Oil from U.S. reserves head overseas as gasoline prices stay high | Reuters

I guess there isn't really any question about the green energy policy of those who control the ridiculous idiot in the White House.

The whole world sees it now!   The American people are much wiser now.

Still suffering at the pump? Get used to it -- it's Joe Biden's liberal world order

  https:// nypost.com/2022/07/03/get -used-to-suffering-at-the-pump-its-joes-world-order/ …

This is Unacceptable

Guess we didn't need that oil.

Europe and Asia would like to thank the Biden administration's largesse with tax payer money.

Something tells me they already have.

Guess we didn't need that oil.

Nah... why would we possibly need a strategic reserve?

It's not like we're supplying arms in a war against Russia or Finland wants to join NATO or anything.

Ya, we're just below 500 MILLION barrels, almost empty. /s

Ya, we're just below 500 MILLION barrels, almost empty. /s

Which would last us 25 days....assuming we don't need to help supply Germany, France, Italy, Poland, Holland or Spain...all of whom currently import oil from Russia.

Right, because US production would halt instantaneously in conjunction with any emergency, and all that oil in the pipelines would magically evaporate and the tankers at sea will just cruse into the Bermuda triangle. /s

Oh, and of course, during that emergency, American 'patriots' will refuse to curb their consumption of oil because 'Merica'. /s

I bet most of these folks have some big ass SUVs or humongous pick em up trucks which are gas guzzlers supreme.  

Right, because US production would halt instantaneously in conjunction with any emergency, and all that oil in the pipelines would magically evaporate and the tankers at sea will just cruse into the Bermuda triangle. /s Oh, and of course, during that emergency, American 'patriots' will refuse to curb their consumption of oil because 'Merica'. /s

US production already does not meet US demand, as liberals were famous for reminding us all any time a Trump supporter reveled in our supposed "energy independence" during his presidency.  The tankers at sea will be rerouted to Europe, who will need to replace the millions of barrels they're still buying from the Russians.  It has apparently also escaped you that wars are inherently fuel-intensive endeavors.

The obvious point here being that a "strategic reserve" is designed for national emergencies, and the fact that it costs an extra $20 to fill up your tank is not a national emergency.  Or at least it's obvious to anyone without a brainless psychotic need to defend anything any Democrat ever says or does.

"Brett Hartl, the government affairs director at the Center for Biological Diversity, also noted more drilling permits were approved in the first year of Biden's presidency than during his predecessor's first 365 days. The center   found   the Biden administration approved 3,557 permits for oil and gas drilling on public lands last year, outpacing the Trump administration's first-year total of 2,658."

"As an environmentalist, I wish the administration would crack down on fossil fuel drilling much, much more," Hartl told Newsweek . "I think in the long run, it's super harmful. But it's just not factually accurate for the industry to complain, 'We're so helpless' when they've been given a huge green light over the last year and they're sitting on thousands and thousands of permits to drill. What are they waiting for?"

So RECORD 13 BILLION PROFITS in one quarter for ONE COMPANY, are again due to Biden doing what again ?

So RECORD 13 BILLION PROFITS in one quarter for ONE COMPANY, are again due to Biden doing what again ?

I'm not sure what discussion you think you're entering.

My concern is with the release of strategic reserves during a time of global conflict to address issues unrelated to said conflict. 

I don't care what Brett Hartl thinks.   Oil profits come and go.  Right now they're high.  Buy some stock.  

I'm not sure what discussion you think you're entering.

If, you realize the REASON there is a concern that we need to replenish  the oil used from our Strategic Supply , would it not help to KNOW what caused it to be used in the first place ? Reactionary thinking, hinders that of productive preemptive thinking, that will help to prevent this type of dilemma. What ever action is done now, will not change our deficiency in the Strategic Reserve, except to halt its release, and i;m fine with that, but the reason we are in this predicament faulty and has not, Bidens fingerprints, but that of ALL the pols who continued to kick this can down the road, and yet, when things are smooth and uneventful, NO PLANS are ever implemented to get US OFF of our OIL DEPENDENCY. 

