The U.S. Is Pumping Oil Faster Than Ever

[Toddsterpatriot]

eia.gov

Stocks of SPR Crude Oil

07/07/2023

346,758,000

10/27/2023

351,274,000

= 4,516,000 barrels added since 07/07/2023

So instead of being down 29 million barrels since December 2022,
we're only down 25 million barrels since December 2022.
And down 287 million barrels since he took office.

At that rate, it'll be 19.5 years until it's back to pre-Biden levels.

 

[John Edgar Slow Horses]

I would never deflect from Biden's huge drawdown of the SPR.

But you have admitted that he is replenishing the Trump draw down and America is pumping oil at all time highs.

 

[John Edgar Slow Horses]

Las Vegas, a high price gasoline state, has dropped significantly in the last three weeks.

 

[Oldestyle]

The very point of keeping a huge SPR has changed as the U.S has freed itself from dependence on Gulf Oil and become the world’s largest producer of oil, become the world’s #1 producer, and #1 exporter of Liquified Natural Gas for export. The mix of fuels we stock and the reasons we stock them underground — after pumping them from underground wells in the first place — has become more a financial matter to stabilize long-term futures contracts for our Allies and trading partners, than a real matter of crucial national or international security.

The disruptions of demand due to COVID under Trump and its increase later under Biden of course drove thousands of small less profitable producers in the U.S. out of the market, bankrupted them, and then the big oil majors bought their drills and property and were able to take big profits after demand increased again — so we saw remarkable deflation and inflation in a short period of time.

There was nothing surprising or wrong about Biden releasing some petroleum supplies for awhile, which oil specialists at the Fed encouraged. This reportedly led to an estimated decline of 40 cents per gallon in the price of domestically produced gasoline at the pump at its most inflated period.

But of course Biden’s MAGA opponents manage to make even this reasonable decision seem somehow treasonous and unpatriotic. The SPR will be replenished, though possibly never reach the super-high levels of the past, just as other QE measures — like QE purchases of Treasury Securities by the FED during COVID — are gradually and intelligently being rolled off the FED books and reversed.

Refilling the Strategic Petroleum Reserve offers chance to recalibrate its size

A series of emergency drawdowns, exchanges and planned sales since 2020 have reduced crude oil inventories held by the U.S. Strategic Petroleum Reserve to a 40-year low. Calls to fully refill the SPR in recent months raise important questions.

www.dallasfed.org

Come on, Tom! We all KNOW why Biden released all of that oil from the SPR and it was wasn't because "oil specialists at the Fed" encouraged it! That oil was released because Joe Biden's policies had driven up the price of gasoline at the pump and he was getting SAVAGED by the public because of inflation! The purpose of the SPR is to have something in the event of a REAL emergency...like a war in the Middle East...to provide a short term source of oil so that we're not caught short! Joe Biden has essentially cut that emergency supply in half for political reasons and put the US in a potentially bad situation.

 

[KissMy]

When did he do that?
Link?

Why didn't Trump replace the oil when the price was negative????

It was negative for about 5 minutes. The federal government doesn't move that fast.

You mean Trump was busy making his donors wealthy instead of having government make a profit by getting paid to soak up the oil glut.

The negative oil price lasted more than 5 minutes. Negative oil persisted more than a day & even closed at -$37 on April 20, 2020. It would only take seconds for government to make a bid on all the negative oil contracts. Any price below $30 was below cost of production. But that would have been against Trump & republicans pledge of bankrupting government.

 

[Toddsterpatriot]

But you have admitted that he is replenishing the Trump draw down and America is pumping oil at all time highs.

He has to get back to his own starting level first.
Is that going to happen before he dies? He's not
even back to the starting point of 2023.

 

[Toddsterpatriot]

You mean Trump was busy making his donors wealthy instead of having government make a profit by getting paid to soak up the oil glut.

