain in place, and the SPR appears unlikely to be replenished until prices drop.

Strategically, this leaves the US in a weaker position than in recent decades, as the SPR is seen as a critical part of America’s ability to conduct warfare against near-peer adversaries.

[FromMyColdDeadHand]

If you want to be mad at buying, just be mad at Buijten for being a dumb ass in general. The strategic oil reserve isn’t nearly as strategic as it used to be.

https://www.eia.gov/energyexplained/...nd-exports.php

We don’t need to worry about Soviet Oscars and Victor III sniping our oil tankers and starving us.

I agree that the optics are poor. I’d rather have it did not have it, but as far as strategic reserves go, I’d rather do something else like chips, or as I mentioned rare earths.

[TAZ]

If you want to be mad at buying, just be mad at Buijten for being a dumb ass in general. The strategic oil reserve isn’t nearly as strategic as it used to be.

https://www.eia.gov/energyexplained/...nd-exports.php

We don’t need to worry about Soviet Oscars and Victor III sniping our oil tankers and starving us.

I agree that the optics are poor. I’d rather have it did not have it, but as far as strategic reserves go, I’d rather do something else like chips, or as I mentioned rare earths.

Well, yes and no. The strategic reserves are a bit more readily available than trying to convince some oil companies to drill baby drill cause in 3 months we will shut you down again cause reasons. I’ve always thought of it as a savings account vs some long term investment account that needs weeks of BS to access. Should NOT have been depleted to drive gas prices during election cycle. Should NOT have been depleted to give or sell to any other schmuck on this planet.

It’s just one more light into the imbecilic thought process of this admin and its supporters.


Sent from my iPhone using Tapatalk

[ChattanoogaPhil]

SPR exists as a type of insurance policy in case of oil supply disruptions, not as a political tool to dump oil on the market in a effort to temporarily reduce pump prices a few pennies and help offset Biden's misguided energy policies. Just one more example Biden's squandering of America.

In the last week or two pump prices have jumped more than 10% around here.

[Wildcat]

In a statement, the Department of Energy said the SPR would be refilled when prices drop.

Given that the policies of this administration are deliberately keeping oil prices elevated to make green technology appear more attractive, I interpret this response as: "There is no intention to replenish the petroleum reserve."

[ChattanoogaPhil]

The Biden admin replenishing SPR is on par with securing the border.