however, guess who is to get the largest portion of the release? CHINA...
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Biden releases a portion of the Strategic Oil Reserve...
- Thread starter hunter1959
- Start date
China, India, Japan, South Korea and the UK will being jointly releasing oil from strategic reserves into world markets to combat OPEC purposely inflating the market by keeping production numbers down.
We will actually profit off this. Since the price of oil has gone up drastically since the oil was put in the reserve, it should be a short term solution at the pump.
We will actually profit off this. Since the price of oil has gone up drastically since the oil was put in the reserve, it should be a short term solution at the pump.
Remember when Trump wanted to fill the reserve last year when oil was negative for $3,000,000,000, but the communists didn’t let him?
There is a reason for that. Not all oil is equal, it comes out a variable quality. The stuff coming out of the shale in the Midwest is extremely high-quality oil. Dumping it in the strategic oil reserve would degradate it’s quality. The companies were already starting to go negative and this would be a waste of very good oil. It would be like taking anything of high-quality high-quality whiskey or wine and mixing it with some cheap plastic bottle or like a box one shit.
That’s one of the reasons The companies who actually mined the oil didn’t want to do it
"Our oil is so great but it has no value, but because our oil is so great, and despite the fact we are negative on it, our pride prevents us from selling it to you and degrading it."
Are we the fucking French?
It has value, but the companies that produced it would loose more money if they put it in the reserve. Plus its not like the Reserve was empty. It was nearly full and still is.
When the price of oil plummeted it hurt the shale industry and deep water gulf production, companies lost there asses and many people lost jobs.
They were scrambling to do everything they could to make money. Taking the shale production and putting in the strategic reserve would be stupid... it would literally be like mixing some M 80 ball ammo in with some well-made hand loads and then going out and shooting a match.
My father was a 30 year Geophysicist with Shell Oil Company I know a little bit about the oil industry
US seeks $3 billion to boost oil producers as prices plunge
WASHINGTON (AP) — The Trump administration said Thursday that it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally. President Donald Trump had directed the Energy Department...
apnews.com
Trump’s Thwarted Oil Buy Would’ve Given Biden $6 Billion Bonanza
A bipartisan compromise unveiled Thursday calls for selling oil from the U.S. emergency stockpile to fund billions of dollars in roadwork and other infrastructure.
Horseshit. Fight me.
I don't think anyone is arguing what you are saying about mixing it, but what would the oil companies care once the fed bought the oil? Better to get oil super cheap and have some of its value/use degraded than not take advantage of a situation to store more oil for next to nothing???? I don't see the logic in what you are saying.
The article you linked is not accessible with out signing in. But from what I can readUS seeks $3 billion to boost oil producers as prices plunge
WASHINGTON (AP) — The Trump administration said Thursday that it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally. President Donald Trump had directed the Energy Department...
Trump’s Thwarted Oil Buy Would’ve Given Biden $6 Billion Bonanza
A bipartisan compromise unveiled Thursday calls for selling oil from the U.S. emergency stockpile to fund billions of dollars in roadwork and other infrastructure.news.bloomberglaw.com
Horseshit. Fight me.
Care to share what it says?
Because they they can get more money for it in other ways than selling it to the fed.
50 million barrels given to someone overseas.
The USA uses 20 million barrels a day. 2.5 days of supply for us. Nothing says empty and insignificant gesture, like this does.
Sorta like this:
"Someone help me, I'm starving to death"
"Ok, here's a fig newton. Yeah, I know it's only temporarily easing of your hunger and I broke your fishing rod and burned your nets right next to this fully stocked catfish pond. Good luck to you!"
The USA uses 20 million barrels a day. 2.5 days of supply for us. Nothing says empty and insignificant gesture, like this does.
Sorta like this:
"Someone help me, I'm starving to death"
"Ok, here's a fig newton. Yeah, I know it's only temporarily easing of your hunger and I broke your fishing rod and burned your nets right next to this fully stocked catfish pond. Good luck to you!"
At the time Trump wanted to buy it, no they could not. Literally no one wanted to buy it. That's why prices went negative.
The summary of the Bloomberg article is how the marxists fucked themselves by not letting Trump buy $3,000,000,000 of oil for the reserves because it would help his friends. That was their reason for not allowing the funding in the original covid rescue bill in 2020.
The AP article is from when Trump was fighting to grab some oil by the pussy for the reserve.
The Bloomberg article was from a year late of the Marxists wishing they hadn’t been cunts. I re-linked the AP article, and a new article you can read with dipshit Schumer bragging how they nuked Trump bailing out big oil.
apnews.com
Probably would have killed you to look it up, but here:
www.cnbc.com
The AP article is from when Trump was fighting to grab some oil by the pussy for the reserve.
The Bloomberg article was from a year late of the Marxists wishing they hadn’t been cunts. I re-linked the AP article, and a new article you can read with dipshit Schumer bragging how they nuked Trump bailing out big oil.
