Dollar up - Oil above $100 - Strategic Petroleum Reserves lose 25% of its capacity - Yet another Biden Failure.

[DarthTrader]

Unfortunately Forbes is just lying because they know better. When you reduce the storage stock that was already bought from real-supply (production) and simply saved, that doesn't increase supply in the supply-demand curve. You can't double dip supply that way.

What it does do is it reduces the amount of emergency buffer, meaning you raise RISK PREMIUM on the commodity.

So releasing from the SPR actually INCREASES the oil price. HAHAHA.

Oil would be about $110/bbl today if the Dollar were still ~$97.85. But the dollar has gone through the roof due to the milkshake effect of the rising interest rates.

Strategic Petroleum Reserve Release Should Help Americans, Hurt Putin

While President Biden may stand to gain politically from tapping the Strategic Petroleum Reserve, his reasoning and actions are justified. High oil prices give President Vladimir Putin’s war machine a lifeline.

www.forbes.com

 

[Delldude]

Don't forget, that SPR was filled at a much lower price per barrel. When refilled, it is going to cost much more of our taxpayer dollars, plus it will divert away production that is consumed daily, creating another shortage and price spike.

 

[Hang on Sloopy]

Unfortunately Forbes is just lying because they know better. When you reduce the storage stock that was already bought from real-supply (production) and simply saved, that doesn't increase supply in the supply-demand curve. You can't double dip supply that way.

What it does do is it reduces the amount of emergency buffer, meaning you raise RISK PREMIUM on the commodity.

So releasing from the SPR actually INCREASES the oil price. HAHAHA.

Oil would be about $110/bbl today if the Dollar were still ~$97.85. But the dollar has gone through the roof due to the milkshake effect of the rising interest rates.

Strategic Petroleum Reserve Release Should Help Americans, Hurt Putin

While President Biden may stand to gain politically from tapping the Strategic Petroleum Reserve, his reasoning and actions are justified. High oil prices give President Vladimir Putin’s war machine a lifeline.

www.forbes.com

So much good new today I'm giddy. I hope it hits 150 soon

 

[meaner gene]

Unfortunately Forbes is just lying because they know better. When you reduce the storage stock that was already bought from real-supply (production) and simply saved, that doesn't increase supply in the supply-demand curve. You can't double dip supply that way.

Your analysis is that the ant and the grasshopper isn't true.

 

[meaner gene]

Don't forget, that SPR was filled at a much lower price per barrel. When refilled, it is going to cost much more of our taxpayer dollars, plus it will divert away production that is consumed daily, creating another shortage and price spike.

Actually the last time the SPR was tapped in a major way, it actually produced billions of dollars for the treasury.

That's a historical fact.

 

[DarthTrader]

Your analysis is that the ant and the grasshopper isn't true.

That has nothing to do with what I said LOLOLOLOL.

You cannot change a supply-demand curve by releasing your SAVINGS, you already altered the supply-demand curve by saving it.

When you buy something (demand) and then save it it isn't adding supply. It's just neutralizing it with increased demand lol.

Then when you release it, if there's a downward pressure on price, it just further increases demand.

 

[DarthTrader]

Actually the last time the SPR was tapped in a major way, it actually produced billions of dollars for the treasury.

That's a historical fact.

Explain the conditions. If you release oil at $100 and have to buy again at $120...you will lose money.

 

[meaner gene]

That has nothing to do with what I said LOLOLOLOL.

You cannot change a supply-demand curve by releasing your SAVINGS, you already altered the supply-demand curve by saving it.

When you buy something (demand) and then save it it isn't adding supply. It's just neutralizing it with increased demand lol.

Then when you release it, if there's a downward pressure on price, it just further increases demand.

Supply and demand isn't just about price. There is a large amount of demand that isn't price based, and even demand that goes UP with the increase in price. (hoarding factor).

Same with supply. That increased price should spur increased production, but that neglects the time delay between seeking to increase production and actually doing so.

This happens all the time when farm goods.

 

[meaner gene]

Explain the conditions. If you release oil at $100 and have to buy again at $120...you will lose money.

That's because you sell it at $120 and buy it back at $100

 

[The Original Tree]

Unfortunately Forbes is just lying because they know better. When you reduce the storage stock that was already bought from real-supply (production) and simply saved, that doesn't increase supply in the supply-demand curve. You can't double dip supply that way.

What it does do is it reduces the amount of emergency buffer, meaning you raise RISK PREMIUM on the commodity.

So releasing from the SPR actually INCREASES the oil price. HAHAHA.

Oil would be about $110/bbl today if the Dollar were still ~$97.85. But the dollar has gone through the roof due to the milkshake effect of the rising interest rates.

Strategic Petroleum Reserve Release Should Help Americans, Hurt Putin

While President Biden may stand to gain politically from tapping the Strategic Petroleum Reserve, his reasoning and actions are justified. High oil prices give President Vladimir Putin’s war machine a lifeline.

www.forbes.com

Not only are we going to continue to shut down drilling, but we are also going to draw down the strategic reserve which is not putting a dent in the price of oil.

EmperorShitzHizPantz strikes again!

 

[BlindBoo]

Not only are we going to continue to shut down drilling

The drilling rig count hit a low of 250 before Biden's election. It has been increasing ever since, not remotely shutting down.

Rig Count Overview & Summary Count | Baker Hughes Rig Count

The Investor Relations website contains information about Baker Hughes Rig Count's business for stockholders, potential investors, and financial analysts.

rigcount.bakerhughes.com

 

[Delldude]

Actually the last time the SPR was tapped in a major way, it actually produced billions of dollars for the treasury.

