Oil Prices Plummet

[The Valkyrie]

There is a special place in hell for people like you.

I'll escort him personally.

[Fireball]

Lower oil production - and consequently higher prices - is a strategic issue. The whole point of the reserve is to address supply disruptions. Biden is using it exactly for that reason.

Under what circumstances would you be ok with seeing it used?

Boru

Under circumstances where the oil will be poured into Prince William sound in Alaska?   

I’ll sidle away now.

 Why would you do that?

[BrianSoddingBoru4]

There is a special place in hell for people like you.

I'll escort him personally.

It’ll be good to have someone along who knows the layout.

Boru

[Silver]

It's still March 31. This is a day early.

[BrianSoddingBoru4]

It's still March 31. This is a day early.

Not my fault you’re on the wrong side of the dateline.

Boru

[onlinebiker]

So quit calling it The Strategic Reserve.

Call it "The Spoiled Children' s Answer To Making Bad Decisions Reserve" -

Then all the spoiled fucks can drive 9 person sized SUV' s down to Walmart and buy a flashlight battery.....

Lower oil production - and consequently higher prices - is a strategic issue. The whole point of the reserve is to address supply disruptions. Biden is using it exactly for that reason.

Under what circumstances would you be ok with seeing it used?

Boru

It would be nice to have a bit extra if another major war breaks out.... Military hardware doesn' t generally get the best gas mileage....

[BrianSoddingBoru4]

Lower oil production - and consequently higher prices - is a strategic issue. The whole point of the reserve is to address supply disruptions. Biden is using it exactly for that reason.

Under what circumstances would you be ok with seeing it used?

Boru

It would be nice to have a bit extra if another major war breaks out.... Military hardware doesn' t generally get the best gas mileage....

If Biden releases all the oil he says he will (and there’s no guarantee that the plan will last the full six months), you’ll still have a little over 400 million barrels in the unlikely event someone attacks the US.

Boru

[The Architect Of Fate]

Who the heck would America be warring with? Russia? only if they want to end the world as we know it. China? Same scenario, And last I check there is no third or developing nation America is mad at. So who?

[Thumpalumpacus]

Rule of thumb in the industry: rising price per bbl rising is tracked twice per day as a gas station. Falling price per bbl is tracked twice per week at the same station. It's how you stretch margins.

[A. Secular Human]

Ah, yes, people used to live in hamlets and they didn't go anywhere, they had everything on a few acres around them. But now, people constantly need to go somewhere. If you take away their car is as if you amputated their limbs.

Cars?!?  <yawn>

Just try to take away a teen's smartphone!

---

Biden stupidly dips into the strategic reserve....

Then when we NEED it, there won' t be any.

Fckn douche.

You realize that Congress has been selling off the reserve to fund your deficit for years, right?

And I’m sure you also realize that the SPR is not a fixed quantity - it gets replenished on a more or less regular basis.

Also, you’re no doubt aware that at the rate Biden is releasing the oil, it would take (if it never, ever gets replenished) about two years to deplete it, assuming the US bought and consumed no other oil during that time.

Boru

The oil that's in the SPR was bought for about half (<$50/bbl) of what it's being sold for today (>$100/bbl).  By selling a million barrels every day, the US Gov't should be pulling in about $50M in profits from the sale.  Then, after the price comes down, the SPR will be refilled.


Sounds like a win-win.