Article

2022-12-18 Economy

US buying 3 mln barrels of oil to start replenishing reserves

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Posted by trailing wife 2022-12-18 01:05|| || Front Page|| [11131 views ] Top

#1 Forbes wrote: President Trump did propose to top off the SPR when the Covid-19 pandemic was crushing oil demand. In March 2020 President Trump directed the Department of Energy to “fill the Strategic Petroleum Reserve (SPR) to its maximum capacity by purchasing 77 million barrels of American-made crude oil.” ... However, 1). The directive was never carried out; and 2). The SPR was already within 13% of its highest-ever level when that directive was issued.

Posted by Slavising Unineting5672 2022-12-18 07:49|| 2022-12-18 07:49|| Front Page Top

#2 The directive was never carried out

A bureaucracy that defies the Executive should be fired. Immediately. Hope President DeSantis gets that.

Posted by Frank G 2022-12-18 07:54|| 2022-12-18 07:54|| Front Page Top

#3 I am SO reminded of the $.5M sales of Hunter's 'artwork' as a scheme to wash payments. I wonder if the Burisma Group will be brokering oil sales through it's many shells.

Posted by Skidmark 2022-12-18 07:56|| 2022-12-18 07:56|| Front Page Top

#4 Skid, if they're buying oil from Venezuela they're more or less buying it direct from Lukoil, Rosneft, and Sinopac. They don't need a Ukrainian intermediary (which they more or less control as an additional step).

It's a very thin veneer over writing a check directly to Putin.

Posted by Thing From Snowy Mountain 2022-12-18 12:36|| 2022-12-18 12:36|| Front Page Top

#5 /\ The unprincipled thieves that rule this land are masters of the 'thin veneer.'

Posted by Besoeker 2022-12-18 13:05|| 2022-12-18 13:05|| Front Page Top

#6 As I recall, Schumer & the gang shut down DJT's 'top off' initiative in 2020, when oil was at ~$24/bbl (similar to 1999/2000).

The SPR was already within 13% of its highest-ever level when that directive was issued.

But that's misleading as we could have actually filled it beyond the '13% of its highest-ever level'.

Posted by Mullah Richard 2022-12-18 15:14|| 2022-12-18 15:14|| Front Page Top

#7 I have an idea: do the replenishment in the dead of winter to create an artificial demand at the refinery level. Nobody uses oil in the winter for anything anyway.

Posted by Super Hose 2022-12-18 19:19|| 2022-12-18 19:19|| Front Page Top

#8 Nobody uses oil in the winter for anything anyway.

"We just turn our NEST thermostat to the heat temp we want and it heats up. Mostly. Lately we get an error message. F*ck it's cold"

Posted by Frank G 2022-12-18 20:50|| 2022-12-18 20:50|| Front Page Top

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