The negative oil price lasted more than 5 minutes. Negative oil persisted more than a day & even closed at -$37 on April 20, 2020. It would only take seconds for government to make a bid on all the negative oil contracts. Any price below $30 was below cost of production. But that would have been against Trump & republicans pledge of bankrupting government.

When did Trump deplete it to bankrupt US oil producers? DURR

It would only take seconds for government to make a bid on all the negative oil contracts.

If you can show the SPR bidding process works that way, go right ahead.

 

[KissMy]

He has to get back to his own starting level first.
Is that going to happen before he dies? He's not
even back to the starting point of 2023.

When is SPR depleting Trump going to get the SPR back up to the record level Obama / Biden built it up to?

 

[John Edgar Slow Horses]

He has to get back to his own starting level first.
Is that going to happen before he dies? He's not
even back to the starting point of 2023.

You opinion cannot be supported.

 

[Toddsterpatriot]

You opinion cannot be supported.

How old were you when you failed your last math class?

 

[John Edgar Slow Horses]

How old were you when you failed your last math class?

You have lost the argument, Todd. Thatis the final sum here.

 

[marvin martian]

But you have admitted that he is replenishing the Trump draw down and America is pumping oil at all time highs.

I LOVE seeing leftists abandon their "climate change" scam and cheer for massive oil drilling.

lol

 

[Toddsterpatriot]

You have lost the argument, Todd. Thatis the final sum here.

Or you're on drugs?

Does Biden's 29-million-barrel reduction since December impress you?

Is that what refilling the reserve looks like, using your math?

 

[Toddsterpatriot]

I LOVE seeing leftists abandon their "climate change" scam and cheer for massive oil drilling.

lol

Biden (and Obama), "We're going to reduce US oil production"
Biden (and Obama), "Look at what a good job we did increasing US oil production"

 

[marvin martian]

Biden (and Obama), "We're going to reduce US oil production"
Biden (and Obama), "Look at what a good job we did increasing US oil production"

Cultists gonna cult.

Did you expect to see lefties cheering for massive oil drilling?

 

[John Edgar Slow Horses]

Or you're on drugs?

Does Biden's 29-million-barrel reduction since December impress you?

Is that what refilling the reserve looks like, using your math?

He is replacing as he said he would, and America is pumping at all time high.

Why are your knickers in a ringer?

 

[John Edgar Slow Horses]

Biden (and Obama), "We're going to reduce US oil production"
Biden (and Obama), "Look at what a good job we did increasing US oil production"

Sounds like a Trump. Sounds like a politician.

 

[KissMy]

Cultists gonna cult.

Did you expect to see lefties cheering for massive oil drilling?

We have been cheering Biden's increased drilling & production since he took office. It's you simps who believe repub propaganda.

 

[Tom Paine 1949]

We have been cheering Biden's increased drilling & production since he took office. It's you simps who believe repub propaganda.
View attachment 854378

Right. Of course there are always some ultra-liberal extremist environmentalists who think the Democratic Party must immediately “kill fossil fuels” … or “we are all doomed.” The vast majority of Democrats and Independents have always understood that this cannot happen quickly and requires prior development of effective alternative energy sources.

The Republicans took a few encouraging words Biden murmured into the ear of a silly teenage activist promising to “end fossil fuels” and built an incredible campaign about it. I said at the time it was a stupid thing to say and in fact bullshit. Developing alternate energy sources and improving energy efficiency remains important, however, and it is supported by many big industries — even in Texas, and much of Wall Street too. Sadly we were far behind in research and development In some of these areas, but real progress has been made in recent years.

Solar power proves its worth as heat wave grips the state

Texas has seen a boom in solar power in recent years, and experts say that’s helped the state grid weather an intense June heat wave.

www.texastribune.org

 

[Toddsterpatriot]

He is replacing as he said he would, and America is pumping at all time high.

Why are your knickers in a ringer?

He is replacing as he said he would

At his current rate of replacement, when will he be done?

and America is pumping at all time high.

Despite his attempts to prevent it.