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Re: So Biden is releasing the SPR [windywave] [ In reply to ]
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windywave wrote:
https://www.reuters.com/business/energy/us-begins-buying-back-oil-strategic-reserve-official-2022-12-16/

Hey look we're buying back 1.6% of the 180MM we sold

Also the Administration said it will take months to years to replenish

Oh and this is an incentive to producers to invest in future production Eyeroll emoji



Actually is 165 million, not 180 million. They have always said they would buy it back in phases......but you knew that. The oil they sold was at $96 per barrel average price, it was $73 today. Good Job Joe.

Odd that you enthusiastically supported releasing the SPR after Katrina even though the impact was a tiny fraction of the combo of production constraints, supply chain issues, a surge in demand, and a war involving the worlds 2nd largest producer. Your outrage is very selective, and misguided.

Did you see that Joe is also helping out some refineries due to the massive Keystone pipeline spill?

Not just any oil spill. The Keystone pipeline dumped notoriously hard-to-clean 'dilbit' in Kansas | KCUR 89.3 - NPR in Kansas City

Yup, Keystone. That pipeline that everyone thinks does not exist.

Gas is $2.14 here. Thank you Joe Biden.
Last edited by: Nutella: Dec 16, 22 18:25
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Re: So Biden is releasing the SPR [windywave] [ In reply to ]
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Slow Friday night and you felt like taking a visit to crazy town huh?
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Re: So Biden is releasing the SPR [windywave] [ In reply to ]
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Also the Administration said it will take months to years to replenish //

You do know how this all works right? If they bought it all back in weeks, it would inflate the price of oil, the exact opposite of what he set out to do, and accomplished. Released oil at just under a 100 bucks a barrel, and now will buy it back at a 20+% discount. Did it all work, depends on what you mean by work. Is gas and oil cheaper now, well that is easy, yes. Even here in CA I got gas today in the higher mid 3 dollar range, imagine in most of the country it is mid 2 buck range now. SO since so many liked to blame him for the high prices, how about a little love now that they are pretty far down, and still dropping..


But you would buy a 180 million barrels in a week or two, is that your complaint, its going to take months, maybe a year?
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Re: So Biden is releasing the SPR [Tylertri] [ In reply to ]
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Tylertri wrote:
Slow Friday night and you felt like taking a visit to crazy town huh?

Huh?
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Re: So Biden is releasing the SPR [monty] [ In reply to ]
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monty wrote:
Also the Administration said it will take months to years to replenish //

You do know how this all works right?

Probably better than you


Quote:
If they bought it all back in weeks, it would inflate the price of oil, the exact opposite of what he set out to do, and accomplished. Released oil at just under a 100 bucks a barrel, and now will buy it back at a 20+% discount. Did it all work, depends on what you mean by work. Is gas and oil cheaper now, well that is easy, yes. Even here in CA I got gas today in the higher mid 3 dollar range, imagine in most of the country it is mid 2 buck range now. SO since so many liked to blame him for the high prices, how about a little love now that they are pretty far down, and still dropping..



But you would buy a 180 million barrels in a week or two, is that your complaint, its going to take months, maybe a year?

Is oil artificially low due to the releases? Yes....

Read above posts, the SPR is for a disruption not for inflation fighting. You find it curious the elections just ended? Remember he opened the fucking spigots two plus months before the Russians invaded

You do know oil is lower because demand is lower because we're heading into a bitch of a recession, right? I'm hoping the Fed can manage it but I'm not overly optimistic.

You'll notice I didn't blame Biden for the prices just the command economy bullshit which you seem to be in favor of comrade
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Re: So Biden is releasing the SPR [windywave] [ In reply to ]
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windywave wrote:
monty wrote:
Also the Administration said it will take months to years to replenish //

You do know how this all works right?


Probably better than you


Quote:

If they bought it all back in weeks, it would inflate the price of oil, the exact opposite of what he set out to do, and accomplished. Released oil at just under a 100 bucks a barrel, and now will buy it back at a 20+% discount. Did it all work, depends on what you mean by work. Is gas and oil cheaper now, well that is easy, yes. Even here in CA I got gas today in the higher mid 3 dollar range, imagine in most of the country it is mid 2 buck range now. SO since so many liked to blame him for the high prices, how about a little love now that they are pretty far down, and still dropping..



But you would buy a 180 million barrels in a week or two, is that your complaint, its going to take months, maybe a year?


Is oil artificially low due to the releases? Yes....

Read above posts, the SPR is for a disruption not for inflation fighting. You find it curious the elections just ended? Remember he opened the fucking spigots two plus months before the Russians invaded

You do know oil is lower because demand is lower because we're heading into a bitch of a recession, right? I'm hoping the Fed can manage it but I'm not overly optimistic.

