Don't know how we missed this: U.S. secures 200 million barrels of oil for strategic reserve Most of the SPR will have been refilled with the purchase of 200 million barrels of oil. I don't know why now, but I'm sure the future Trump Administration thanks you.
He didn't want to do it during his term because he depleted it to keep gas prices down to help his and/or Kamala's election chances. Now that the election chances have gone down the toilet, and the future economy belongs to the Republicans he has no issue filling up the strategic reserve.
How many times does this have to be explained to you? My God! Biden has made the US billions of dollars selling off reserves when prices were abnormally high and replenishing it when prices were lower. He's made the US over $20/barrel. That's $4,000,000,000 in profits with this latest purchase. Thanks, President Biden. "Most of the SPR will have been refilled with the purchase of 200 million barrels of oil." Actually, President Biden has put back 20,000,000 more barrels of oil than he sold off to (thankfully) help stabilize oil prices after Putin invaded Ukraine. He sold the oil then at $95/barrel and just replenished it at $74.75/barrel. Here, you do the math.: Online Calculator https://www.energy.gov/articles/bid...chase-strategic-petroleum-reserve-secures-200 Joe Biden, master oil trader A really stupid post. See above. The last time Biden sold out of the reserves was in 2022 after the Russian invasion. That was hardly keeping prices down for the election. You should apologize for bearing false witness and refrain from doing that again....Commandment (not a suggestion) right on point.
There was nothing false about what I wrote. Approval ratings early on in a Presidency are a leading indicator of a POTUS’ electability as the incumbent candidate. The two are not unrelated and disassociated things. Biden lost the election for several reasons. One of the reasons was inflation we experienced early on in Biden’s term. What happened in 2021 and 2022 is highly relevant to the outcome of the election in 2024. People remember gas prices under Trump vs. gas prices in Biden’s 2nd term.
So Biden sold oil at very high prices in order to lower prices during an OPEC cut back, then made billions of profit, and now is filling it up at much lower prices. There has been no need for the reserve oil in over a half a century... but somehow the right hates this and feels it was mismanaged? Tell me... When will republicans claim the economy is booming? | Swamp Gas Forums
I think we would all agree that the SPR is not there to provide arbitrage opportunities for any administration.
Russia, Russia, Russia, that's one view. Biden sold off the SPR to bring gas prices down in an election year is the correct view. I don't care how much money Biden made for the treasury, which was misspent anyway, that is not the purpose of the SPR. We're in a dangerous world of Biden's creation so the US should have never been so low in the SPR. It's just one of Biden's many actions that emboldened or enriched our enemies. Six months ago, Jennifer Granholm was quoted in an interview as saying the Biden Administration didn't have the money to refill the SPR. Obviously, that was a lie too based on Friday's action to purchase 200 million barrels of oil. Again, why now?
The only posts on too hot for like 2 years were about gas prices. Seemed pretty important and not arbitrary to you all then. You crack me up.
We have the benefit of hindsight now.. Biden was right. You were wrong. It wasnt needed for any emergencies, so lowering costs came with no downside, only profits. Sorry that hurts.
What is funny is how people will argue this back and forth without knowing anything. 1. 2015 congress that ended the ban on selling crude overseas also mandated that the SPR sell off over 100m barrels from the SPR between 2022 and 2027. 2. Budget ACT of 2018 required an additional 30 million barrels sold between 2022 and 2025, 35 million barrels in 2026 and 35 million barrels in 2027. 3. 2017 Tax Cuts Act required another 7 million barrels sold starting 2026. CONGRESS IS MANDATING the SPR be used as a bank and drawn down from a peak over 700 million barrels to a nominal level of 450 million barrels by 2027. Can we all agree the freaking Republicans should STOP using the SPR as a right-wing piggy bank?
Yes, we all know about the congressional mandate. We're not stupid. It's the timing of the buydowns and the replenishments that are questionable.
Significant evidence to the contrary, you did at least adeptly sidestep the fact that the faux-conservatives are the ones treating the SRP as a government piggy bank.
You seem to be saying that since the government made money on selling and buying the oil, it was okay to do so. I don't believe that it should be used for political purposes. It is the Strategic Petroleum Reserve, not the Political Petroleum Reserve.
Isn't the common complaint how government should be run more like a business? And now, when it is, you are complaining about that too?
Since when is lowering oil prices that spiked “political”? Ridiculous. Developing a vaccine for covid with govt aide was “political”! See? By the way: https://crsreports.congress.gov/product/pdf/R/R45577