The Time has long past to get US into recovery for oil  addiction, as it has shaped our Foreign policies, and dictated WHICH WARS  were 'WORTH" fighting, due to a countries resources that benefitted our GREEDY CORPORATIONS , so . FCK THEM ! They continue to RAPE US, and will till we won't let them, STOP BEING A RAPE ENABLER

to halt its release, and i;m fine with that,

Then we agree.

ALL the pols who continued to kick this can down the road

You act like you somehow expect them to do anything other than tell emotional people what they want to hear.  

FCK THEM ! They continue to RAPE US, and will till we won't let them, STOP BEING A RAPE ENABLER

OK...well... I'll let you handle that.

Pro tip... For about $100, you can buy a share of Exxon and go express your views at the shareholders meeting.

Second tip, smart people who study this are saying oil is going to go higher.  As much as 40% higher.   So buckle up, because this is likely to get worse before it gets better.

US production already does not meet US demand

Yes I know. 

It has apparently also escaped you that wars are inherently fuel-intensive endeavors.

What lead you to that unfounded conclusion? 

The obvious point here being that a "strategic reserve" is designed for national emergencies, and the fact that it costs an extra $20 to fill up your tank is not a national emergency. 

Then you must have been up in arms when Trump ordered a release for the same reason. /s 

Jimmy Carter tried all those year ago Iggy yet of course all his efforts were thwarted and undone

Then you must have been up in arms when Trump ordered a release for the same reason. /s

Of course.  

But I thought Joe was supposed to be an improvement on Trump, not just copy his actions in a softer voice.

BTW, if you're going to attempt sarcasm, say something more intelligent.

We are in the bind we are in right now because Covid disrupted what was essentially a global system not designed to take a sudden cratering of demand. Some wells needed to be permanently capped and now labor shortages are interfering with restoring oil production levels to what they were before Covid. In addition to that, the oil companies are finding the new normal attractive. There is a lot of money to be made in an environment of scarcity and that oil that comes out of the ground more slowly will be worth a lot for a longer time.

Blame will only get us so far. What we need to be doing is looking around for carrots and sticks that accomplish something.

Oh, and Putin needs to die soon. That would REALLY help us all out.

Blame will only get us so far.

Unfortunately, as a society we don't seem smart enough to do anything more.

Unfortunately, as a society we don't seem smart enough to do anything more.

Maybe there is a butterfly effect in this universe of humans where muttering about a helpful idea or two helps them become reality.

And we are supposed to believe Joe is doing good.

It's time for a vote of no confidence on this entire administration.

Looks like it's going to be a long, dark winter, too.  Natural gas inventories are down and strengthening NATO will only increase competition for what is available.  eia: Weekly Natural Gas Storage Report

So, what's the plan, Joe?

• Screw the US consumer and taxpayer.
• Blame Putin. 
• Blame US oil companies
• Beg OPEC to increase production.
• Give Iran whatever they want to sell us oil.
• Tell 3rd world South American countries they can ship their unwanted people here; so long as they increase oil production.
• Tell us all that high oil and gas prices are for our own good.
• Promote non existent, expensive, electric cars 
• Try to ram through a federal election law to ensure a permanent Democrat majority in the House and Senate

Same as before. Joe doesn't have a plan; and we shouldn't expect him to come up with one either.

Same as before. Joe doesn't have a plan; and we shouldn't expect him to come up with one either.

Biden's policy (and planning) has relied upon financial measures that are more appropriate for expanding the energy market and increasing consumption of energy.  Green energy policy has been all about the money.  Managing capital assets and resources has been given little, if any, attention.  Biden's policy is causing and exacerbating an energy crunch by continuing to subsidize increased energy consumption.

It's no different than how Federal policy has distorted the housing market.  Federal financial measures had the effect of increasing demand for housing with the ill conceived idea that expanding the market would make housing more affordable.  There wasn't attention given to managing the capital assets of tangible buildings.  Federal housing policy has been all about the money, too.

How does this help our national interests or improve the lives of US Citizens?

Thanks Brandon, you did that!

That's so immature.  

So the US oil was sold on the open market and some of the companies that bought this oil are sending it overseas.  

And you are mad at the president why? Seems to me that you may have a misplaced sense of anger, that is, if you really should be angry in the first place. 

