All by design..

[racer254]

4 minutes ago, Crnr2Crnr said:

OTB 

False 

It was sold on the global market

No I did not agree with the decision but it was a knee jerk to reduce gas prices 

 

 

Biden's Energy Department in April announced the sale of 950,000 barrels from SPR to Unipec, the trading arm of the China Petrochemical Corporation, which is wholly owned by the Chinese government.

[Snake]

Remember when the liberal Congress wouldn't allow Trump to continue fill the reserve, at $20 a barrel?

[Crnr2Crnr]

4 minutes ago, racer254 said:

Biden's Energy Department in April announced the sale of 950,000 barrels from SPR to Unipec, the trading arm of the China Petrochemical Corporation, which is wholly owned by the Chinese government.

And since Congress lifted a nearly 40-year ban on most U.S. crude oil exports in 2015, the Department of Energy, which maintains the stockpile, cannot dictate whether companies can export oil purchased from the petroleum reserve, the department said in an email. 

For each sale the Energy Department announces the type and amount of oil from the four SPR sites that will be auctioned in a competitive bidding process. By law, the contracts are awarded to the companies that make the highest bids, and any company that is registered in the SPR’s Crude Oil Sales Offer Program is eligible to make an offer. 

The Administration’s use of the SPR is exactly what it was created to do: to address the significant global supply disruptions,” the Energy Department argued in an email responding to our questions about the sales. “Putin’s war on Ukraine destabilized global supply and the emergency sales are meant to provide supply certainty and act as a bridge until domestic production increases, in turn help to mitigate the cost increases for American families.” 

However, the Department of Energy said that U.S. subsidiaries of foreign energy companies have long been eligible to place bids on SPR oil.

 

Prior to 2015, “it was unlikely any product delivered to the winning bidder was exported outside the US,” the department’s email said. But that changed after the broad export ban on U.S-produced crude oil was lifted that year. 

If the oil released is medium sour, for example, a U.S. refiner specializing in light sweet crude would not be interested,” he explained. “There may be spare capacity at a refinery in Europe, however, that specializes in processing medium sour crude, so trade makes sense.” (Light and medium refer to the density of the crude oil, and sweet and sour refer to measures of its sulfur content.) 

and more in a nutshell...

https://www.factcheck.org/2022/07/u-s-selling-oil-from-the-strategic-petroleum-reserve-to-the-highest-bidding-companies/

 

[Crnr2Crnr]

all by design... 

[racer254]

4 minutes ago, Crnr2Crnr said:

all by design... 

So we can sell to China or any other communist country as long as they are the highest bidder......yet I remember back in 2008 we had to bail out auto companies for fear of the chinese buying them and getting trade secrets.  At least that is what a few people said. 

The Energy Department for this admin is going to defend this NO MATTER WHAT, and I am sorry that some here can't understand this simple fact.

And BTW, we just arrested a man on charges he saved election information on Chinese servers. 

But again, it is just fine to sell oil to Chinese companies, right?

[Crnr2Crnr]

23 minutes ago, racer254 said:

So we can sell to China or any other communist country as long as they are the highest bidder......yet I remember back in 2008 we had to bail out auto companies for fear of the chinese buying them and getting trade secrets.  At least that is what a few people said. 

The Energy Department for this admin is going to defend this NO MATTER WHAT, and I am sorry that some here can't understand this simple fact.

And BTW, we just arrested a man on charges he saved election information on Chinese servers. 

But again, it is just fine to sell oil to Chinese companies, right?

change the law/rule and the problem is solved 

remember 'globalism'?

[ArcticCrusher]

Bidens energy policy.

 

[Snake]

39 minutes ago, Crnr2Crnr said:

And since Congress lifted a nearly 40-year ban on most U.S. crude oil exports in 2015, the Department of Energy, which maintains the stockpile, cannot dictate whether companies can export oil purchased from the petroleum reserve, the department said in an email. 

For each sale the Energy Department announces the type and amount of oil from the four SPR sites that will be auctioned in a competitive bidding process. By law, the contracts are awarded to the companies that make the highest bids, and any company that is registered in the SPR’s Crude Oil Sales Offer Program is eligible to make an offer. 

The Administration’s use of the SPR is exactly what it was created to do: to address the significant global supply disruptions,” the Energy Department argued in an email responding to our questions about the sales. “Putin’s war on Ukraine destabilized global supply and the emergency sales are meant to provide supply certainty and act as a bridge until domestic production increases, in turn help to mitigate the cost increases for American families.” 

However, the Department of Energy said that U.S. subsidiaries of foreign energy companies have long been eligible to place bids on SPR oil.

 

Prior to 2015, “it was unlikely any product delivered to the winning bidder was exported outside the US,” the department’s email said. But that changed after the broad export ban on U.S-produced crude oil was lifted that year. 

