Posted on 07/20/2017 8:14:37 PM PDT by Rabin
PetroChina is unloading the first Chinese purchase of crude oil from US strategic petroleum reserves at a port in eastern China. Supertanker Cosrising Lake, is unloading the US oil at Qingdao port in Shandong province this week, The crude according to the US Department of Energy, is similar in quality to Middle East Oman crude. More Asian refiners are turning to the Americas for oil after OPEC cuts tightened heavy crude supplies and as governments respond to a call from United States President Donald Trump to buy US oil and gas. State-owned PetroChina is one of the key players moving Americas crude to Asia. It recently sold India that country's first US crude import via an Indian Oil Corp tender.
(Excerpt) Read more at hydrocarbonprocessing.com ...
Raben
It shouldn’t have been sold unless it had some sort of expiration date.
I am against exporting strategic resources. Especially energy resources. This is dumb.
I agree. Strategic resources should be used for strategic purposes.
It has been used as a slush fund for political cronies. Seems oil is purchased high and sold low and sold on credit to friends.
I agree. Bad idea. We shouldn’t be feeding the tiger.
I hope we get whatever was asked for by selling them this.
How much did China sell to North Korea?
“I am against exporting strategic resources.”
The Strategic Petroleum Reserve is mainly to buffer the effects of a cutoff in foreign oil imports (like the 1973 Arab oil embargo), when we are dependent on those imports.
Now that we are a growing our domestic production, that is less of a treat. Our high production has made us into a significant exporter. Trump’s stated goal is to make us a “dominant” exporter.
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