You'll notice I didn't blame Biden for the prices just the command economy bullshit which you seem to be in favor of comrade


It is clear that you have a very limited understanding of this topic as you have been wrong in every post in this thread, including this one.

There was clearly a disruption in the global oil markets. It has been explained to you in detail the multiple market disruptions that made the release of the SPR a wise move. It was also explained that 40 % of the release was mandated by Congress several years ago. I gave you detailed facts and figures that confirmed that the disruption that caused Biden to release the SPR was far, far worse than Katrina.

After being repeatedly wrong you come here to complain because Biden isn't replacing all the oil in a few weeks. People who actually understand the topic know that refilling the SPR rapidly would be foolish. We also know that at the start of this release the administration made it clear they would take years to replace it and that replacement would be at costs far cheaper than the $92 average they sold it for. There is also the option of suspending the Congressionally mandated disbursements.
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Re: So Biden is releasing the SPR [windywave] [ In reply to ]
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windywave wrote:
Tylertri wrote:
Slow Friday night and you felt like taking a visit to crazy town huh?


Huh?

Trying to make sense to the mentally unstable is not a very productive way to spend your night unless it’s slow.

And I don’t mean Monty
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Re: So Biden is releasing the SPR [windywave] [ In reply to ]
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windywave wrote:
monty wrote:
Also the Administration said it will take months to years to replenish //

You do know how this all works right?

Probably better than you


Quote:
If they bought it all back in weeks, it would inflate the price of oil, the exact opposite of what he set out to do, and accomplished. Released oil at just under a 100 bucks a barrel, and now will buy it back at a 20+% discount. Did it all work, depends on what you mean by work. Is gas and oil cheaper now, well that is easy, yes. Even here in CA I got gas today in the higher mid 3 dollar range, imagine in most of the country it is mid 2 buck range now. SO since so many liked to blame him for the high prices, how about a little love now that they are pretty far down, and still dropping..



But you would buy a 180 million barrels in a week or two, is that your complaint, its going to take months, maybe a year?

Is oil artificially low due to the releases? Yes....

Read above posts, the SPR is for a disruption not for inflation fighting. You find it curious the elections just ended? Remember he opened the fucking spigots two plus months before the Russians invaded

You do know oil is lower because demand is lower because we're heading into a bitch of a recession, right? I'm hoping the Fed can manage it but I'm not overly optimistic.

You'll notice I didn't blame Biden for the prices just the command economy bullshit which you seem to be in favor of comrade

Easy there, sleepy Joe is making money for the greater good hand over fist.

In terms of demand, take a look at the link below. You could just as easily say the trend follows uptick in EV sales over the 46 months of data.

My feeling is that a recession is definitely coming, but we’re not there yet. People don’t adjust habits or lifestyle, until (generally) it’s too late.

https://www.statista.com/...oline-consumption/#:~:text=The%20consumption%20of%20gasoline%20in,per%20day%20in%20October%202022.

Maurice
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Re: So Biden is releasing the SPR [mauricemaher] [ In reply to ]
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Fears of a global economic slowdown have cooled supply concerns but the recent drop in oil prices are more to do with Russian oil price cap which the EU set last week. Russia is still going to be able to sell a lot of oil in coming months. OPEC will likely trim production but with equipment and labor issues easing there should be other producers that fill those gaps.

Release of the SPR has little to do with the current price as the major releases ended a while ago. This month's release is the last and is equal to about one day of US production.

While things look good right now there are still lots of possible supply disruptions. The world is a chaotic place
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Re: So Biden is releasing the SPR [Tylertri] [ In reply to ]
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Tylertri wrote:
windywave wrote:
Tylertri wrote:
Slow Friday night and you felt like taking a visit to crazy town huh?


Huh?

Trying to make sense to the mentally unstable is not a very productive way to spend your night unless it’s slow.

And I don’t mean Monty

I just posted an article.
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Re: So Biden is releasing the SPR [windywave] [ In reply to ]
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Time for a follow up.

The barrels that were sold a year ago went for an average of $95 per barrel. We have started to replace those barrels that were sold for $95. Last weeks purchase was 1.2 million barrels at $77.57 a barrel. Meanwhile gas prices have dropped, .55 in the last two months. Lowest prices in 3 years.

Thank you Joe Biden!
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Re: So Biden is releasing the SPR [Nutella] [ In reply to ]
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Nutella wrote:
Time for a follow up.