US seeks $3 billion to boost oil producers as prices plunge
WASHINGTON (AP) — The Trump administration said Thursday that it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally. President Donald Trump had directed the Energy Department...
apnews.com
Probably would have killed you to look it up, but here:
US suspends plans to buy oil after funding is left out of $2 trillion stimulus package
The U.S. Department of Energy is suspending its plans to buy crude for the country's Strategic Petroleum Reserve after a requested $3 billion in funding for the project was left out of the $2 trillion stimulus package.
www.cnbc.com
Nothing there has much of anything to do with what I am trying to say.The summary of the Bloomberg article is how the marxists fucked themselves by not letting Trump buy $3,000,000,000 of oil for the reserves because it would help his friends. That was their reason for not allowing the funding in the original covid rescue bill in 2020.
The AP article is from when Trump was fighting to grab some oil by the pussy for the reserve.
The Bloomberg article was from a year late of the Marxists wishing they hadn’t been cunts. I re-linked the AP article, and a new article you can read with dipshit Schumer bragging how they nuked Trump bailing out big oil.
US seeks $3 billion to boost oil producers as prices plunge
WASHINGTON (AP) — The Trump administration said Thursday that it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally. President Donald Trump had directed the Energy Department...
Probably would have killed you to look it up, but here:
US suspends plans to buy oil after funding is left out of $2 trillion stimulus package
The U.S. Department of Energy is suspending its plans to buy crude for the country's Strategic Petroleum Reserve after a requested $3 billion in funding for the project was left out of the $2 trillion stimulus package.
Swing and a miss
What you’re saying is wrong as fuck. Don’t care if you heard different from someone who works in the oil fields. It’s literally documented history on why Trump wasn’t allowed to buy $3,000,000,000 of American oil.
For real.
Big fat cock read this this is what I’m talking about.
www.petro-online.com
What Does Crude Oil Quality Mean?
When liquid petroleum is extracted from the Earth in its raw state, it is referred to as crude oil. Deposits of crude oil are found throughout the world, with much of the world’s oil wealth conce...
www.petro-online.com
Because the oil is worth more money there are different qualities of oil it would be stupid for the companies to sell it for that shit price do you know nothing about economics.
For real you’re trying to say something that has nothing to do with what I’m talking about and you don’t understand what I’m talking about
It wasn't that long ago that gas was under 2$ at the pump.
Now we are back to normal with the "Let's Blame OPEC" bullshit.
Now we are back to normal with the "Let's Blame OPEC" bullshit.
By the way my dad did not work in the oil fields he was a fucking physicist he used to be involved in a land lease sales in the gulf of Mexico and interpreting seismic data from all around the world. I used to sit at his drafting table and watch him draw subsurface maps When I was a kid before they had computers to model all the shit on
What you’re talking about is irrelevant to why Trump wasn’t allowed to buy $3,000,000,000 in oil.Big fat cock read this this is what I’m talking about.
What Does Crude Oil Quality Mean?
When liquid petroleum is extracted from the Earth in its raw state, it is referred to as crude oil. Deposits of crude oil are found throughout the world, with much of the world’s oil wealth conce...
Once again, for real.
Because the oil that he wanted to buy was the stuff that was being produced in North America
This above is from your article did you even read the fucking article that you linked to me or are you just incompetent
It is a higher quality in the companies did not want to sell , That is part of it
Yes, I did. You are the one with the reading comprehension issue.
The oil was on the market at X price. Trump wanted $3,000,000,000 of it and was going to buy. Marxists gutted the funding.
You can wax eloquent all you want on quality, but you’re still wrong as fuck on why the oil wasn’t purchased.
For real.
They, the companies did not want to sell what was produced in the US at X price.
That’s why the funding wasn’t approved, because they never would’ve sold it at X price.
Your argument is invalid...
Trump was a real estate developer not an oil man he has no fucking clue what he’s talking about!!!!! When it comes to the oil industry
And We’re gonna have to start calling big fat cock small flaccid clit because he just got laid out on the mat by gringo
No, I don’t believe so.
I mean, you can obfuscate the topic all you want, but it doesn’t change the reality of it.
All right Mr. smarty-pants how much do shale producers have to sell for it to be profitable for the companies?
Trump was trying to pay like $23 a barrel for it.
For the people producing shale in America to sell it “under king trumps” proposal for $23 a barrel would be bending them over and fucking them up the ass!!!
It be like hey I see you paid $1000 for that gun I’ll give you 500 for.
Or hey your house is worth $100,000 so it to me for 50,000.
You have no fucking clue what you’re talking about
I don’t think you understand how buying and selling works.
Explain it to me without linking anything??
Also how much does it cost for shale producers to break even? You never answered my question
I have no intention on answering the question either. Once you understand how buying and selling works, then we can talk break even, supply and demand, market prices.
You grasped a straw, but it’s an irrelevant straw when it comes to what you’re arguing against.
I mean, you already claimed to have taken me to the mat. I’d normally leave if I had slam dunked a discussion, but that’s just me.
