Posted on 11/23/2021 6:28:42 AM PST by Hojczyk
The move will be part of a coordination by the Energy Department with other major energy consuming nations including China, India, Japan, the Republic of Korea and the United Kingdom, according to the White House.
The White House also said the department will make available releases of 50 million barrels of oil from the reserve in two ways:
18 million barrels will be an acceleration into the next several months of a sale of oil that Congress had previously authorized. 32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the reserve in the years ahead.
(Excerpt) Read more at justthenews.com ...
That’s not what they are for.
It’s what socialists do. They deplete all reserves of money, food, energy, then blame the dismal state of things on capitalists.
In 2020, the United States consumed approximately 20.54 million barrels of oil daily.
His will do nothing...three days worth
So. This is where Hunter forms his own oil supply company and gets it dumped in his lap (on paper, still in the tanks) to resell to the oil supply system?
On the news oil is up a dollar from being down 50 cents
It will enrich his cronies who have suddenly become oil supply middlemen.
Un-freakin-believable.
Let’s just put our nation at risk why don’tcha.
When it’s not being sold to someplace in ‘asia’. Obviously all designed to bring this country to it’s commie-la position without knee pads. No dent will be made in prices. Maybe he should send commie-la to “KNEEgotiate” with opec?
Bush and obama did this as well. I doubt it will help.
Are we gonna export the oil?
Or will it sit somewhere waiting for refining capacity to free up?
This is about lower gas prices the way CoupFlu diktats are about public health.
So at the height of a gas crisis, Biden is shipping 1.6 million barrels of crude from our strategic petroleum reserve to CHINA. So far 12 million barrels have been shipped out of the US in the last two months, and it looks like they're gearing up to send more.— Pearson Sharp (@PearsonSharp) November 22, 2021
Beyond ad hoc responses to localised oil disruptions, the US has only tapped its oil reserve a handful of times.
In 2011, President Barack Obama released 30 million barrels as part of a joint effort with other nations to counter supply disruptions from Libya.
In 2005, President George W Bush released 11 million barrels in the wake of Hurricane Katrina.
And in 1991, under President George HW Bush, 17 million barrels were released during the first Gulf War.
In 2017, the Energy Department authorised the release of 5 million barrels to Gulf Coast refineries when Hurricane Harvey wreaked havoc on the region.
Such arrangements are designed to address short-term emergency needs, and the crude is repaid, in kind, at a future date.
Check this out;
“About 1.6 million barrels of crude from the U.S. Strategic Petroleum Reserve — a monthly record — was shipped out in October, according to data from market intelligence firm Kpler. Three cargoes were loaded onto a supertanker in the U.S. Gulf Coast and are headed to Asia. “Given the ongoing pace of the current SPR release — 12 million barrels in the last two months and the biggest weekly relea
Read more at: https://www.bloombergquint.com/markets/record-spr-crude-leaves-u-s-gulf-coast-as-biden-mulls-release
Copyright © BloombergQuint”
From an older article in 2017 but I imagine the numbers are pretty much the same as far as refining:
U.S. refineries produced an average of about 20 gallons of motor gasoline and about of 11 gallons of ultralow sulfur distillate fuel oil from one 42-gallon barrel of crude oil, according to the Energy Information Administration. Many other petroleum products are refined from crude oil.
And this:
1 million barrels of crude oil would produce about 500,000 barrels of gasoline—‘enough gasoline to fuel U.S. autos for an hour and 15 minutes.’
Like I said, send commie-la to opec to “KNEEgotiate”.
Has ChiComjoe coordinated with Gen. Milley to release the locations of our SLBM submarines to Xi Jinping yet?!?
Deliberately knocking out yet another foundation post that was placed to keep our society stable and prosperous.
I haven’t seen it mentioned anywhere yet, but I think this is a back door way to reduce debt (make Biden economic numbers look better than they are) rather than reducing price of gas, which it won’t.
Oil is fungible, will sell to highest bidder, so no guarantee it reduces gas price here at home. Likely not since other countries have even higher prices than us, or other governments want it more.
Trump replenished the reserve at somewhere between $20 and $30 a barrel. Now Biden gets to sell it at $80+. It’s a selfish move that makes him look like he cares about the economy, when he still shuts down our oil industry, puts our workers out of work, yet gives him a short term debt payoff for MSM to trumpet.
Just my thoughts.
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