All crude oil is not created equal. Types of Crude Oil

Some refineries cannot handle some types of crude oil readily.  They were built for a different type.   

From the linked article 

Refineries in the U.S. Gulf coast were at 97.9% utilization, the most in three and a half years.

I seem to recall some dispute on this from an earlier article about the oil companies response to government calls to increase production and lower prices. 

The export of crude and fuel is blunting the impact of the moves by U.S. President Joe Biden to lower record pump prices. Biden on Saturday renewed a call for gasoline suppliers to cut their prices...

Once again, if you're interested in cheaper gas,  I think that you're angry at the wrong people. Biden increased the supply and asked suppliers to reduce their prices. Why aren't you mad at the people who are charging higher prices than they need to? Why aren't you mad at the commodities traders who bid up the price of oil?

Biden increased the supply

Biden didn't increase shit. The Federal Oil reserve has to replace all of the oil that Biden is selling. You do know that right? For every barrel of oil Biden sells off- the US has to buy another barrel of oil. The most he is doing is maybe earning the US government a few dollars per barrel being sold- as the price of oil temporarily drops and the government earns a profit on the difference. That is assuming the US bought the oil at a lower cost originally than what it is selling at now.

and asked suppliers to reduce their prices.

Biden is asking suppliers to reduce their prices w/o offering anything in return. Funny how he can offer Iran and South America something in return from the US. He has begged the Saudis as well; but they told him to pound sand twice. (Wonder why? Considering Joe is a diplomatic genius and all. Wouldn't have anything to do with him going after the Crown Prince or anything would it? Nah, couldn't be.) US oil companies are responding to all of the increased environmental regulations Joe has thrown at them; along with the diminished land being offered up for oil production by the government; and the nagging little fact that Biden wants to put them all out of business. Yet the left asks why they haven't increased production?

Why aren't you mad at the people who are charging higher prices than they need to?

You mean like gas stations? Did you go to the same economic classes as the Biden administration?

forbes

Below is a breakdown from the state of CA on the costs involved in every gallon of gas. Not a whole lot of margin there for gas station owners. Most of whom are independents. 

energy.ca

Why aren't you mad at the commodities traders who bid up the price of oil?

Gee, I don't remember Democrats giving Bush Jr a break for high gas prices. He had to deal with commodity traders as well. They have been around forever; and will be around long after Biden is gone.

Democrats want to give Biden a pass on high gas prices; but he has exasperated the problems with US oil production with his increased environmental regulations; leasing restrictions; and repeatedly casting doubt on the future of oil producers. His war of words with US oil and gas retailers isn't doing anything to fix the problem. All they are is sound bytes for leftists to rally around.

As much as you complain, one would think that you would take the time and educate yourself, especially since you are shown to be wrong on a daily basis. 

Biden didn't increase shit.

Then why are you guys bitching about how much US oil from the SPR (presumably from Biden) is going overseas? I mean pick a position and stick with it. First everyone was mad that oil was going up. "Do something!" they said. So he released some oil from the SPR. "That isn't enough to do anything," they said. The companies that PURCHASED the oil sent some of it overseas. They yelled at Biden.... All I see here is a bunch of partisans armchair quarterbacking everything that Biden does and calling it "wrong" definitionally, then trying to justify why they called it wrong.

Biden is asking suppliers to reduce their prices w/o offering anything in return.

Refusing to kowtow to the robber barons who are in control of the energy markets should earn him some support from the true patriots of this country.

IMO, the oil producers and traders (these are the people who control the price of oil) don't like Joe Biden because he said that we need to reduce our dependence on fossil fuels. As a result of this, they are trying to get rid of somebody they see as an existential threat. The fact that the prices are high suits them just fine: They can rake in the record profits and watch as the public at large (for some totally inexplicable reason) blames the wrong person, that person (Biden) then suffers politically for a problem that was not of his creation and that the office of the PotUS has next to no control over. Fuck the country, we need our profit. Fuck all you little peons who have to drive and heat your homes and would lose your jobs if you didn't drive your vehicle, you have to pay what we say because, just because. Supply and demand my ass, it is supply and fuck you.

You mean like gas stations?

Fuck no! Gas stations have to charge what they are told by their distributors (within very close margins) and have very little room to adjust their prices. So if you are mad at the operator of your filling station, you are mad at the wrong person. Again.

