GOP hates Biden's oil reserve profit machine; House Votes on Strategic Oil Usage

[Winston]

Every country does that. Even when we were energy independent, we were importing fuels. Energy independent actually means we were shipping out the same as we exported. Energy dependent is when we ship out less than we import, and energy world exporter is when we ship out more than import, but it's all imported and exported.

The commodities market was formed to stabilize prices. It's the marketeers that decide on the price of fuels, not the actual producers. To leave the commodities market would mean we would be at the mercy of oil companies because then they would set the price. If they wanted to charge $10.00 a gallon for gasoline, they could. It would be a stupid move.

What part of supply and demand do you not understand? So, we ban the export of diesel. What, are the oil companies now going to charge ten dollars a gallon because they are not part of the commodities market? I hope they are willing to drink a lot of diesel. The commodities market was not created to stabilize prices, it was created to maximize profits.

 

[Ray From Cleveland]

What part of supply and demand do you not understand? So, we ban the export of diesel. What, are the oil companies now going to charge ten dollars a gallon because they are not part of the commodities market? I hope they are willing to drink a lot of diesel. The commodities market was not created to stabilize prices, it was created to maximize profits.

Gee, I only spent a couple of years trading commodities. I should have talked to you first, huh?

The market has rules just like any market. You decide to leave, then yes, the producers can charge whatever they want. It's the market that stabilizes prices. It may not work in our favor all the time, but it sure beats the hell out of the alternative. If you don't like it, I have bad news for you, most everything you buy is in the market. All of our food is in the market: cattle, wheat, rice, soybeans. Our currency is actually in the market. Our cotton and lumber are in the market. It's all market controlled and they do so for a good reason.

So isolating America is no answer because then you would actually have what you claim the commodities market does, and that is companies maximizing profits which means we all would get screwed, especially when something interferes with the production of products such as droughts, floods, hurricanes that knock out oil oil platforms, forest fires and so on. Prices will still go up, but not by nearly as much if we only relied on ourselves. Think of it as spreading the misery around the world instead of suffering the misery exclusively ourselves.

 

[Winston]

Gee, I only spent a couple of years trading commodities. I should have talked to you first, huh?

The market has rules just like any market. You decide to leave, then yes, the producers can charge whatever they want. It's the market that stabilizes prices. It may not work in our favor all the time, but it sure beats the hell out of the alternative. If you don't like it, I have bad news for you, most everything you buy is in the market. All of our food is in the market: cattle, wheat, rice, soybeans. Our currency is actually in the market. Our cotton and lumber are in the market. It's all market controlled and they do so for a good reason.

So isolating America is no answer because then you would actually have what you claim the commodities market does, and that is companies maximizing profits which means we all would get screwed, especially when something interferes with the production of products such as droughts, floods, hurricanes that knock out oil oil platforms, forest fires and so on. Prices will still go up, but not by nearly as much if we only relied on ourselves. Think of it as spreading the misery around the world instead of suffering the misery exclusively ourselves.

Look, the commodities market is not some market that requires you to sell one product in order to purchase or sell another. We can easily stop exporting diesel, that doesn't mean no one is going to buy our soybeans. Besides, the soybeans will be cheaper because of cheaper diesel prices.

Nor am I advocating isolating America. Matter of fact, I would not condemn the exportation of gasoline. The oil companies can invest in the infrastructure to refine more oil into gas instead of diesel. But I would put them on notice, if the price of gasoline strays too far upwards because of massive exports, which is precisely what has happened in regards to diesel, they could face the same legislative restrictions.

I realize there are two other factors here. First, the Jones Act which requires shipments of diesel to areas in the United States to use American ships and crews. Suspend it, hell just get rid of it all together. Second, some of that exported diesel doesn't meet the sulfur content standards of the EPA. Tough shit, refineries can make the necessary investment to start producing diesel with acceptable levels of sulfur.

 

[Aldo Raine]

Our strategic oil reserves are not for making profit. It's to have emergency oil in the event of a national tragedy or war. That's it.

Dementia had no intention of making any profit. His goal was to bring down prices so the Communists could have a better chance at midterms. He could care less about profit. It just worked out that way because he brought prices to their highest level in US history, and there is only one way it could have gone from there, and that was down.

It can be used for supply issues of any kind not just war time.

 

[hadit]

Joe Biden initiated a $3.7B windfall in profits by selling at the high and buying back into the reserve at a low. Now the GOP wants to stop that from ever happening again! This is how the GOP wants to "help" you. By passing legislation that will never pass to virtue signal that they hate profitable decision making by a democrat.

MSN

www.msn.com

Republicans, who spent two days this week voting on amendments and passing the measure, have sought to blame last year's surge in gasoline prices on Biden's green energy policies, which they contend have crimped U.S. oil production, sending prices and inflation skyrocketing. Gasoline prices peaked at a record national average $5.05 per gallon in June, but declined steadily over the next three months.

How much did that oil cost when it was put in the reserve? If Quid Pro paid more than that, he took a loss, and that's NOT a profit.

 

[hadit]

Selling the strategic oil doesnt raise anyone's price. It provides more oil into the market theoretically lowering costs. The government makes money and the consumer is buying gas from a company that paid less for oil due to more supply... theoretically. Regardless it doesnt hurt the consumer.

Until we have an emergency need and the reserve is empty. You know, the reason it was created in the first place. It was never supposed to be a president's political toy.

 

[hadit]

It can be used for supply issues of any kind not just war time.

It is an emergency reserve. Sure, we can use it whenever, but the last thing we need is a dolt in the White House pumping it dry for approval points, then getting caught with our pants down and have nothing.