The barrels that were sold a year ago went for an average of $95 per barrel. We have started to replace those barrels that were sold for $95. Last weeks purchase was 1.2 million barrels at $77.57 a barrel. Meanwhile gas prices have dropped, .55 in the last two months. Lowest prices in 3 years.

Thank you Joe Biden!

So your saying, we sold high and bought low.

Yeah, Republican's are not going to like this country making money off oil.

Just Triing
Triathlete since 9:56:39 AM EST Aug 20, 2006.
Be kind English is my 2nd language. My primary language is Dave it's a unique evolution of English.
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Re: So Biden is releasing the SPR [Nutella] [ In reply to ]
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Nutella wrote:
Time for a follow up.

The barrels that were sold a year ago went for an average of $95 per barrel. We have started to replace those barrels that were sold for $95. Last weeks purchase was 1.2 million barrels at $77.57 a barrel. Meanwhile gas prices have dropped, .55 in the last two months. Lowest prices in 3 years.

Thank you Joe Biden!


that is a great job and keep it coming. Oil and fossil fuels make the world go around and will be here forever. Buy, buy , buy, drill baby drill.

My v8 engines like to drink the stuff like lemonade.
Last edited by: SDG: Nov 20, 23 12:50
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Re: So Biden is releasing the SPR [windywave] [ In reply to ]
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You do know oil is lower because demand is lower because we're heading into a bitch of a recession, right? I'm hoping the Fed can manage it but I'm not overly optimistic. //

Saw this thread pop up, how did that recession go anyway?? Seems like the never ending its coming, its coming, just you wait and see drum beat marches on. Meanwhile the markets are roaring ahead, and we are getting our oil back at a nice profit. And all of this under the auspices of World War III beginning in the Middle East. Seems like someone is making some good decisions for our country and its economy. I know, I know, were heading into a bitch of a recession, so better look out below!!!




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Re: So Biden is releasing the SPR [monty] [ In reply to ]
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monty wrote:
You do know oil is lower because demand is lower because we're heading into a bitch of a recession, right? I'm hoping the Fed can manage it but I'm not overly optimistic. //

Saw this thread pop up, how did that recession go anyway?? Seems like the never ending its coming, its coming, just you wait and see drum beat marches on. Meanwhile the markets are roaring ahead, and we are getting our oil back at a nice profit. And all of this under the auspices of World War III beginning in the Middle East. Seems like someone is making some good decisions for our country and its economy. I know, I know, were heading into a bitch of a recession, so better look out below!!!




Turning on the spigot was still vote buying bullshit (why make something cheaper when the Fed wants to make something more expensive)

I'm still skeptical that Powell and company can pull off the soft landing and any reports of one currency are apocryphal. If the Fed can do it more power to them but we are still eating through the Covid free money. If we're still in the same state 12 months from now I'll be impressed. I just don't think we will be and have been playing defense appropriately
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Re: So Biden is releasing the SPR [windywave] [ In reply to ]
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windywave wrote:


why make something cheaper when the Fed wants to make something more expensive


Wait, you really think the Fed wanted to make gasoline more expensive than $4.50 a gallon?

Instead of doubling down on with your usual nonsense you should just admit you are wrong and move on.......but that is not the Windy way.
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Re: So Biden is releasing the SPR [Nutella] [ In reply to ]
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Nutella wrote:
windywave wrote:


why make something cheaper when the Fed wants to make something more expensive


Wait, you really think the Fed wanted to make gasoline more expensive than $4.50 a gallon?

Instead of doubling down on with your usual nonsense you should just admit you are wrong and move on.......but that is not the Windy way.

Typical Windy nonsense. And he pretends he’s someone who knows about markets and the Fed, but will still twist himself in silly pretzels and write gibberish to avoid admitting he was wrong. Of course the Fed didn’t want oil more expensive.

And what does this mean: “…and any reports of one currency are apocryphal.”

One currency? Huh? 🤔
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Re: So Biden is releasing the SPR [windywave] [ In reply to ]
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Biden refills the SPR at a hefty discount.

Meet America’s Newest Oil-Trader Extraordinaire: Joe Biden - WSJ

Quote:
The Energy Department says it has already snapped up about 13.8 million barrels of crude, with accelerating deals in recent weeks signaling the agency could move more aggressively in 2024.

At an average price of $75.63 a barrel, the purchases so far total a nearly $270 million theoretical discount from 2022’s average sale price of $95 a barrel.
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Re: So Biden is releasing the SPR [windywave] [ In reply to ]
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windywave wrote:
monty wrote:
You do know oil is lower because demand is lower because we're heading into a bitch of a recession, right? I'm hoping the Fed can manage it but I'm not overly optimistic. //

Saw this thread pop up, how did that recession go anyway?? Seems like the never ending its coming, its coming, just you wait and see drum beat marches on. Meanwhile the markets are roaring ahead, and we are getting our oil back at a nice profit. And all of this under the auspices of World War III beginning in the Middle East. Seems like someone is making some good decisions for our country and its economy. I know, I know, were heading into a bitch of a recession, so better look out below!!!