Gee, I don't remember Democrats giving Bush Jr a break for high gas prices. He had to deal with commodity traders as well. They have been around forever; and will be around long after Biden is gone.

First, oil was commoditized after the gas crunches of the 70's to remove some of the monopolized control of OPEC . 

The first widely traded oil financial contract to be sold through an organized, regulated exchange
was a heating oil futures contract offered on the New York Mercantile Exchange (NYMEX) in
1978. The heating oil contract gained in popularity and was followed by other successful oil
futures contracts, including the introduction of U.S. West Texas Intermediate crude oil futures in
1983. By 1990, there were 10 active oil futures contracts trading worldwide, with a combined
daily volume equivalent to 150 million barrels a day, or 130 percent more than oil demand at the
time. Today, total NYMEX oil futures trading activity represents the equivalent of 600 million
barrels, which is about seven times the daily volume of current oil demand. 

Second, I am not currently or ever have been a member of the Democrat or a Republican parties. I think that partisan affiliation has a great deal to do with just where we are today as a deeply divided country. IMO, the partisan two-party structure should be dismantled.

Third, the Bush administration had close ties to (Haliburton, anyone?) the oil industry, and the Commodity Futures Modernization Act (CFMA) of 2000, signed into law by Clinton, made speculation more opaque.  (Same source as above):

The Commodity Futures Modernization Act (CFMA) of 2000 effectively cleared the way for
more lax regulation of new oil risk management products, including index funds and price
swaps, setting the stage for a rapid increase in financial players’ participation in over-the-counter
(OTC) markets. The CFMA was approved by Congress on December 15, 2000, and signed into
law by President Clinton six days later. It is particularly important because it designated certain
OTC derivatives transactions (including those involving oil) to be outside of the jurisdiction of
the CFTC. Thus, the CFMA made it easier for financial players to obviate speculative limits by
creating a “loophole” that exempted certain participants from speculative position limits and
other regulations due to their involvement in OTC markets or electronic trading platforms—such
as ICE or the now- extinct Enron Online.

Democrats want to give Biden a pass on high gas prices; but he has exasperated the problems with US oil production with his increased environmental regulations; leasing restrictions; and repeatedly casting doubt on the future of oil producers. His war of words with US oil and gas retailers isn't doing anything to fix the problem. All they are is sound bytes for leftists to rally around.

So what you are saying is that the oil industry is pissed at Biden and wants him to go away. Agreed, but I don't blame Biden, I blame the industry for fucking the dog for too long before they said "Hey! Looks like we ARE going green." If, instead of stonewalling and denying climate change, they had accepted the inevitability of the change in where people could get their energy from, they could have been leading the charge for change. Now they are, like their fuels, destined to become fossilized.

Is it safe to assume you ride a bicycle or drive a electric vehicle?

Because that would somehow disqualify Thomas's opinion?

I'm not trading my Subaru in yet, but my next car will be EV.

It only costs $50 to fuel a 1,000 HP Tesla to go 1,000 miles...

Even in a Subaru that would cost something like $200 now.

Someone needs an education. It is you and Biden. Or didn't you read the link where Biden blamed gas stations for high gas prices?

You also completely ignored all of the environmental regulations Biden has heaped on oil and gas producers. Those regulations costs businesses money to maintain which is passed along in the price.

brookings

forbes

dlapiper

Refusing to kowtow to the robber barons who are in control of the energy markets should earn him some support from the true patriots of this country.

So kowtowing to foreign dictators (including our enemies) to get them to produce more oil is acceptable and should be supported by true patriots of this country? It wasn't acceptable when Bush Jr did it with the Saudis; and it damn sure isn't acceptable now that Biden is doing with with the Saudis and our enemies in Iran, Russia (before they invaded Ukraine), and Venezuela. 

IMO, the oil producers and traders (these are the people who control the price of oil) don't like Joe Biden because he said that we need to reduce our dependence on fossil fuels. As a result of this, they are trying to get rid of somebody they see as an existential threat. The fact that the prices are high suits them just fine: They can rake in the record profits and watch as the public at large (for some totally inexplicable reason) blames the wrong person, that person (Biden) then suffers politically for a problem that was not of his creation and that the office of the PotUS has next to no control over. Fuck the country, we need our profit. Fuck all you little peons who have to drive and heat your homes and would lose your jobs if you didn't drive your vehicle, you have to pay what we say because, just because. Supply and demand my ass, it is supply and fuck you.

