Biden to replenish 2.7 million barrels of oil out of the 180 million he released from the Strategic Oil Reserves at over $79/barrel.

[citygator]

So we got it for free the first time around?

Get a refund on those degrees, stupid.

You do know you are making a fool of yourself? I included that above in both scenarios. You paid for it whether you sell it again or not. You are $3B better off selling it for $95 and buying it back for $79. I think you should find your caretaker and have them explain it to you.

 

[BluesLegend]

Is Biden going to buy the oil from Saudi Arabia or re-open our own oil reserves and fill it with American oil? (said with extreme sarcasm)

 

[Mac-7]

You do know you are making a fool of yourself? I included that above in both scenarios. You paid for it whether you sell it again or not. You are $3B better off selling it for $95 and buying it back for $79. I think you should find your caretaker and have them explain it to you.

So why doesent biden buy more than just 2.7 million barrels?

 

[citygator]

If we need the oil to keep the country afloat no one is going to care about a mere $3 billion

Like I said.. if we have a zombie apocalypse you can post i told you so. If not, we saved $1B in consumer money and made $3B selling the reserve and buying it back cheaper.

 

[Nostra]

You are simply stupid. He already received $17B. If he buys it back for $14B it’s $3B in profit.

You already claimed the “profit “ off of selling 180 million barrels was $4 billion.

It will cost over $14 billion to replace that same 180 million barrels.

Like I said, get a refund on your fictitious degrees, stupid.

 

[Nostra]

You do know you are making a fool of yourself? I included that above in both scenarios. You paid for it whether you sell it again or not. You are $3B better off selling it for $95 and buying it back for $79. I think you should find your caretaker and have them explain it to you.

No stupid. See my post above.

 

[citygator]

So why doesent biden buy more than just 2.7 million barrels?

Doesn’t want to increase the oil demand while OPEC is cutting production. He is thinking about your precious gas price you righties worship.

 

[Mac-7]

Like I said.. if we have a zombie apocalypse you can post i told you so. If not, we saved $1B in consumer money and made $3B selling the reserve and buying it back cheaper.

I dont want to be right

So from now till something really bad and unexpected happens you can gloat and strike the Heisman pose

 

[Papageorgio]

The GOP wanted to carve that purchase out of the stimulus. The Dems wanted the stimulus to go to people not companies. As you can see by the economy it was the right decision. Forget soft landing we’ve had no landing with great GDP growth.

Over 4 trillion in stimulus and most of it went to the rich, that is a given, the transfer of wealth to the rich was massive. At $22 a barrel it was below cost and would have helped later but that is hind sight.

Covid allowed the rich to get richer. U.S. Billionaires Got 62 percent Richer During Pandemic. They're Now Up $1.8 Trillion. - Institute for Policy Studies

 

[Mac-7]

Doesn’t want to increase the oil demand while OPEC is cutting production. He is thinking about your precious gas price you righties worship.

You mean he’s thinking about votes in the next election

Biden is almost sure to be gone when his chickens come home to roost

 

[Crepitus]

Good gawd, what a mess. There's no profit to be made. Biden dumped strategic reserves on the market in a sleazy attempt to buy votes with lower gas prices before the mid-terms. The $5 -$10 billion is not a "profit" because it's taxpayer money being spent now that otherwise would not have spent had Biden not dumped those reserves.

What's $16 times 2.7 million?

 

[citygator]

No stupid. See my post above.

Scenario 1: Buy oil for $20 and you have a Barrel you paid $20 for.
Scenario 2: Buy oil for $20 sell it for $95 and buy it again at $79. You now have a barrel of oil you paid $4

That is $95 -$20-$79 which is -$4 vs just -$20.

THE MATH IS EASY. You are just confused at your age and I apologize for making fun of you in your confusion. Seriously though you are confused.

 

[citygator]

You mean he’s thinking about votes in the next election

Biden is almost sure to be gone when his chickens come home to roost

He’s thinking of your pocket book. Sure not raising your gas price helps him some but dont you want lower gas prices?

 

[Crepitus]

So why doesent biden buy more than just 2.7 million barrels?

Becuase buying too much at once will raise the price.

Then you guys will all be blaming him for that.

 

[Nostra]

Ok dumbass here you go.

1. Do nothing. You spent $20 for oil and now you have a barrel of Oil and $20 less.
2. Sell it. You spent $20 for oil then sold it for $95 then bought it again at $79. Now you spent $99 ($79+$20) but you got the $95 you sold it for.. so now you have a barrel of oil and you are only out $2 instead of $20. That is $18 better off which adds up to $3B.


I hope someone does your taxes for you.

Maybe the big numbers are confusing your pea brain, so let's use small ones:

Let's say I bought a car for $100.

Then I sold it to my neighbor for $150.

Then a week later I bought it back from him for $125.

You claim I made $25 on the same care I owned a week ago.

In reality, I lost $75 because I already spent $100 on it, sold it for $150, and spent another $125 for the same care. I now have $225 invested in a car I sold for a week for $150.

Same care, and I'm out $75. You are such a moron you claim I made $25.

Dumbass.

 

[Mac-7]

He’s thinking of your pocket book. Sure not raising your gas price helps him some but dont you want lower gas prices?

Indirectly yes

He wants votes, and it occurred to his handlers that lower gas prices are good for his next election

 

[citygator]

Maybe the big numbers are confusing your pea brain, so let's use small ones:

Let's say I bought a car for $100.

Then I sold it to my neighbor for $150.

Then a week later I bought it back from him for $125.

You claim I made $25 on the same care I owned a week ago.

In reality, I lost $75 because I already spent $100 on it, sold it for $150, and spent another $125 for the same care. I now have $225 invested in a car I sold for a week for $150.

Same care, and I'm out $75. You are such a moron you claim I made $25.

Dumbass.

You were out $100.. now you are out $75. Was the car free to begin with? NO. You paid $100. You were out $100. Now you are only out $75. You are less in the hole. You owe less on that car than you did. You originally owed $100.. now you only owe $75. Ya see?

 

[LeftofLeft]

That is a fair point. Right now we are flush with $17B in cash and can replace the oil for $14B. That will be $3B in profit. Plus he saved gas consumers about $1B by lowering prices. That is in the past. You can send a thank you note to 1600 Pennsylvania ave.

How did Biden LOWER gas prices? When gas prices are soaring, you people are the first to say, “Presidents don’t control gas prices”.

 

[Mac-7]

Becuase buying too much at once will raise the price.

Then you guys will all be blaming him for that.

He should have thought of before selling so much oil from the Reserve

 

[citygator]

How did Biden LOWER gas prices? When gas prices are soaring, you people are the first to say, “Presidents don’t control gas prices”.

In that instance the added oil supply reduced prices by 17-24 cents. Prices would have been higher. It saved consumers $924M.. about.