Turning on the spigot was still vote buying bullshit (why make something cheaper when the Fed wants to make something more expensive)

I'm still skeptical that Powell and company can pull off the soft landing and any reports of one currency are apocryphal. If the Fed can do it more power to them but we are still eating through the Covid free money. If we're still in the same state 12 months from now I'll be impressed. I just don't think we will be and have been playing defense appropriately

Great work Joe! The smartest oil trader on the planet!!!!

Maurice
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Re: So Biden is releasing the SPR [mauricemaher] [ In reply to ]
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mauricemaher wrote:
windywave wrote:
monty wrote:
You do know oil is lower because demand is lower because we're heading into a bitch of a recession, right? I'm hoping the Fed can manage it but I'm not overly optimistic. //

Saw this thread pop up, how did that recession go anyway?? Seems like the never ending its coming, its coming, just you wait and see drum beat marches on. Meanwhile the markets are roaring ahead, and we are getting our oil back at a nice profit. And all of this under the auspices of World War III beginning in the Middle East. Seems like someone is making some good decisions for our country and its economy. I know, I know, were heading into a bitch of a recession, so better look out below!!!




Turning on the spigot was still vote buying bullshit (why make something cheaper when the Fed wants to make something more expensive)

I'm still skeptical that Powell and company can pull off the soft landing and any reports of one currency are apocryphal. If the Fed can do it more power to them but we are still eating through the Covid free money. If we're still in the same state 12 months from now I'll be impressed. I just don't think we will be and have been playing defense appropriately

Great work Joe! The smartest oil trader on the planet!!!!

Maurice

Or, is he most productive oil producer too? 13.2 M wins out over trumps 13M in 2019. So our boy djt wants to drill, drill, drill baby while our other boy wants to play hush, hush, hush on his not so winning production statistic.

https://wapo.st/48fRMLf

Quote:
(record production) It is a mixed blessing for Biden. At the moment, the administration appears content not to be taking too much credit. The continued attacks from Republicans accusing the president of jeopardizing America’s energy security with his focus on climate action are out of sync with the reality on the ground, but they give Biden cover with his base. At the same time, the relatively low gas prices help him with swing voters.

A short-term boost in domestic oil production and a corresponding decline in gas prices could have a long-term benefit for environmentalists — helping prevent the return to power of Trump and other deniers of climate change, said Josh Freed, the director of climate and energy at the center-left think tank Third Way.

“The fastest way to end all of American climate action is to see oil prices dramatically rise and have Republicans get elected to office,” he said, commending Biden’s handling of the issue.

Whether Biden is successfully walking this tightrope is likely to remain a matter of debate ahead of November’s election. Climate activists say base voters are frustrated by the softening of the president’s stance against fossil fuels, and mobilizing them will prove difficult despite the historic investment the administration is making in green power and accelerating the energy transition.


Climate-conscious voters were particularly dismayed by the administration’s approval of the Willow project, which will allow hundreds of miles of roads and pipelines, airstrips, a gravel mine and a major new processing facility in the middle of pristine Arctic tundra and wetland. For many, that decision was one of several signifying how Biden’s bold campaign promises to take on the fossil fuel companies yielded to dealmaking on permits and a more conciliatory approach toward the industry overall.

“You can’t solve the climate crisis without keeping fossil fuels in the ground,” said Jamie Henn, founder of Fossil Free Media, a nonprofit focused on ending oil and gas use. “Record oil production stands in the way of the energy transition … An ‘all of the above approach’ leads to flip-flopping on fossil fuels. It is bad policy, and also bad politics.”

So winning is actually losing? Or is it, losing is actually winning?
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Re: So Biden is releasing the SPR [gofigure] [ In reply to ]
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gofigure wrote:

So winning is actually losing? Or is it, losing is actually winning?

Biden also quietly smoothing over closing of asylum applications after hearings just long enough to pass as legal, in Trumpian-like fashion. Also seeking to make the COVID-era rapid deportation legal again with permanently rather than emergency-driven (COVID) asylum restrictions.

Biden is essentially quite similar to a Bush-era Republican, which is ironic given the histrionics here and on some right-wing media about what an out-of-control progressive he is.
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Re: So Biden is releasing the SPR [trail] [ In reply to ]
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Fear not those who inhabit the center of the spectrum. Equal losing and winning makes for a good habitat.
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