Biden starts buying low priced oil for Strategic Reserve - bravo!

[citygator]

Either Biden is very lucky or as smart as they come. His release of oil at the high and buying into the low has helped American consumers as much as any President could.. and making billions. Yes billions. God bless him.

U.S. begins buying back oil for strategic petroleum reserve -official

The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile.

www.reuters.com

The White House said in October it would buy back oil for the SPR when prices at or below about $67-$72 per barrel, a bit below where U.S. benchmark futures were trading on Friday at about $75.

The Energy Department said buying oil back at about current prices is "an opportunity to secure a good deal for American taxpayers by repurchasing oil at a lower price than the $96 per barrel average price it was sold for, as well as to strengthen energy security."

 

[Auld Phart]

Either Biden is very lucky or as smart as they come. His release of oil at the high and buying into the low has helped American consumers as much as any President could.. and making billions. Yes billions. God bless him.

U.S. begins buying back oil for strategic petroleum reserve -official

The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile.

www.reuters.com

The White House said in October it would buy back oil for the SPR when prices at or below about $67-$72 per barrel, a bit below where U.S. benchmark futures were trading on Friday at about $75.

The Energy Department said buying oil back at about current prices is "an opportunity to secure a good deal for American taxpayers by repurchasing oil at a lower price than the $96 per barrel average price it was sold for, as well as to strengthen energy security."

How much did it cost when it was filled?

 

[OhPleaseJustQuit]

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Interesting to see how absolutely inaccurate Reuters is getting.


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[citygator]

How much did it cost when it was filled?

Doesn’t matter. US paid whatever initially. It’s about replacing it. We sold high and are buying low. Genius.

 

[citygator]

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Interesting to see how absolutely inaccurate Reuters is getting.


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Derp derp.

 

[White 6]

How much did it cost when it was filled?

Point observed and correct, but I am still glad there is plan to start refilling the reserve.

 

[OhPleaseJustQuit]

Derp derp.

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Articulate. Cool.


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[citygator]

Point observed and correct, but I am still glad there is plan to start refilling the reserve.

If you sold an asset for $96 and repurchased for $76 the original cost of that asset doesn’t matter.

 

[Auld Phart]

Doesn’t matter. US paid whatever initially. It’s about replacing it. We sold high and are buying low. Genius.

so, it doesn't matter to you that it was filled at $5 a gallon originally, and now that it has been depleted, it's costing $10 to refill it?

You're a hell of a businessman

 

[Auld Phart]

If you sold an asset for $96 and repurchased for $76 the original cost of that asset doesn’t matter.

If you sold an asset for $96 and repurchased for $76 the original cost of that asset doesn’t matter.

If you sold an asset for $76 and repurchased for $96, would it matter?

 

[1srelluc]

Doesn’t matter. US paid whatever initially. It’s about replacing it. We sold high and are buying low. Genius.

 

[citygator]

Math on this is selling at $96 and buying at $76 is $3.6B profit! Profit is king.

 

[citygator]

If you sold an asset for $76 and repurchased for $96, would it matter?

That’s not what we did. We did what I said. Making $20 a barrel.

 

[Papageorgio]

So our government sold oil reserves to American fuel companies at a high price then in turn the fuel companies sold it to America consumers.

 

[citygator]

so, it doesn't matter to you that it was filled at $5 a gallon originally, and now that it has been depleted, it's costing $10 to refill it?

You're a hell of a businessman

We already owned it. It’s a sunk cost. If you paid $200 a barrel sold it for $96 and repurchased at $76 you have more money than you did.

 

[Markle]

Either Biden is very lucky or as smart as they come. His release of oil at the high and buying into the low has helped American consumers as much as any President could.. and making billions. Yes billions. God bless him.

U.S. begins buying back oil for strategic petroleum reserve -official

The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile.

www.reuters.com

The White House said in October it would buy back oil for the SPR when prices at or below about $67-$72 per barrel, a bit below where U.S. benchmark futures were trading on Friday at about $75.

The Energy Department said buying oil back at about current prices is "an opportunity to secure a good deal for American taxpayers by repurchasing oil at a lower price than the $96 per barrel average price it was sold for, as well as to strengthen energy security."

 

[iamwhatiseem]

 

[White 6]

If you sold an asset for $96 and repurchased for $76 the original cost of that asset doesn’t matter.

I have no problem with it and like Hugo, you too are correct. I don't have any butt hurt, but there is still a lot of butt hurt, over releasing it in the first place. Part of what Hugo is pointing out (I believe) is that. There is no denying, much of what was sold, was bought significantly lower than $76, during the oil glut time when prices were depressed by peak production and larger reserves.
I am not an oil person, but I understand the theory reasoning of the release, as there was a worldwide shortage after the pandemic shutdown, that largely shut down production, with economies trying to come back from pandemic depressed economies. I understand that snapshot. I really do not know, how much effect it had in easing that shortage, how much it effected a softening of our own pump prices, as I have no way to know how high they would have gotten without it, while the industry seemed in no hurry to make a hard push to alleviate the shortage to meet demand, for a variety of reasons, not just profiteering off the shortage, but that certainly included.

 

[Markle]

As citygator knows, the purpose of the STRATEGIC oil reserve was not to lower the worldwide price of oil due to the reckless and dangerous policies of the far-left handlers of a diminished President.

 

[citygator]

As citygator knows, the purpose of the STRATEGIC oil reserve was not to lower the worldwide price of oil due to the reckless and dangerous policies of the far-left handlers of a diminished President.

Why do you hate $3.6B in profit Biden is squeaking out?