The US Made $4 Billion Selling Oil This Year on Biden's SPR Releases

Rams Fan said:
It doesn't matter. A trade is a trade. If the globe is in a recession Biden didn't cause it, nor did his use of the SPR.

The Dude went short oil high, and now he's covering. That's all that matters with respect to the trade.
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He sold the oil to keep the price of oil down for the midterms. Only thing he cares about is staying in power. If it wasn't for Manchin, more trillions of debt that we don't have would have been spent which would have only added to inflation and made our current situation much worse...eventually leading to an even bigger recession later.
 
I think whatever recession we experience, if we even go through one, will be exceedingly brief and mild. By decision day 2024 SPX will be in new ATH territory.
 
Rams Fan said:
  • The US government has pocketed almost $4 billion from selling oil this year, the Wall Street Journal reported.
  • In a bid to lower gas prices, President Joe Biden authorized releases from the Strategic Petroleum Reserve in March.
  • Since then, the US has sold 180 million barrels of crude at an average price of $96.25 a barrel.
The US government has pocketed a roughly $4 billion windfall from sales of crude this year out of the Strategic Petroleum Reserve.

In the week ending December 9, the US released about 4.7 million barrels of crude, and the Energy Department has said it will conclude deliveries this month.

Since President Joe Biden tapped into the reserves in March — just after Russia's invasion of Ukraine — the US has sold 180 million barrels of crude at an average price of $96.25 per barrel, per The Wall Street Journal.

Brent crude, the international benchmark, is hovering around $80 a barrel, as of Monday. West Texas Intermediate is trading at roughly $75 a barrel.

The White House has said that it plans to start buying oil for the SPR when US crude price hit $70-$75 per barrel.

Last week, the Energy Department solicited bids for 3 million barrels to be delivered in February to its Texas storage facility.

Yet officials also said that the administration isn't rushing to completely top off crude reserves, which are now at about 382 million barrels, because current levels remain high enough to endure any supply shocks.

A senior administration official told the Journal that the Energy Department has the latitude to wait for lower market prices before it begins buying up oil to refill the SPR, and said that the process could take years.

At its peak in 2009, the Strategic Petroleum Reserves held 727 million barrels, data from the Energy Department shows. At the start of this year, those were at about 593 million barrels.
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Do the major news outlets know about that? Do they talk?
 
gkishot said:
Do the major news outlets know about that? Do they talk?
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Do you consider the Rupert Murdoch owned Wall Street Journal a major news outlet, or no?
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ET180 said:
Only thing he cares about is staying in power.
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If that's all he truly cares about then I sure hope he doesn't try to overthrow the government by sending an angry mob to the capital to prevent the certification of the vote if he loses his bid for a second term. That would be scary and unAmerican.
 
Rams Fan said:
Do you consider the Rupert Murdoch owned Wall Street Journal a major news outlet, or no?
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Had Trump had its way the SPR would have been filled at $25

One thing President Trump did propose was to top off the SPR when the Covid-19 pandemic was crushing oil demand. In March 2020 President Trump directed the Department of Energy to “fill the Strategic Petroleum Reserve (SPR) to its maximum capacity by purchasing 77 million barrels of American-made crude oil.”
 
Mercor said:
Had Trump had its way the SPR would have been filled at $25

One thing President Trump did propose was to top off the SPR when the Covid-19 pandemic was crushing oil demand. In March 2020 President Trump directed the Department of Energy to “fill the Strategic Petroleum Reserve (SPR) to its maximum capacity by purchasing 77 million barrels of American-made crude oil.”
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nice try redhat, there's no participation trophies for tryin':

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Mercor said:
Had Trump had its way the SPR would have been filled at $25

One thing President Trump did propose was to top off the SPR when the Covid-19 pandemic was crushing oil demand. In March 2020 President Trump directed the Department of Energy to “fill the Strategic Petroleum Reserve (SPR) to its maximum capacity by purchasing 77 million barrels of American-made crude oil.”
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More proof of Trumps incompetence.
 
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