You are half right. The oil and gas producers don't give a fuck about Biden or the Democrats. Why should they?

Naively, you think Biden and the Democrats give a fuck about the high gas prices. Nothing could be further from the truth. If we have to suffer for their dream of a greener world; that is a price they are more than willing to pay (it doesn't affect them).

First, oil was commoditized after the gas crunches of the 70's to remove some of the monopolized control of OPEC . 

No really; so Bush Jr had to deal with it then didn't he? Same as Biden. Just like I stated.

Second, I am not currently or ever have been a member of the Democrat or a Republican parties. I think that partisan affiliation has a great deal to do with just where we are today as a deeply divided country. IMO, the partisan two-party structure should be dismantled.

At one time I would have agreed with you. I was an independent fiscal conservative. I voted for more independents than anything else; and split my vote pretty evenly between moderate Republicans and Democrats when I voted Establishment.

That was before the 2016 elections. I campaigned and voted for Gary Johnson. Didn't expect he would win; but at least thought he could garner the 10% of the vote to garner Federal dollars for future Libertarian Party campaigns. Was proven very wrong; and that was with two of the most toxic, corrupt, human POS candidates ever from the Establishment parties. I was then cast in with the "deplorables" for having the temerity for not voting for Hillary. Lost many friends over it (Some who thought they would mend fences when Biden was elected. They can pound the same sand the Arabs are making Joe do.).

We have the system we deserve, period. Yell, scream, and cry- the masses do not care. When it comes to it they will vote for the candidate with the R or D behind their names. They will take the lesser of two evils every time. Because voting third party is just wasting your vote; and guaranteeing that the candidate you wanted least will win. Which is how we end up with politicians that only care about staying in power; rather than serving the people. 

As for not belonging to a political party, so what? I have never belonged to a political party. With our two party system I vote for the lesser of two evils now. Which means I vote for Republicans- not that I believe in everything they stand for- or that they aren't out for themselves; but right now the Democrats are the most evil after what they put this country through for the last 6 years and counting.

Judging from your comments you vote mostly Democrat. 

Third, the Bush administration had close ties to (Haliburton, anyone?) the oil industry, and the Commodity Futures Modernization Act (CFMA) of 2000, signed into law by Clinton, made speculation more opaque.  (Same source as above):

So, you are saying that Bush Jr was responsible for high gas prices- but Biden isn't. Otherwise you are just blowing smoke at this point.

So what you are saying is that the oil industry is pissed at Biden and wants him to go away. Agreed, but I don't blame Biden, I blame the industry for fucking the dog for too long before they said "Hey! Looks like we ARE going green." If, instead of stonewalling and denying climate change, they had accepted the inevitability of the change in where people could get their energy from, they could have been leading the charge for change. Now they are, like their fuels, destined to become fossilized.

Great, so another free pass to Biden and the Democrats. So where is all that new economic and viable green tech anyways? It seems that those oil and gas companies you are ripping already heavily invested in it.

ren21

nsenergybusiness

offshore-technology

powermag

npr

Of course none if this helps in the here and now; where we need oil and gas to power today's cars, trucks, planes, and commerce.

It only costs $50 to fuel a 1,000 HP Tesla to go 1,000 miles...

Tesla can only get 267 to 375 miles on a single charge. So you must be talking about multiple recharges.

way .

You either have to recharge at home or find a Tesla recharging station that takes time. Not to mention needing to find a Tesla recharging station if you are out on the road.

tesla

https://getoptiwatt.com/blog/how-many-tesla-charging-stations-are-in-the-us#:~:text=Today%2C%20you%20find%20more%20than,stations%20in%20the%20US%20alone.

Where does your electricity come from at home? If the power plant supplying it isn't green tech you are just adding to the pollution. Also, the charging prices will go up as more and more people buy EV's; and the electrical grid becomes stressed. Most of the electrical grids in the US can barely handle the demands put on them now with electronics, air conditioning/heating, etc.