 

[Aldo Raine]

It is an emergency reserve. Sure, we can use it whenever, but the last thing we need is a dolt in the White House pumping it dry for approval points, then getting caught with our pants down and have nothing.

Except that it was also to help with lowering the cost and therefore helping the American people. Well done, sorry you disapprove but not surprised either.

 

[hadit]

Except that it was also to help with lowering the cost and therefore helping the American people. Well done, sorry you disapprove but not surprised either.

That's like cashing out your 401K to buy shoes you just have to have. Sure, you can do it, but boy is it stupid. And just how much of an impact did it actually have? Not much.

 

[Aldo Raine]

Moron....he hasn't bought it back, and it is now more than what it cost when we bought it the first time...so no, there is no windfall...biden, the sock puppet, at the control of the democrats, are depleting our oil reserves on purpose....

Except that they sold at it's height and are buying back at a lower price. Classic supply and demand. Way to go Joe.

 

[Aldo Raine]

That's like cashing out your 401K to buy shoes you just have to have. Sure, you can do it, but boy is it stupid. And just how much of an impact did it actually have? Not much.

Being fuel prices are down considerably it's easy to say it helped quite enough.

 

[hadit]

Being fuel prices are down considerably it's easy to say it helped quite enough.

You're crediting the injection of a small amount of supply done months ago for lower prices now? That's not how it works. What we so carelessly dumped on the global market has long since been processed and sold.

 

[hadit]

Except that they sold at it's height and are buying back at a lower price. Classic supply and demand. Way to go Joe.

You're forgetting that the price he's paying now is higher than the price we paid for the oil we sold.

 

[Winston]

It is an emergency reserve. Sure, we can use it whenever, but the last thing we need is a dolt in the White House pumping it dry for approval points, then getting caught with our pants down and have nothing.

Look, I know I am wasting my time, but I got three links for you.

Trump authorizes release of oil from strategic petroleum reserve after Saudi attacks

Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.

www.cnbc.com

Trump opening up the oil reserves after terrorist attacks in the Saudi oil fields.

U.S. Imports from Saudi Arabia of Crude Oil (Thousand Barrels per Day)

Crude oil imports from Saudi Arabia, by month. Note, September 2019, 458,000 barrels with a small dropoff in October.

U.S. Imports from Russia of Crude Oil and Petroleum Products (Thousand Barrels)

Crude oil imports from Russia, by month. Note, 10,795,000 barrels in April 2022. THEN ******* NOTHING.

Now, which situation warranted a tap of the Strategic oil reserve? Not a difficult question.

 

[citygator]

How much did that oil cost when it was put in the reserve? If Quid Pro paid more than that, he took a loss, and that's NOT a profit.

That’s stupid. If I gave you a stock that I paid $5 for and you sold it for $20 and bought it again for $10 you’re richer not poorer.

 

[hadit]

Look, I know I am wasting my time, but I got three links for you.

Trump authorizes release of oil from strategic petroleum reserve after Saudi attacks

Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.

www.cnbc.com

Trump opening up the oil reserves after terrorist attacks in the Saudi oil fields.

U.S. Imports from Saudi Arabia of Crude Oil (Thousand Barrels per Day)

Crude oil imports from Saudi Arabia, by month. Note, September 2019, 458,000 barrels with a small dropoff in October.

U.S. Imports from Russia of Crude Oil and Petroleum Products (Thousand Barrels)

Crude oil imports from Russia, by month. Note, 10,795,000 barrels in April 2022. THEN ******* NOTHING.

Now, which situation warranted a tap of the Strategic oil reserve? Not a difficult question.

Look, I don't care if TRUMP! did it too, using the reserve for anything not a real emergency is a dumb idea.

 

[Papageorgio]

Look, I don't care if TRUMP! did it too, using the reserve for anything not a real emergency is a dumb idea.

Where do people get the moronic idea that someone else did it, so it is okay to do that? Really silly sixth grade logic.

 

[Aldo Raine]

You're crediting the injection of a small amount of supply done months ago for lower prices now? That's not how it works. What we so carelessly dumped on the global market has long since been processed and sold.

They have been down from their peak for quite awhile. Crediting, not hardly but it certainly helped.

 

[Aldo Raine]

You're forgetting that the price he's paying now is higher than the price we paid for the oil we sold.

The price he sold for was higher than what he is paying now. Jeez this isn't that hard.

 

[Winston]

Look, I don't care if TRUMP! did it too, using the reserve for anything not a real emergency is a dumb idea.

LOL, I knew I was wasting my time. Trump opened up the reserve in response to a "threat" on less than half a million barrels a month. In the end, the only loss was a temporary 100,000 barrels a month, easily reflected in the numbers I posted from the EIA. Biden opened up the reserve in response to a PERMANENT LOSS of ten million barrels a month. Not a drop-off, not a threat, a PERMANENT LOSS, you hairbrained idiot.

This shit pisses me off. Republicans screaming like bloody damn idiots, which they are, about Biden opening up the reserves in response to that ten million barrel a month loss. Hell, exactly why the reserve was created. Look, it took me all of two minutes to google that shit up, and honestly, I was surprised at the results. And maybe that pisses me off even more. I should have taken that two minutes months ago. But worse, those Republican bought and bossed whores, they are counting on stupid shits like you never bothering to look that up. Look, MTG and Boebert, they are too damn stupid to even know how to look that up, as if googling "oil imports Russia by month" is some secret code. But McCarthy, he knows it, I am sure of it. Yet he stands by this attack on Biden. Beyond the pale my friend, beyond the pale. And I would be more than happy to explain where that phrase comes from. But those people are the very people you support, and that is inexcusable for a functioning, literate, American citizen.