Posted on 03/04/2024 10:44:33 AM PST by bitt
(Reuters) - The United States may sell its 1 million barrel Northeast gasoline reserve in fiscal year 2024, according to the draft text of a funding bill released on Sunday.
The reserve, first established in 2014 after Superstorm Sandy left motorists in the northeastern United States without fuel, is located in New York Harbor, New York, Boston, Massachusetts and Portland, Maine.
The proceeds from the sale of the refined products in the reserve would be deposited into the Treasury's general fund, according to the text of the bill, which is likely to pass this week.
Once the Northeast Gasoline Supply Reserve is closed, the secretary of energy cannot establish any new regional petroleum product reserve unless funding is explicitly requested in advance of an annual budget submitted by the president and approved by Congress, the bill stipulates.
One barrel of gasoline contains approximately 42 gallons. Gasoline in New York Harbor is currently selling for about $2.29 per gallon.
The provision was included in a bill that also aims to prohibit Chinese entities from buying crude oil from the U.S. Strategic Petroleum Reserve.
The U.S. House of Representatives will have to vote on the bill first before the Senate can take up the package before Friday, Senate Majority Leader Chuck Schumer said.
Right on schedule. Headline this summer: “Brilliant Joe Biden reduces gasoline prices for all Americans”
everyday I wake up thinking brandon can’t possibly do anything to f this country up any worse............and then
“(Reuters) - The United States may sell its 1 million barrel Northeast gasoline reserve in fiscal year 2024”
Traitor Joe has to find a way to pay for the benefits give to all the illegal wannabe Democratic voters he invited into the US.
“(Reuters) - The United States may sell its 1 million barrel Northeast gasoline reserve in fiscal year 2024”
Traitor Joe has to find a way to pay for the benefits give to all the illegal wannabe Democratic voters he invited into the US.
Some other country will buy all the Chinese need
Don't forget, he wants to sell our Helium also.
Wow...the temperature must be dropping a wee bit in Hell.
1,000,000 gallons of gasoline is not all that much. 1,000,000 gallons of gasoline would fit in a square container 51’ wide x 51’ deep x 51’ tall.
From UpNorth :
https://doomberg.substack.com/p/climate-newspeak?utm_source=post-email-title&publication_id=343139&post_id=142251613&utm_campaign=email-post-title&isFreemail=true&r=iu0qg&triedRedirect=true&utm_medium=email
“C-372 goes well beyond merely banning advertising by oil and gas companies... as written, the act would technically apply to any Canadian who is found to be speaking well of the oil industry, or of oil generally.
‘It is prohibited for a person to promote a fossil fuel, a fossil fuel-related brand element or the production of a fossil fuel,’ reads the act. Violate this as a regular citizen, and the act prescribes summary conviction and a fine of up to $500,000. Violate it as an oil company, and the punishment could be as strict as two years in jail or a fine of $1,000,000””
If Obama started it, I am all in favor of ending it.
It seems like more socialist central planning. Why are not states or private industry storing gasoline? They certainly won’t - if they know they are competing with Fed.gov.
Joe Buy Dung needs to prop up the collapsing EV market by creating a fake gas shortage.
Related:
US bill blocking China from buying oil from Strategic Petroleum Reserve just political stunt: experts
By Global Times
Published: Mar 04, 2024
US Congressional leaders on Sunday unveiled budget legislation that would prevent China from purchasing oil from the US Strategic Petroleum Reserve (SPR), according to Reuters. However, the move will have little to no impact on China and is merely a political stunt, experts said.
Congressional negotiators unveiled the 1,050-page bill that lays out funding for six of the dozen segments of the government that Congress is charged with allocating money, with the next six due by later in the month. The US House will have to vote on the bill first before the Senate can take up the package before Friday, Reuters reported.
Last July, the Senate passed a bill 85 to 14 to ban exports to China of SPR oil. The issue of SPR sales to China heated up after US President Joe Biden announced in 2022 the sale of 180 million barrels of SPR oil to tame gasoline prices that spiked after the Ukraine crisis.
In 2022, the SPR sold 1 million barrels to UNIPEC America, a Houston-based arm of China’s Sinopec. In 2017, under former US president Donald Trump, some SPR oil was sold to PetroChina International, a subsidiary of PetroChina, Reuters reported.
The ban is more of a political stunt rather than a substantial action, as speaking harshly about China has become one of the cheapest ways for politicians to quickly attract attention, experts said.
The move will have minimal impact as China’s reliance on US imports is very low, let alone oil from the SPR, Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, told the Global Times on Monday.
“It is akin to saying I won’t sell you something when you weren’t buying it in the first place,” Lin said.
Lin noted that China primarily imports oil from the Middle East and Central Asia due to cost and transportation convenience.
In 2023, China imported 563.99 million tons of crude oil, climbing 11 percent year-on-year, according to the National Bureau of Statistics.
In response to US Congress’ passing a bill to ban the sale of US strategic petroleum reserves to China, Chinese Foreign Ministry spokesperson Wang Wenbin urged the US to abandon the zero-sum mentality.
“We urge relevant US politicians to abandon the zero-sum Cold War mentality and ideological bias, form a right perception of China and China-US relations, and contribute to mutual trust and cooperation between China and the US, not otherwise,” Wang told a press conference in January 2023.
https://www.globaltimes.cn/page/202403/1308135.shtml
Brandon is like a broke stoner kid frantically looking around his room for something to sell to get him through the current bad time. Problem is, you can only sell something once.
It’s just sitting there and costs to maintain it. Simply no reason to maintain it. It was another brilliant Obama idea.
I apologize. I thought it was 1,000,000 gallons. My bad.
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