Finally you have the pollution caused when the battery expires (not to mention the damage caused by mining to get the materials to make it). There is no good solution yet; but they are studying it. 

theguardian

Going green is a nice concept; but reality is still a long way off.

You also completely ignored all of the environmental regulations Biden has heaped on oil and gas producers. Those regulations costs businesses money to maintain which is passed along in the price.

If this were the case, the profit margins would not have grown. In your link from the Brookings Institute, I see no place where the administration has done anything that would seriously increase the cost of current production.  The Forbes link is an opinion piece and is obviously skewed : The author is a PR person for the Petroleum industry. 

The DLA Piper link had some good information:

As one of his first actions in the Oval Office, President Joe Biden signed an executive order directing federal agencies to eliminate subsidies for fossil fuels, stating “[u]nlike previous administrations, I don’t think the federal government should give handouts to Big Oil.”

Subsidies take various forms, ranging from tax breaks to regulatory advantages. The Environmental and Energy Study Institute calculated that the federal government funds $20 billion every year in fossil fuel subsidies. While most taxes are levied by Congress, the Biden Administration could take two actions through the executive branch to put further pressure on the industry:

• Ensure oil and gas companies pay government penalties. Natural resource damages are currently tax deductible. In 2015, the DOJ entered a settlement with BP over the Deepwater Horizon Spill for $20.8 billion in damages. However, the settlement was tax-deductible, and BP was able to write off $15.3 billion of the penalty as “natural resource damages payments, restoration and reimbursement of government costs.” Under President Biden, the DOJ could eliminate this loophole and deny tax deductions for corporate actors that reimburse the federal government for certain cleanup related costs.
• Stop maintaining shipping lanes on rivers. The federal government spends over $700 million each year constructing and maintaining shipping lanes on rivers, which are often used for the transportation of oil and gas. Under President Biden, the federal government may require companies, including heavy users such as oil and gas companies, to fund all or a portion of the construction and maintenance of these shipping lanes.

President Biden has also expressed his intent to reform oil and gas tax subsidies. In Congress, the Biden Administration could seek to reduce two tax credits:

• An intangible drilling costs deduction which allows producers to deduct a majority of their costs from drilling new wells. The Joint Committee on Taxation, a nonpartisan panel of Congress, has estimated that eliminating this deduction could generate $13 billion over 10 years.
• The percentage depletion tax break, which allows independent producers to recover development costs of declining oil gas and coal reserves, could also be stricken, or reduced. The Joint Committee on Taxation estimated that eliminating this tax break could generate approximately $12.9 billion in revenue over 10 years.

Reforming or eliminating any fossil fuel tax break would require Congressional action–which is far from certain.Any bill to alter the tax provisions for the fossil fuel sector would also face heavy resistance from lobbyists, who would likely trumpet the fact that solar, wind and other non-fossil energy sources receive substantial taxpayer support.

I don't see the problem. 

So kowtowing to foreign dictators (including our enemies) to get them to produce more oil is acceptable and should be supported by true patriots of this country? It wasn't acceptable when Bush Jr did it with the Saudis; and it damn sure isn't acceptable now that Biden is doing with with the Saudis and our enemies in Iran, Russia (before they invaded Ukraine), and Venezuela. 

I did not say that kowtowing to anyone was acceptable. 

I also did not say that Bush Jr. was responsible for the prices during his administration. Clinton signed the legislation, passed by the Republican congress, that let rampant speculation contort the markets. The theory of "Peak Oil" certainly led to the popular belief that we were running out of oil and a whole bunch of people who did not understand or take the time to investigate were buying into oil futures, all beneath the radar of the SEC. Add people who were suddenly "wealthy" because of the housing bubble and you create the perfect recipe for disaster. In the same way that the government should have been watching what the markets were doing in regards to housing (there had been laws before that came about as a result of studying the depression and its causes, but they were castrated by "modernization" and the thought that it was somehow a "new" economy) there should have been breaks on the amount and the degree of exposure assumable by any one entity. 

It is supply chain issues right now that are causing the the price of gasoline to be so high, primarily production and refining. I have read that production is picking up and that the bottleneck is in the refining. That is probably where the rest of the price increase is coming from. 