If the oil released is medium sour, for example, a U.S. refiner specializing in light sweet crude would not be interested,” he explained. “There may be spare capacity at a refinery in Europe, however, that specializes in processing medium sour crude, so trade makes sense.” (Light and medium refer to the density of the crude oil, and sweet and sour refer to measures of its sulfur content.) 

and more in a nutshell...

https://www.factcheck.org/2022/07/u-s-selling-oil-from-the-strategic-petroleum-reserve-to-the-highest-bidding-companies/

 

Factcheck....

[ArcticCrusher]

4 minutes ago, Snake said:

Factcheck....

The enquire is more credible.

[Anler]

2 hours ago, EvilBird said:

gOtTA sToP pUtIN aT aLL cOsTs

MoNeY wElL sPeNt!

[Mag6240]

56 minutes ago, Crnr2Crnr said:

OTB 

False 

It was sold on the global market

No I did not agree with the decision but it was a knee jerk to reduce gas prices 

 

 

Worked for a few weeks, now its gone, and here come rising prices again.  Thankfully the reserves ran to low/cellar levels before the elections, or people would be dumb enough to believe the current admin had changed course enough to affect everyone's wallet at the pumps.... Now how much will it cost to replenish those reserves??  Pretty short sighted if you ask me.

[Snake]

Peter: "When the price of gas was high, you said the President has no control over gas prices. Now that is has gone down, the President is taking credit."

Jean Pierre: "Peter, it is more nuanced than that and you know it."

[Sleepr2]

3 hours ago, Jimmy Snacks said:

Shareholders come first….

 

US shale producers have kept a lid on growth even as oil prices surged this year, prioritizing payouts to shareholders over gushing wells, a practice Barclays analysts believe will continue into next year. 

Guess who makes the most money from a gallon of gas? 

[Crnr2Crnr]

17 minutes ago, Snake said:

Factcheck....

 

13 minutes ago, ArcticCrusher said:

The enquire is more credible.

 

if either of you would care to refute the content, have at it.

i gET alTeRNaTIvE nEwS thAT SUitS mY preFfERReD naRRAtiVe... derrrr... 

[Crnr2Crnr]

15 minutes ago, Mag6240 said:

Worked for a few weeks, now its gone, and here come rising prices again.  Thankfully the reserves ran to low/cellar levels before the elections, or people would be dumb enough to believe the current admin had changed course enough to affect everyone's wallet at the pumps.... Now how much will it cost to replenish those reserves??  Pretty short sighted if you ask me.

don't disagree

my oil investments are paying again

 

[Snake]

3 minutes ago, Crnr2Crnr said:

 

 

if either of you would care to refute the content, have at it.

i gET alTeRNaTIvE nEwS thAT SUitS mY preFfERReD naRRAtiVe... derrrr... 

If 62% of the public think they are biased, it doesn't matter if they are good or not.

[Jimmy Snacks]

9 month old article but this has been discussed here many times and yes I think Bidens energy policy is awful and he’s not fit for office.

 

The analysis of major oil companies’ financials shows that 11 of the group gave payouts to shareholders worth more than $36.5bn collectively this year, while a dozen bought back $8bn-worth of stock. This apparent focus, rather than on further drilling, has caused some frustration within the federal government, with Jennifer Granholm, the US energy secretary, stating that “the oil and gas companies are not flipping the switch as quickly as the demand requires.”

A glut of new oil drilling has made the US awash with oil in recent years, turning the country into a top-level exporter as well as domestic supplier, but this has kept prices low to the displeasure of investors. “A lot of this has been driven by investor sentiment,” said Helima Croft, head of global commodity strategy at RBC Capital Markets, of the current reluctance to expand production. “They don’t want them to spoil the party.”

[Crnr2Crnr]

20 minutes ago, Snake said:

If 62% of the public think they are biased, it doesn't matter if they are good or not.

😂 site your source

 

[ArcticCrusher]

44 minutes ago, Crnr2Crnr said:

 

 

if either of you would care to refute the content, have at it.

i gET alTeRNaTIvE nEwS thAT SUitS mY preFfERReD naRRAtiVe... derrrr... 

Factcheck is just a reach around for fake news.

Total trash.

[Crnr2Crnr]

1 minute ago, ArcticCrusher said:

Factcheck is just a reach around for fake news.

Total trash.

then fuckin refute the article

i didn't write it, you won't hurt my feeling 

[Crnr2Crnr]

 

[Snake]

25 minutes ago, Crnr2Crnr said:

😂 site your source

 

Factcheck.org

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Crnr2Crnr]

Just now, Snake said:

Factcheck.org

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

https://truthsocial.com/

[Crnr2Crnr]

 I listen to Dan Bongino during lunch, he's ranting about politifact.  It's so wonderful knowing precisely which souRCeS get some of you triggered here 

[Mainecat]

6 hours ago, racer254 said:

The stark differences between Biden and Trump prove why this is happening.  Remember, Trump was buying oil when it was cheap and Biden was selling our oil to china. 

Read the thread I just started…..it’s big oil