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| Strategic Petroleum Reserve falls to lowest level in 37 years. |
| 2022-08-02 |
| [MarketScreener] The U.S. emergency crude oil stockpile fell by 4.6 million barrels last week to its lowest level since May 1985, according to the Department of Energy on Monday. Crude held in the Strategic Petroleum Reserve (SPR) dropped to 469.9 million barrels for the week ended July 29, according to DOE data, in the smallest weekly withdrawal since May. U.S. President Joe Biden in March set a plan to release 1 million barrels per day (bpd) over six months from the SPR to tackle high fuel prices contributing to soaring inflation. The SPR held about 618 million barrels last September and its stocks have declined due to sales from congressional mandates and Biden's price initiative. U.S. gasoline prices are about 40 cents a gallon lower than what they would have been without the sales, the White House said last week https://www.whitehouse.gov/briefing-room/statements-releases/2022/07/26/fact-sheet-department-of-energy-releases-new-notice-of-sale-as-gasoline-prices-continue-to-fall. Since May, releases have averaged 880,000 bpd, not meeting the 1 million bpd plan. A DOE spokesperson said the slowdown had occurred because the July 4 holiday and use of an additive to cool crude for transportation had affected some deliveries. The oil is sold to accredited oil companies via online auctions and prices are set using a five-day average bracketing the date of delivery. Oil companies have not always bought all the crude on offer during the Biden administration's release. For instance, the department said that only about 39 million barrels had been bought in a round in which it had offered 45 million barrels. The Energy department has proposed to replenish the SPR by allowing it to enter contracts to purchase oil in future years at fixed, preset prices. The administration said it believes the plan would help boost domestic oil production. Refiner Valero Energy's chief commercial officer, Gary Simmons, last week said he expected lower volumes to be released from the SPR in the future, as demand forecasts had been lowered. (Reporting by Arathy Somasekhar in Houston and Timothy Gardner in Washington, D.C.; Editing by Marguerita Choy and Bradley Perrett) Related: Strategic Petroleum Reserve: 2022-07-27 'White House announces sale of additional 20 million barrels of oil from Strategic Petroleum Reserve Strategic Petroleum Reserve: 2022-07-09 Biden Sold Oil From Emergency Reserves To Chinese Gas Giant Tied To His Scandal-Plagued Son Strategic Petroleum Reserve: 2022-07-08 Joe Biden Sold Nearly One Million Barrels from U.S. Strategic Petroleum Reserve to CCP-Owned Oil Company Linked to Hunter Biden Firm |
| Posted by:NoMoreBS |
| #8 Anomalous, but that's the kind that China needs right now. |
| Posted by: Rambler in Virginia 2022-08-02 20:30 |
| #7 It appears more than just the amount of oil is of concern: ‘Major Problems Down The Road’: Biden Drains Petroleum Reserves Of Crucial Type Of Crude |
| Posted by: Anomalous Sources 2022-08-02 19:39 |
| #6 Talking to the 3 am spambots? |
| Posted by: swksvolFF 2022-08-02 12:54 |
| #5 i don't think you'll find many people here "who voted for it". |
| Posted by: Chris 2022-08-02 11:05 |
| #4 it is because of all the petroleum jelly they are handing out at the food banks c'mon people of UMERIKA take those washington broom sticks dry YOU voted for it and protect it we have yard work so inconsiderate! |
| Posted by: Cholutle Thrans9751 2022-08-02 09:53 |
| #3 Related: China Strategic Oil Reserves highest level in 37 years! (Not an actual article but you get the drift...) |
| Posted by: CrazyFool 2022-08-02 00:37 |
| #2 July 19, 2022 - Bloomberg: Amazon Shrinks Staff by 100,000, Joining Netflix and Google in Hiring Slowdown |
| Posted by: Besoeker 2022-08-02 00:17 |
| #1 Yes. Plus Amazon just laid off 100,000 employees. |
| Posted by: Phons Omert2327 2022-08-02 00:13 |