Your links, I do not think they say what you think they do..... I visited all of them, and mostly they show an extremely limited actual investment by producers. There are some big promises, but little in the way of actual investments in renewable resources. 

Certain folks are always supplying links which don't back up their claims.  Also, they just make up shit.  

Certain folks are always...

Flapping their lips and spamming articles with ZERO links to back up their claims and make shit up.  See @11.1.8 as an example.

trumpturdian projection.  

The Federal Oil reserve has to replace all of the oil that Biden is selling. You do know that right? For every barrel of oil Biden sells off- the US has to buy another barrel of oil.

Bullshit. Do you never tire of making shit up Ronin? 

Speaking of bullshit...................

The United States will take bids this fall to buy back 60 million barrels of crude oil for the U.S. Strategic Petroleum Reserve ,

reuters

cbsnews

Speaking of bullshit...................

WTF are you trying to pretend that your links prove Jim? Neither of them supports the statement:

For every barrel of oil Biden sells off- the US has to buy another barrel of oil.

PROVE THAT Jim or fuck off. 

What don't you understand about having to buy oil to restock the Reserve no matter how it gets depleted? Just admit you got your ass handed to you and move on................or just don't reply. Replying as you did here, is not a good look and you'd have been better off just leaving it alone.............no one would expect you, especially you, to reply with "I stand corrected" but you should have or just avoided commenting.

It's so funny Dulay - you hand lots of folks their asses every day.  You're always correct.  You think they'd learn.  

He's always ranting and raving against the 'wrong person'.  

What don't you understand about having to buy oil to restock the Reserve no matter how it gets depleted?

Nothing. 

Just admit you got your ass handed to you and move on................or just don't reply. Replying as you did here, is not a good look and you'd have been better off just leaving it alone.............no one would expect you, especially you, to reply with "I stand corrected" but you should have or just avoided commenting.

I haven't been corrected Jim.

NO ONE, including YOU, has posted anything to support this claim:

The Federal Oil reserve has to replace all of the oil that Biden is selling. You do know that right? For every barrel of oil Biden sells off- the US has to buy another barrel of oil.

AGAIN, your links do NOT prove that claim Jim.

Note that I stated:

PROVE THAT Jim or fuck off. 

Which you utterly failed to do. 

Your proclamation lacks credulity and PROVES NOTHING. 

The FACT is, the US has obligations, both statutory and internationally, to maintain a specific quantity in our oil reserves [public and private stocks].

NO WHERE in US or International law does it state that the POTUS ' has ' to replace or ' buy ' so much as ONE barrel of oil as long as that mandatory minimum is maintained.

The POTUS may CHOOSE to replace all, any or none of the reserves he released as long as that mandatory minimum is maintained. 

Now I invite you and yours to PROVE any of the above wrong. No proclamations, no deflections. Post FACTS Jim. 

Here's a cheat sheet for you Jim:

Strategic Petroleum Reserve | Department of Energy

It should be well known by now, that unlike you and yours, I actually pursue and review FACTS before I claim to have 'handed' anyone their ass Jim. 

YOU just got handed YOURS. 

Then why in the fuck are they stating this...........

"The United States will take bids this fall to buy back 60 million barrels of crude oil for the U.S. Strategic Petroleum Reserve, the first step in replenishing the stockpile after a record-sized release this spring, the Department of Energy said"

"“As we are thoughtful and methodical in the decision to drawdown from our emergency reserve, we must be similarly strategic in replenishing the supply so that it stands ready to deliver on its mission to provide relief when needed most," said U.S. Secretary of Energy Jennifer Granholm in a press release detailing the plan. The call for bids on the initial 60 million barrels "will take place in the fall of 2022 to secure delivery in future years when prices are anticipated to be significantly lower than they are today," according to the press release."

So effectively, since they replenish when they release (and I am sure it isn't free to those who receive it) the oil to refineries to keep the price down, it is the exact same thing as selling (or giving) it abroad and must be replenished by purchasing more.

And also from your link............

Investment to date - About $25.7 billion ($5 billion for facilities; $20.7 billion for crude oil)

Take your own advice................................

Then why in the fuck are they stating this...........

