When the strategic oil reserve isn't strategic any longer... - Horse Racing Forum - PaceAdvantage.Com

PaceAdvantage · 03-31-2022, 02:35 PM

This clown...he's gonna release 1M barrels a day for the next 6 months.

It currently holds 568M barrels.

So, this fool is set to release over 30% of our current strategic reserve of oil???

For WHAT? To try and get prices at the pump a little lower? Is this guy a fucking idiot?

That's a rhetorical question, btw.

https://www.msn.com/en-us/news/marke...r-AAVICiZ?rt=0

davew · 03-31-2022, 02:51 PM

COME ON MAN, they do not know the daily US consumption but know it would be less if everyone bought an electric car.

Big Russ · 03-31-2022, 03:38 PM

November Hail Mary attempt.

tucker6 · 03-31-2022, 05:02 PM

Quote:

Originally Posted by PaceAdvantage

This clown...he's gonna release 1M barrels a day for the next 6 months.

It currently holds 568M barrels.

So, this fool is set to release over 30% of our current strategic reserve of oil???

For WHAT? To try and get prices at the pump a little lower? Is this guy a fucking idiot?

That's a rhetorical question, btw.

https://www.msn.com/en-us/news/marke...r-AAVICiZ?rt=0

If my math is correct, the six months is up just prior to the election. But he's doing this for the average Joe..

riskman · 03-31-2022, 05:03 PM

Biden is waging war on American energy, and his administration is doing everything possible to discourage production. It can’t not know what it is doing. Do not buy into his lies and bullshit excuses. It is a deliberate unpatriotic action that should result in more dependence on foreign oil.

Tom · 03-31-2022, 05:16 PM

What is Dementia Joe's plan to replenish this oil?

Rhetorical - Joe has NO plans to do anything about any problem. Joe is a F****** idiot and has less brains than mostpost.

Just this week, Joe rolled out a "one stop" websitefor Covid, citing that we are seeing an upswing in new cases, so this was going to be a big help.

Wait, what?
Upswing in new covid cases???

Where does this moron get his information?

Tom · 03-31-2022, 05:18 PM

Quote:

Originally Posted by riskman

Biden is waging war on American energy, and his administration is doing everything possible to discourage production. It can’t not know what it is doing. Do not buy into his lies and bullshit excuses. It is a deliberate unpatriotic action that should result in more dependence on foreign oil.

He has rolled out 11 new taxes on energy this month alone.

jay68802 · 03-31-2022, 05:24 PM

So, his policy's created the higher gas prices. Causing the taxpayers to to pay more at the pump. His solution, is to use oil, bought by the taxpayers, to try and drop the price.

Screwing us once is not enough, he has to screw us twice.

If brains were dynamite, Joe could safely be a fireman.

Marshall Bennett · 03-31-2022, 06:13 PM

Surprised he hasn't given it to Haiti or some other 3rd world shithole.
What a counterproductive SOB!!

OntheRail · 03-31-2022, 06:21 PM

Quote:

Originally Posted by jay68802

So, his policy's created the higher gas prices. Causing the taxpayers to to pay more at the pump. His solution, is to use oil, bought by the taxpayers, to try and drop the price.

Screwing us once is not enough, he has to screw us twice.

If brains were dynamite, Joe could safely be a fireman.

Make that three times... when we flip the bill to refill it.

This moron Joe could not pour water out of a boot if the instruction where printed on the heel.

mostpost · 03-31-2022, 07:03 PM

Quote:

Originally Posted by jay68802

So, his policy's created the higher gas prices. Causing the taxpayers to to pay more at the pump. His solution, is to use oil, bought by the taxpayers, to try and drop the price.

Screwing us once is not enough, he has to screw us twice.

If brains were dynamite, Joe could safely be a fireman.

As usual you don’t know what you are talking about. Taxpayers don’t pay for petroleum in the Strategic Petroleum Reserve. Here’s why.

In order to drill for oil on Federal Lands and on the outer continental shelf, companies must purchase leases. Prior to 1998 they paid for those leases with cash. Since then they have also paid with what is called royalties in kind. In other words, deposits into the SPR. When the President releases oil from the SPR, it means it is put on the market where it is purchased at market prices. That money goes to the government. So they get the oil for nothing-except a lease, then they sell it for market price.

You pay when you get gas, but only once.

jay68802 · 03-31-2022, 07:33 PM

http://www.ntu.org/foundation/detail...o-pay-for-pork

a quote "The SPR is filled via direct purchases, royalty-in-kind transfers (which allows companies to pay royalties owed to the federal government in oil or natural gas rather than cash), and other types of exchanges. Funding is also required for managing and maintaining the reserves. This year's budget estimates outlays of $246 million in 2021 for staffing and facilities costs. There is also a separate account for managing petroleum acquisitions, transportation, and sales, with estimated outlays of $24 million in 2021. Net of drawdowns, purchases, and facilities, the SPR has cost taxpayers $19 billion (in unadjusted dollars) from 1975 through 2021."

Tom · 03-31-2022, 07:40 PM

"Hi Jay!"

Clocker · 03-31-2022, 07:42 PM

Quote:

Originally Posted by PaceAdvantage

This clown...he's gonna release 1M barrels a day for the next 6 months.

For WHAT? To try and get prices at the pump a little lower? Is this guy a fucking idiot?

The US uses about 20 million barrels of oil per day. He is planning to increase the supply of oil by 5%.

Missing from all of the hoopla from Biden is one big fact. When the US "releases" oil from the reserve, it sells it on the market. Crude oil is about 50% of the cost of producing gas. I see nothing about how much the US will charge for that oil. If we don't sell it at the market price, the oil will really hit the fan in Washington.

And there is no indication that that 5% increase in supply, at some unknown price, could possibly affect the price of gas at the pump.

jay68802 · 03-31-2022, 08:00 PM

But, do not worry, it is part of Biden's plan. Draw down the SPR and use it to offset costs.

Another interesting qupte. "Since taxpayer funds were spent in the past to fill up the SPR and maintain it, receipts from a drawdown ought to be directly used to finance the government's sizable debt burden rather than go to finance more deficit spending."

http://www.ntu.org/foundation/detail...o-pay-for-pork