Stock up on petroleum jelly so you don't wind up with a sore ass when the government really starts to fuck you.
How much does it cost for Midwest shell to produced and be profitable?
The article you linked that you’re backing up states Trump wanted to buy it at $23 a barrel
I know how much it cost for shale companies break even and selling the oil for $23 a barrel is fucking stupid
You haven’t proven slam dunk anything you just made an ass out of yourself.
You refuse to answer simple question that would immediately prove how wrong you are
Unless you’re OK with the government forcing itself upon oil companies and totally fucking them over
Once again, reading comprehension.
I did not say I slam dunked. I was referring to your slam dunk statement.
Do you not recall negative oil futures? Or when there was so much supply glut due to extreme drop in demand?
Oil price war between OPEC and Russia?
Sorry broseph, but I was a player at the time and American shale would have sucked a dick to get $3,000,000,000 at that moment in time.
That wasn’t the case at all. Stop the straw men. Read my original post, and the follow on again. Read it twice.
I’ve had more intelligent discussions with the cinderblock I’m done beating you up... deuces.
It's painfully obvious which one knows what they are talking about and which one had a daddy who was a glorified geologist
Thats Geophysicist. And he knows more about the oil industry than 99.9 9999% people walking the planet.
I trust his word and opinion over somebody on the Internet named big fat cock, that has never come close to work such as his, it’s obvious to me or he wouldn’t be saying the dumb shit that he is
Have fun giving each other reach arounds
Price of production
Trump trying to purchase BELOW WHAT IT COST TO PRODUCE!!! $23 per barrel Which companies would not do instead they stored it
When companies storage facilities filled up they RENTED SPACE IN THE STRATEGIC RESERVE AND WAITED FOR THE PRICE TO GO BACK UP. Instead of selling it to the government.
Companies working in the US selling oil for less than what its worth is not a sustainable business model. Instead they waited for the price to climb. Sorry but this argument... that US oil companies should sell at below production cost is beyond idiotic.
Trump trying to purchase BELOW WHAT IT COST TO PRODUCE!!! $23 per barrel Which companies would not do instead they stored it
When companies storage facilities filled up they RENTED SPACE IN THE STRATEGIC RESERVE AND WAITED FOR THE PRICE TO GO BACK UP. Instead of selling it to the government.
Companies working in the US selling oil for less than what its worth is not a sustainable business model. Instead they waited for the price to climb. Sorry but this argument... that US oil companies should sell at below production cost is beyond idiotic.
If I'm not mistaken I heard it's only enough to run the country for about 2.5 days. Is that true?
Also isn't this for war time and real emergencies not because he fucked up?
this is the sort of nuanced intelligent sort of commenting I like to see . there is always a lot more to things
As an Energy Economist and someone who worked on the implementation of the European Union's oil stock pile directive, I'm wondering how wise a move this is.
After the oil crises / embargoes of the 1970s, the OECD formed the International Energy Agency to monitor energy usage in developed countries. These OECD countries agreed to build strategic stocks / domestic production of crude oil or products equivalent to 90 days of consumption based on end use product mix (so you if a country decides to store crude, it has to be able to refine it into the product mix it requires).
So if you have lots of domestic production and refining, you have little need for a strategic reserve. If as a country you produce some oil but still import some, then you need to cover that gap and if you aren't a producer, you need the full 90 days.
I think the 2.5 day release is perhaps meant as a message rather than something which will meaningfully move markets and coordination in response to macro scale events is quite common and encouraged in the agreements.
I would also say that I'm not sure how much capacity Opec+ really has to increase. What usually happens is that the smaller members don't fully state their production numbers as they know that if cuts are agreed, they will be scaled back harder. Also, the smaller members often claim to be cutting back but in reality don't as they sell into the market to benefit from the price rise driven by the larger producers cutting. Classically it's only really the Saudis and Kuwaitis who honour their production quotas as I understand it.
Best wishes,
Scrummy
After the oil crises / embargoes of the 1970s, the OECD formed the International Energy Agency to monitor energy usage in developed countries. These OECD countries agreed to build strategic stocks / domestic production of crude oil or products equivalent to 90 days of consumption based on end use product mix (so you if a country decides to store crude, it has to be able to refine it into the product mix it requires).
So if you have lots of domestic production and refining, you have little need for a strategic reserve. If as a country you produce some oil but still import some, then you need to cover that gap and if you aren't a producer, you need the full 90 days.
I think the 2.5 day release is perhaps meant as a message rather than something which will meaningfully move markets and coordination in response to macro scale events is quite common and encouraged in the agreements.
I would also say that I'm not sure how much capacity Opec+ really has to increase. What usually happens is that the smaller members don't fully state their production numbers as they know that if cuts are agreed, they will be scaled back harder. Also, the smaller members often claim to be cutting back but in reality don't as they sell into the market to benefit from the price rise driven by the larger producers cutting. Classically it's only really the Saudis and Kuwaitis who honour their production quotas as I understand it.
Best wishes,
Scrummy
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