Why are you desperately ignoring that I stated:

The POTUS may CHOOSE to replace all, any or none of the reserves he released as long as that mandatory minimum is maintained.

So, to answer your question, they are stating that because in the fall the POTUS is CHOOSING to replenish the reserve. 

BTFW, did you notice the data showing that since 2017 the Congress and Trump made NON-emergency releases equaling over 60 MILLION barrels. 

So effectively, since they replenish when they release (and I am sure it isn't free to those who receive it) the oil to refineries to keep the price down, it is the exact same thing as selling (or giving) it abroad and must be replenished by purchasing more.

More proclamations Jim. You have still FAILED to PROVE that the POTUS 'HAS to' or 'MUST' replenish the amount released. Nor have you proven ONE WORD of my statement wrong. 

Don't give me this 'so effectively' bullshit. Post FACTS and PLEASE, try to concentrate on actually doing what you have been pretending all day to have already done. 

One last fucking time and I am done with your bullshit and nit picking. Eventually, it will have to be replaced. And he is choosing to. To not do so would be a severe mistake.

So in your eyes, he should just keep dispersing it and fuck the future?

You make me laugh.

One last fucking time and I am done with your bullshit and nit picking. Eventually, it will have to be replaced. And he is choosing to. To not do so would be a severe mistake.

One last fucking time, YOU jumped in with:

Speaking of bullshit...................

Posting 2 links that do NOT support Ronin's statement in any way. You haven't refuted that fact. 

All you have done it to try and get me to agree with YOUR interpretations, as you did in this post.

NONE of that addresses the false statement made by Ronin. 

You and yours rinse and repeat the same false bullshit ad nauseam and then pretend that you've 'won' something. You haven't. The fact that you spend so much effort pretending that you have merely accentuates that your comments lack credulity. 

All you and your thumbs up buddies have done is prove that you are incapable of backing up either your claims OR your boasts. 

So in your eyes, he should just keep dispersing it and fuck the future?

Save your strawman BS for someone who will play that stupid game. 

You make me laugh.

If that is the goal of your participation here, congratulations. But don't fool yourself that you've achieved anything but that. 

cause it's easier to say , Biden did that

!

It's much more accurate to say it.

Not accurate, more like simple minded and plain dishonest.

As if Vlad Putin's war on Ukraine had nothing to do with it...

I know. Why blame Putin if you could blame our President?

It's much more accurate to say it.

Actually, It isn't more accurate.

I await your proclamation that it is, but please don't waste my time with a mear proclamation, give some relevant data to back your assertions.

Biden gave the Russian gas station new life.  Putin loves the idiot from Scranton. China loves him too!

give some relevant data to back your assertions.

Again?

Why?

I'm just gong to wait for November.

Again? You haven't so far. 

Why? That is the whole idea of this site.

I'm just gong to wait for November.

So, bereft of any provable facts, you will continue with your bare assertions and hope that the rest of the country does not think too hard or long about pesky little things called facts. 

"Again? You haven't so far." 

NEVER DOES!

Why blame Putin if you could blame our President?

Remember, the ones you are talking to, have been pro-Putin and anti-Ukraine since the war started.  It has almost seemed "personal" with them at times.

Thanks Thomas.  AMAZING how people don't realize oil is sold on OPEN market.  And that also goes for the SOR / SPR.

And whoever is in the friggin' WH can't control the price of oil; not a light switch.  It's the same as most of the run-ups in the past, commodity trading, taking the profits and running.  They still think mom and pop are running the fuel stations.  Mom and pop just work there, they don't own them.

The "brains" on this board

AMAZING how people don't realize oil is sold on OPEN market. 

But they did see what Biden did to the American energy sector.

Not bringing us their best or brightest!  Bunch of dim bulbs actually!

The Dems have not done that since JFK!

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But they did see what Biden did to the American energy sector.

So, Biden IS responsible for the HIGH energy sector profits. Thanks. 

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Cheap gas is a thing of the past, just forget about it ever being below 3$ again. The economics just aren't there, nor is the supply/demand ratio. Until we get serious about the green energy transition spending $75 to fill up your tank is the new norm. 

So fucking glad we have our EV, that buy looks so good now.