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U.S. To Sell 10 Million Barrels From Strategic Reserves This Month
Oilprice.com ^ | 09-02-2017 | Irina

Posted on 02/09/2017 9:03:17 AM PST by bananaman22

Some 10 million barrels of crude from the U.S.’s strategic reserve are scheduled to be sold later this month, the Department of Energy said. The shipment is part of a total 25 million barrels, to be sold over a period of three years, as per the 21st Century Cures Act, signed in December last year.

Sales from the SPR are conducted, according to the DoE, to “respond to a severe energy supply interruption, to prevent or address lesser supply shortages or to conduct evaluations of drawdown and sales procedures.” The Department added that the bidding is open to all companies registered in the Crude Oil Sales Offer program and the registration procedure is also open to new entrants.

(Excerpt) Read more at oilprice.com ...


TOPICS: Business/Economy; Government
KEYWORDS: oil; oilmarkets; spr; strategicreserve
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1 posted on 02/09/2017 9:03:17 AM PST by bananaman22
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To: bananaman22

For a while there it looked like we’d have to tap the strategic bacon reserve as well.


2 posted on 02/09/2017 9:08:03 AM PST by MUDDOG
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To: bananaman22

It seems they always buy when the prices are up and sell when they are down (like now).
When Clinton was President, lots were sold off, on credit, and one went to a young Black man in his early 20’s who lived with his mother. IIRC, it was worth millions and the kid’s mother worked for Jesse Jackson.
This is based on memory and I hope I recall correctly. Wish I had the names to document the story.


3 posted on 02/09/2017 9:09:20 AM PST by Dalberg-Acton
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To: bananaman22

When Trump’s energy policies kick in we’ll have even more surplus reserves.


4 posted on 02/09/2017 9:11:25 AM PST by trebb (Where in the the hell has my country gone?)
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To: bananaman22

Why are we selling these reserves when we have ships that cannot get underway due to lack of fuel?


5 posted on 02/09/2017 9:16:48 AM PST by BuffaloJack
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To: BuffaloJack

Kickbacks and bribes?


6 posted on 02/09/2017 9:17:46 AM PST by Dalberg-Acton
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To: BuffaloJack

Why are we selling these reserves when we have ships that
cannot get underway due to lack of fuel?

**************

Do these ships run on crude or some derivative of the
processed crude?


7 posted on 02/09/2017 9:25:02 AM PST by deport
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To: BuffaloJack
Why are we selling these reserves when we have ships that cannot get underway due to lack of fuel?

Sounds like an interesting story there. Do you have some background on this or a link? Thanks.

8 posted on 02/09/2017 9:29:18 AM PST by Menehune56 ("Let them hate so long as they fear" (Oderint Dum Metuant), Lucius Accius (170 BC - 86 BC))
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To: bananaman22

Why?

Because Zero said so?? Stupid!


9 posted on 02/09/2017 9:30:13 AM PST by Noob1999
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To: BuffaloJack
They must be low on $35/gal. biodiesel.
10 posted on 02/09/2017 9:36:14 AM PST by smokingfrog ( sleep with one eye open (<o> ---)
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To: BuffaloJack

Why do we have these reserves at all? The US has hundreds of millions of gallons of oil which can be pumped at will. Why do we have any reserves. I understand if we were bringing it in. But the reality is that we have more than we need. And both Canada and Mexico have even more. There is no defense purpose for these reserves any more. Use it up. And don’t buy more until the time when the US does not have huge supplies underground naturally.


11 posted on 02/09/2017 9:54:36 AM PST by poinq
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To: bananaman22

Sales are done to: “respond to a severe energy supply interruption, to prevent or address lesser supply shortages or to conduct evaluations of drawdown and sales procedures.”

“Evaluation of drawdown and sales procedures” is the only one reason than “it was scheduled and we’re too dumb to change it” that could possibly apply here.


12 posted on 02/09/2017 9:55:41 AM PST by SaxxonWoods (Ride To The Sound Of The Guns)
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To: bananaman22

This is bad for several reasons. First, this is a time of low oil prices - we should be stocking up MORE. Second, this lowers prices and hurts American producers who should be propped up or at least not undermined.


13 posted on 02/09/2017 9:57:30 AM PST by tbw2
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To: poinq

Drilling, moving, refining and delivering takes time.

The reserve is a good idea, especially in the event of an EMP attack or event.


14 posted on 02/09/2017 9:58:33 AM PST by SaxxonWoods (Ride To The Sound Of The Guns)
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To: bananaman22

The last budget deal used these scheduled sales as a source of revenue for the federal budget, believe it or not. That’s why they’re happening.


15 posted on 02/09/2017 10:00:30 AM PST by babble-on
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To: trebb

yup - should simply sell off 10% every month until it’s all gone.

the strategic oil reserve is stupid


16 posted on 02/09/2017 10:01:40 AM PST by vooch
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To: Dalberg-Acton

Yeah. My observation as well. This is the time BUY as much as can be stored, and put into reserves what cannot be stored.
Odd policy, but when was it scheduled? Under Obola-Hillary-Kerry’s dictatorship?


17 posted on 02/09/2017 10:11:57 AM PST by Robert A Cook PE (I can only donate monthly, but socialists' ABBCNNBCBS continue to lie every day!)
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To: SaxxonWoods

The pipelines are full. The tanks are full. The ground is full. Buying a bunch of oil and sticking it in Louisiana salt mines is not helpful. First its not that much. It won’t last us very long. Second, we can always fill it if we think we may need it in the future. Third, one bomb and its gone. Same with Cushing. Fourth, you still have to refine it. We have lots of pipelines crisscrossing the country that bring oil from fields to refineries quickly and cleanly. The Strategic reserves is like us pumping oil out of the ground and then pumping it back in so we could pump it out whenever we wish.


18 posted on 02/09/2017 10:32:50 AM PST by poinq
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To: poinq

Dump it on the market all at once and THEN see what happens!


19 posted on 02/09/2017 10:42:21 AM PST by DIRTYSECRET (urope. Why do they put up with this.)
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To: DIRTYSECRET

Why not pump it and dump it on dc turn it into la brea tar pits


20 posted on 02/09/2017 11:04:35 AM PST by al baby (Hi Mom Its a Joke friends)
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