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He absolutely sucks. He knows dipping into the SOR isn't going to drop prices for long and not by much but he's doing it just because most voters will cast their vote with their wallets and purses. High gas prices will hurt his party. He is the kind of scummy politician you would have found in the old Tammany Hall in NYC or in the Southside wards of Chicago back in the turn of the 20th century. Pure filth. Forget what he said about the oil industry during the 2020 election. Now all of the sudden he's JR Ewing from Dallas mister oil man himself
Hes only doing this for appearances for the election and not for our benefit. Any meaningful action like increasing domestic production would cause outrage by green extremists in his party.
Make no mistake if dems dont get spanked in november prices go on the march upward to at least $10 in 2 years.
Its the wonderful transition to government authoritatian socialist restrictions on our individual ability to harm the planet. It bothers green ectremists that people drive SIVs, old hot rods, own lawn mowers and personal watercraft. Its not just energy either, its every aspect of americans consumer consumption. Theyre happy with inflation keeping americans poor.. Happy that americans cant afford a 4:br house in the suburbs. Happy that americans are being forced into tent cities and illegals are diaplacing. them.
Blue america is all around us and are quietly workimg toward and supporting every imaginable economic misery possible, yet lying to us that they are not, and gaslighting. us when we complain that we are the threat to democracy. We are the deplorables. That we lack the moral compass..
We are living in amszing times, caused by amazingly evil and disturbed people who cheated to keep the lone person who might have stopped them, out of power.
Some responses I don't understand. Recall, the SPR was established in 1975 after the OPEC oil embargo of 1974-75, which I well remember. The specific intent is to minimize economic harm that other countries try to inflict upon us by withholding oil.
Even at the current level of 400 million barrels, the Reserve can fuel the country for three to six weeks (depending on usage) IF there were absolutely no other oil available. We currently produce around 15 million barrels per day, but use almost 20 million.
How accurate the worldometer is, I can't say. Other articles claim we use less oil per day.
We do still import oil. One reason: cost. In some cases, it is cheaper to buy and import oil than to 'lift it' out of our ground. Plus, some of the oil we produce is not the 'right' kind of oil. Heavy oil is much more difficulty and costly to refine. The 'light and sweet' oil (prized for its easy refinement, and found in Texas, Oklahoma and the Middle East) is the best, and what we mainly import.
The Keystone Pipeline, which some seem to think would save us, would have moved (and still does, but the extension was cancelled by Biden) Alberta Tar Sand oil. It is among the dirtiest and heaviest of oils. We do have refineries along the Gulf coast that refines such oil, but it is more expensive, and much of it is thus exported to other countries that can bear the cost (because their own gas prices are so high). Yes, if our prices are high enough, it would be more economical to use it ourselves, but generally our lower gas prices make it more profitable to the oil companies to export.
So, Mr. Biden is correctly using the SPR. Will it cost more to replace? Possibly. Yet, our reserves are enough that we can problem hold off for a while.
Some responses I don't understand. Recall, the SPR was established in 1975 after the OPEC oil embargo of 1974-75, which I well remember. The specific intent is to minimize economic harm that other countries try to inflict upon us by withholding oil.
Even at the current level of 400 million barrels, the Reserve can fuel the country for three to six weeks (depending on usage) IF there were absolutely no other oil available. We currently produce around 15 million barrels per day, but use almost 20 million.
How accurate the worldometer is, I can't say. Other articles claim we use less oil per day.
We do still import oil. One reason: cost. In some cases, it is cheaper to buy and import oil than to 'lift it' out of our ground. Plus, some of the oil we produce is not the 'right' kind of oil. Heavy oil is much more difficulty and costly to refine. The 'light and sweet' oil (prized for its easy refinement, and found in Texas, Oklahoma and the Middle East) is the best, and what we mainly import.
The Keystone Pipeline, which some seem to think would save us, would have moved (and still does, but the extension was cancelled by Biden) Alberta Tar Sand oil. It is among the dirtiest and heaviest of oils. We do have refineries along the Gulf coast that refines such oil, but it is more expensive, and much of it is thus exported to other countries that can bear the cost (because their own gas prices are so high). Yes, if our prices are high enough, it would be more economical to use it ourselves, but generally our lower gas prices make it more profitable to the oil companies to export.
