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

[Jim H - VA USA]

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

Boo, it said that the Biden Admin allowed the export. Are you taking issue with that or changing the subject?

Fact is, we are drawing down the SPR and exporting oil to Italy, France, China, India, et. al.

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.

As you should know, your links do not support your points. You only linked exports. US is a large country and will always have imports and exports (Canada and Mexico where it makes sense). What matters are NET imports or NET exports.

The EIA provides net import data.

Regards,
Jim

 

[surada]

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

Storing oil above ground always increases the ppb.

 

[BlindBoo]

that the Biden Admin allowed the export. Are you taking issue with that or changing the subject?

Fact is, we are drawing down the SPR and exporting oil to Italy, France, China, India, et. al.



As you should know, your links do not support your points. You only linked exports. US is a large country and will always have imports and exports (Canada and Mexico where it makes sense). What matters are NET imports or NET exports.

The EIA provides net import data.

Regards,
Jim

US oil companies have been allowed to export oil since 2016 by law. You want the president to subvert the law?

Those are gross figures, not net, and the numbers are consistent with no huge recent spike, aka business as usual.