Posted on 04/20/2020 3:38:57 PM PDT by abb
President Donald Trump said Monday the U.S. is "looking to" add as many as 75 million barrels of oil to the Strategic Petroleum Reserve. Trump spoke after an historic day in the oil [cl.1] markets, in which the May WTI crude contract closed at -$37.63 a barrel, a one-day drop of 306%. Trump said he was considering the move "based on the record low price of oil," and that the action would "top it out." Speaking at a White House press briefing, Trump said, "we'd get it for the right price."
(Excerpt) Read more at marketwatch.com ...
Save it for a Military rainy day.
It’s pretty much $2.50 here in upstate....maybe a 30 cent drop from the last few months.
I thought Schumer blocked anymore oil going into the reserve on the last stimulus bill.
Trump’s still got a pen and a phone...
Buy oil stocks....is my thinking.
Those “tanks” are actually large cavities in underground salt deposits.
I wish they could have bought it through the futures today.
The government would have got paid $35 a barrel to receive the oil.
Whoever missed that opportunity should be tarred and feathered.
Do you need a congressional authorization to purchase at a negative price?
Or to purchase futures?
No good -- refined petroleum doesn't last long. Can be stabilized, but it's not forever.
The only place that gasoline lasts forever, apparently, is on The Walking Dead.
Definitely do it. But in all honesty, we consume about 20 million barrels per day so that’s roughly only 4 days’ supply.
The ‘Peak Oil’ folks still propagate some pretty whack things, let’s see if this stops them.
“They ain’t.”
10 bucks a barrel, gas should be down near a buck a gallon.
“Just in time” practices are the reason people can’t find TP or hand sanitizer. Or parts when needed. A complete end to the utterly evil idea would be great.
Store,store,store, and save, save, save.
Buy low, sell high! Trump is a fracking genius!
“...10 bucks a barrel, gas should be down near a buck a gallon....”
-
If...
...crude oil could be located - for free
...crude oil could be drilled - for free
...crude oil could be pumped - for free
...crude oil could be transported - for free
...refineries could produce gasoline - for free
...gasoline could be transported - for free
...gasoline could be marketed/retailed - for free
A gallon of gasoline still would cost you
between 30 - 80 cents per gallon
(depending on which state you live in)
because of the state and federal taxes.
But none of those things happen - for free.
Because gas is already processed, barrels of oil are the raw material. Gas prices reflect the price after refining the oil already taken from the ground months ago
Don’t forget that taxes make up a fairly large share of gasoline prices in many states. Of course that’s in addition to the refining and transportation costs you mentioned.
Pfft! That’s nothing!
Here’s the good one:
Oil Driller Breaches Salt Mine Under Louisana Lake
https://www.youtube.com/watch?v=_feWtkSucvE
Uh, it's not stored in tanks. Try "mined-out salt domes", mostly in Louisiana.
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