So, Mr. Biden is correctly using the SPR. Will it cost more to replace? Possibly. Yet, our reserves are enough that we can problem hold off for a while.
So, Mr. Biden is correctly using the SPR. Will it cost more to replace? Possibly. Yet, our reserves are enough that we can problem hold off for a while.
He has no choice but to use it now. If he would have let the Trump era regulations and drilling continue would might have been able to soften the blow of the Russian oil embargo. What's he done fron day 1? It's not just the Keystone pipeline being cancelled. Though eventually if it were to have been constructed would have pumped 800,000 barrels of oil which yes would have been refined in other countries but it would still have flooded the global market with more oil then there is now. Trucks and rail are not bringing nearly as much in from Alberta
Biden when first elected stopped leases on federal lands and now is weighing in off shore leases. Through August 2022, Biden leased just 126,228 acres for drilling, which is a tiny fraction compared to all recent presidents (since Harry Truman) over their first 19 months, The Wall Street Journal found. Yup no other president since Richard Nixon leased less than 4.4 million acres, 35 times as much as Biden; Ronald Reagan alone leased 47.6 million acres, 378 times as much. Even President Barack Obama OK’d leases with 58 times as many acres
February 2021 Biden updates the "social cost of greenhouse gas emissions," dramatically altering the way the U.S. government calculates the real-world costs of climate change reshaping a range of consequences, from whether to allow new fossil fuel leasing on federal lands and waters to what sort of steel is used in taxpayer-funded infrastructure projects. This administration wanted to boost the figure it will use to assess greenhouse gas pollution's damage inflicts on society to $51 per ton of carbon dioxide – a rate more than seven times higher than that used by former president Donald Trump.
June 2021 Biden proposed eliminating a slew of tax benefits for oil, gas and coal producers. Nice right? I'm sure that would help them with R&D because as we know all Shell or BP have to do is dig a hole in the ground and they will strike oil.
Oil production from federal lands and waters provides approximately 24% of total U.S. oil production. Additionally, natural gas production from federal lands and waters is approximately 11% of total U.S. natural gas production.
To put the data in perspective, if U.S. federal land/waters was treated as its own country, the 2.67 million barrels of oil it produced daily in 2019 would have made it the 11th largest daily oil producer in the world that year. His administration has added more bureaucratic red tape and regulations. They purposefully created an environment where the cost of drilling would naturally go up. Very short sighted.
Biden's raiding of the Strategic Petroleum Reserve is analogous to his financial stimulus programs. The economy would crash without stimulus, but unsustainable debt will crash the economy even more. Without raiding the SPR, oil prices would skyrocket, but the prices will skyrocket even higher once the SPR is used up (which at the current rate could happen in a couple years).
If you thought Jill Biden was dumb -- and let's face it, just about everyone does -- this "let's refill the SPR at 4x the cost per barrel as what Trump proposed" husband of hers takes the lead position on the Mount Rushmore of stupidity.
This, Democrats, is what you elected, just because your feelings were hurt by "mean tweets".
Which begs the question -- who really is the bigger idiot? Joe Biden? Or anyone that voted for him?
The most recent note is that the administration will buy back oil at $70 a barrel.
Well, physical oil could be sold at current spot and then oil for Dec 2024 delivery is about $70 a barrel. That's about a 17.5% gain across the time period.
Or a bear-spread in the futures market would be to sell the current month and then buy future months. However, that current month futures position must be replaced every month which makes the result more difficult. It's better to have physical oil to sell
.
If you thought Jill Biden was dumb -- and let's face it, just about everyone does -- this "let's refill the SPR at 4x the cost per barrel as what Trump proposed" husband of hers takes the lead position on the Mount Rushmore of stupidity.
This, Democrats, is what you elected, just because your feelings were hurt by "mean tweets".
Which begs the question -- who really is the bigger idiot? Joe Biden? Or anyone that voted for him?
Well, when democrats raise your taxes, at least you know what it is being spent on...
President Trump wanted to top off the SPR with oil when it was $20/barrel but the Democrats blocked it. Now Brandon is bragging about refilling it at a $70/barrel price that will never happen as long as he is in office.
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