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Be real fun when the strategic oil reserve runs out / stop draining it after November Election. Nothing was done to increase domestic supply. And OPEC has d

Be real fun when the strategic oil reserve runs out / stop draining it after November Election. Nothing was done to increase domestic supply. And OPEC has decided to tighten the screws on us.

themitigating 4y ago
When will it run out?
- treeman79 4y ago
  https://www.forbes.com/sites/davidblackmon/2022/10/20/president-bidens-dangerous-abuse-of-the-strategic-petroleum-reserve/amp/ https://www.forbes.com/sites/davidblackmon/2022/10/20/presid... Oil reserve has a mix of different kinds of oils. We’ve been using up the better stuff. Not sure how much of that’s left. US has a 25 day supply of diesel.
matthewdgreen 4y ago
"U.S. oil production is almost 12 million barrels per day. By the end of this year, it will be up by about one million barrels per day compared to when President Biden took office, and it is on track to reach a new annual high in 2023. However, a number of industry participants have suggested that, even with today’s high prices, they are concerned about investing in production when prices could fall in the future. The Administration is announcing its intent to use SPR repurchases to add to global crude oil demand at times when the price of West Texas Intermediate (WTI) crude oil is at or below about $67 to $72 per barrel. This will protect taxpayer interests because the SPR will be repurchasing at a lower price than recent sales, potentially allowing it to repurchase more oil than it released with sale proceeds. It will also help address producer concerns about uncertain demand in future years, encouraging immediate investment." https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/18/fact-sheet-president-biden-to-announce-new-actions-to-strengthen-u-s-energy-security-encourage-production-and-bring-down-costs/ https://www.whitehouse.gov/briefing-room/statements-releases...
- everybodyknows 4y ago
  > $67 to $72 per barrel. The WH is going to have to wait a bit for those prices. Right now WTI is $89/bbl: https://www.cnbc.com/quotes/@CL.1 https://www.cnbc.com/quotes/@CL.1 Last time price fell below $72 was December '21.
  - treeman79 4y ago
    Trump wanted to fill the reserve when oil was at 25 a barrel. Congress put a stop to that.

Be real fun when the strategic oil reserve runs out / stop draining it after November Election. Nothing was done to increase domestic supply. And OPEC has decided to tighten the screws on us.

themitigating 4y ago

When will it run out?

treeman79 4y ago
https://www.forbes.com/sites/davidblackmon/2022/10/20/president-bidens-dangerous-abuse-of-the-strategic-petroleum-reserve/amp/ https://www.forbes.com/sites/davidblackmon/2022/10/20/presid... Oil reserve has a mix of different kinds of oils. We’ve been using up the better stuff. Not sure how much of that’s left. US has a 25 day supply of diesel.

matthewdgreen 4y ago

"U.S. oil production is almost 12 million barrels per day. By the end of this year, it will be up by about one million barrels per day compared to when President Biden took office, and it is on track to reach a new annual high in 2023. However, a number of industry participants have suggested that, even with today’s high prices, they are concerned about investing in production when prices could fall in the future. The Administration is announcing its intent to use SPR repurchases to add to global crude oil demand at times when the price of West Texas Intermediate (WTI) crude oil is at or below about $67 to $72 per barrel. This will protect taxpayer interests because the SPR will be repurchasing at a lower price than recent sales, potentially allowing it to repurchase more oil than it released with sale proceeds. It will also help address producer concerns about uncertain demand in future years, encouraging immediate investment." https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/18/fact-sheet-president-biden-to-announce-new-actions-to-strengthen-u-s-energy-security-encourage-production-and-bring-down-costs/ https://www.whitehouse.gov/briefing-room/statements-releases...

everybodyknows 4y ago
> $67 to $72 per barrel. The WH is going to have to wait a bit for those prices. Right now WTI is $89/bbl: https://www.cnbc.com/quotes/@CL.1 https://www.cnbc.com/quotes/@CL.1 Last time price fell below $72 was December '21.
- treeman79 4y ago
  Trump wanted to fill the reserve when oil was at 25 a barrel. Congress put a stop to that.