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Seeing as oil is now around $70 a barrel, they can refill it for a profit.
by philjohn 4y ago
Seeing as oil is now around $70 a barrel, they can refill it for a profit.
- algoatecorn 4y agoRefill it with oil where from where?
- dragonwriter 4y agoRefilling it buying oil from the market, which they issued rules to do with the drawdown, with a specific price trigger which has just been reached.
- propogandist 4y agowhat do you mean “profit”? The prices won’t stay suppressed once the SPR drain stops, OPEC has no interest in keeping prices low and the current admin has been cutting US output.
- philjohn 4y agoUS output has increased since the current admin took over https://www.macrotrends.net/2562/us-crude-oil-production-historical-chart https://www.macrotrends.net/2562/us-crude-oil-production-his...
- propogandist 4y agothis is comparable to the admin trying to take credit for all the jobs that were furloughed and lost due to covid shutdowns coming back. This is supply returning to a pre-pandemic state. The admin has been against net new output and using many tools to push their ‘green new deal’ agenda.