That's a historical fact.

I understand that but at the same time, to refill will cost billions of dollars from the treasury.

 

[BasicHumanUnit]

Yet another victory for the anti-American Left.

Poor America. She's all but dead. Hard to believe the Right wing had so little value for their freedom.

 

[DarthTrader]

The drilling rig count hit a low of 250 before Biden's election. It has been increasing ever since, not remotely shutting down.

Rig Count Overview & Summary Count | Baker Hughes Rig Count

The Investor Relations website contains information about Baker Hughes Rig Count's business for stockholders, potential investors, and financial analysts.

rigcount.bakerhughes.com

As if rig count is the ONLY metric of production LOLOL.

There's the well itself, and there's how many taps are built off that well. A rising rig count may represent no increase in production if the wells aren't tapped.

 

[BlindBoo]

As if rig count is the ONLY metric of production LOLOL.

There's the well itself, and there's how many taps are built off that well. A rising rig count may represent no increase in production if the wells aren't tapped.

The bulk of the drilling is into known reserves to reset production wells that were shut down in 2020.

 

[Delldude]

The bulk of the drilling is into known reserves to reset production wells that were shut down in 2020.

Biden screwed up in Afghanistan....Trump told me.

 

[BlindBoo]

Biden screwed up in Afghanistan....Trump told me.

Right before he said "Now, wipe your face off"?

 

[Jim H - VA USA]

Unfortunately Forbes is just lying because they know better. When you reduce the storage stock that was already bought from real-supply (production) and simply saved, that doesn't increase supply in the supply-demand curve. You can't double dip supply that way.

What it does do is it reduces the amount of emergency buffer, meaning you raise RISK PREMIUM on the commodity.

So releasing from the SPR actually INCREASES the oil price. HAHAHA.

Oil would be about $110/bbl today if the Dollar were still ~$97.85. But the dollar has gone through the roof due to the milkshake effect of the rising interest rates.

Strategic Petroleum Reserve Release Should Help Americans, Hurt Putin

While President Biden may stand to gain politically from tapping the Strategic Petroleum Reserve, his reasoning and actions are justified. High oil prices give President Vladimir Putin’s war machine a lifeline.

www.forbes.com

Joe Biden has allowed FIVE MILLION barrels of oil from US national supply to be shipped abroad after claiming they'd be released to help lower soaring gas prices​

In June more than five million barrels were exported to Europe and Asia, despite the record price highs in the United States

Cargos of oil were also sent to the Netherlands, India and China and more will leave Louisiana in July

Between a fifth and a sixth of the reserve oil he bragged about releasing to boost supply made its way offshore to Europe and Asia in June.

Biden allowed FIVE MILLION barrels from national reserve to go abroad

Joe Biden in April declared that he was authorizing an historic release of the US strategic petroleum reserves, presenting it as a way to combat 'Putin's Price Hike'. But a large amount has gone abroad.

www.dailymail.co.uk

The SPR is a vital national security resource. It is not intended to be used in a futile attempt to lower gas prices by pennies. It should only be tapped in times of severe shortage such as an oil embargo, global war, or massive natural disaster.

It is paid for by the American taxpayers and should be tapped exclusively for domestic benefit.

If the Biden Admin would simply encourage more domestic oil production, there would not even be a flawed motivation to tap the SPR in the first place!

 

[BlindBoo]

Joe Biden has allowed FIVE MILLION barrels of oil from US national supply to be shipped abroad after claiming they'd be released to help lower soaring gas prices​

In June more than five million barrels were exported to Europe and Asia, despite the record price highs in the United States

Cargos of oil were also sent to the Netherlands, India and China and more will leave Louisiana in July

Between a fifth and a sixth of the reserve oil he bragged about releasing to boost supply made its way offshore to Europe and Asia in June.

Biden allowed FIVE MILLION barrels from national reserve to go abroad

Joe Biden in April declared that he was authorizing an historic release of the US strategic petroleum reserves, presenting it as a way to combat 'Putin's Price Hike'. But a large amount has gone abroad.

www.dailymail.co.uk

The SPR is a vital national security resource. It is not intended to be used in a futile attempt to lower gas prices by pennies. It should only be tapped in times of severe shortage such as an oil embargo, global war, or massive natural disaster.

It is paid for by the American taxpayers and should be tapped exclusively for domestic benefit.

If the Biden Admin would simply encourage more domestic oil production, there would not even be a flawed motivation to tap the SPR in the first place!

The Government doesn't export oil. Oil companies do. They have been for a while, not really seeing huge spike in our exports thought.......

Weekly U.S. Exports of Crude Oil (Thousand Barrels per Day)

The US is and has been an oil dependent nation since before the Kennedy Administration. Production is still rising under Biden.

Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day)

That being said we are still energy independent, if that means anything.

 

[Bootney Lee Farnsworth]

Unfortunately Forbes is just lying because they know better. When you reduce the storage stock that was already bought from real-supply (production) and simply saved, that doesn't increase supply in the supply-demand curve. You can't double dip supply that way.

What it does do is it reduces the amount of emergency buffer, meaning you raise RISK PREMIUM on the commodity.

So releasing from the SPR actually INCREASES the oil price. HAHAHA.

Oil would be about $110/bbl today if the Dollar were still ~$97.85. But the dollar has gone through the roof due to the milkshake effect of the rising interest rates.

Strategic Petroleum Reserve Release Should Help Americans, Hurt Putin

While President Biden may stand to gain politically from tapping the Strategic Petroleum Reserve, his reasoning and actions are justified. High oil prices give President Vladimir Putin’s war machine a lifeline.

www.forbes.com