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Thread: US Strategic oil reserves going to...

  1. #1
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    Default US Strategic oil reserves going to...

    You guessed it...

    Oil reserves released by Biden expected to primarily go to China, India
    U.S. taps 50 million barrels of oil from reserves in an attempt to tamper spiking costs at the gas pump

    By Caitlin McFall
    FOXBusiness

    President Biden’s move to tap the U.S. Strategic Petroleum Reserve is expected to supply Chinese and Indian oil needs as gas demands have led to global shortages, reports said Tuesday.

    The White House said the Department of Energy will release 50 million barrels of oil held in U.S. reserves — 18 million of which have already been congressionally approved for sale.

    U.S. President Joe Biden speaks on the economy during an event at the South Court Auditorium at Eisenhower Executive Office Building on November 23, 2021 in Washington, DC. President Biden announced the release of 50 million barrels of oil from the S (Photo by Alex Wong/Getty Images / Getty Images)

    China and India have been actively purchasing U.S. sour crude oil produced in the Gulf of Mexico, first reported Bloomberg.

    Sour crude oil contains high levels of sulfur, which reportedly makes it more expensive to process and traditionally turns buyers away.

    But U.S.-produced sour crude oil appeals to foreign buyers because of its relatively affordable price tag, the publication said.

    The White House’s Tuesday announcement means the U.S. will seek to accelerate sales abroad in an attempt to counter spiking prices at the gas pump.

    U.S. President Joe Biden speaks on the economy during an event at the South Court Auditorium at Eisenhower Executive Office Building on November 23, 2021 in Washington, DC. President Biden announced the release of 50 million barrels of oil from the S (Photo by Alex Wong/Getty Images / Getty Images)

    The additional 32 million barrels will be intended for U.S. consumers to alleviate increased demand.

    Earlier this month OPEC+, led by nations like Saudi Arabia and Russia, refused to increase production to meet rising demands.

    Gas shortages have led to rising inflation and gas prices at the pump not seen in seven years.

    "The President has been working with countries across the world to address the lack of supply as the world exits the pandemic," the White House said in a statement.

    In a globally coordinated effort China, India, Japan, South Korea and the United Kingdom will also tap their reserves to try and bring down gas prices.

    "The president stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate supply as we exit the pandemic," the administration added.

    https://www.foxbusiness.com/politics...ed-china-india

  2. #2
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    Quote Originally Posted by JABIII View Post
    The additional 32 million barrels will be intended for U.S. consumers to alleviate increased demand.

    https://www.foxbusiness.com/politics...ed-china-india

    Thanks Brandon. We use 18 million per day. This will get us to lunch on Thanksgiving.
    "To the sensitive gunner nothing can equal a bird and a dog and a gun in trilogy."
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  3. #3
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    So let me understand this..

    18 million already approved for sale.

    The other 32 million are going to be primarily sold to China and India.

    How are an additional 32 million barrels being sold to China and India going to alleviate increased demand for U.S. consumers?

    With the amount of oil used in the world today does Biden think he is going to flood the market with that small amount and miraculously cause the price to drop at the pump here?

    That math doesn't add up.

    Sounds more like Biden is getting paid under the table for selling oil.

  4. #4
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    Gotta get big man some money. Gotta pay back those that helped him get elected. Dear lord..... Went from be energy independent and a set of nuts to here china take our oil and buy more land and steal more of our intellectual property in less than a year..... Anyone that says they are happy with the way this is going needs to have their mental health checked. If republicans don't take the senate and house we suck. Screw it if Americans don't take back the senate and house we are screwed.
    “Duck hunting gives a man a chance to see the loneliest places …blinds washed by a rolling surf, blue and gold autumn marshes, …a rice field in the rain, flooded pin-oak forests or any remote river delta. In duck hunting the scene is as important as the shooting.” ~ Erwin Bauer, The Duck Hunter’s Bible, 1965

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    This is like putting a band aid on a gaping chest wound.

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    More like pissing on a dumpster fire.
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    as a last resort, to protect themselves against tyranny in government.

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    Geez he is one more dumb ass man. He reduces the US production and stops a pipeline and then does some crap like this.
    I am a nobody, that met somebody, that can save anybody.

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    Quote Originally Posted by quack head 11 View Post
    Geez he is one more dumb ass man. He reduces the US production and stops a pipeline and then does some crap like this.
    Anybody with any sense at all could see the Dems taking this country down and quicker than I thought possible. #FJB and the rest of the squad
    Gettin old is for pussies! AND MY NEW TRUE people say like Capt. Tom >>>>>>>>>/
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    Anybody that thinks they are dumb......this shit is on purpose.

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    Quote Originally Posted by SCDAWG View Post
    Anybody that thinks they are dumb......this shit is on purpose.
    Exactly. Regardless of what it appears, you don’t get to be president of the United States by being dumb.

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    Quote Originally Posted by fowlshot View Post
    Exactly. Regardless of what it appears, you don’t get to be president of the United States by being dumb.
    well this one might have

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    Quote Originally Posted by fowlshot View Post
    Exactly. Regardless of what it appears, you don’t get to be president of the United States by being dumb.
    LOL.

    The two in the executive office now are what I call post turtles.
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    So now we are a couple weeks into this release from the oil reserves. Should we have seen a reduction in fuel prices at the pump?

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    Quote Originally Posted by Gander View Post
    So now we are a couple weeks into this release from the oil reserves. Should we have seen a reduction in fuel prices at the pump?
    Put your mask on & hush your face!

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    Quote Originally Posted by Gander View Post
    So now we are a couple weeks into this release from the oil reserves. Should we have seen a reduction in fuel prices at the pump?
    I must admit, I saw gas on killian road in columbia yesterday, 3 stations, regular 2.64 a gallon, was 2.89 last week at same stations. . .

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    Quote Originally Posted by fowlshot View Post
    Exactly. Regardless of what it appears, you don’t get to be president of the United States by being dumb.
    I think what he means is a life long politician knows all the tricks of the system and how to manipulate it to his/her advantage , that I would agree with
    Last edited by tprice; 12-07-2021 at 10:51 AM.

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    The oil released was all sour crude which is more expensive to process. The refiners don't want it and it is not restricted to domestic use only so it is open for export. It is going to go somewhere else if not to our refineries. Even if exported if will lower the world demand by by that many barrels and possibly lower the demand for Brent and WTI crude. Fuel prices are not just up in the US but world wide with an artificial shortage. The oil producers suffered major losses last spring and summer and are recouping that loss. Production will soon return to pre pandemic levels.

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    Quote Originally Posted by centurian View Post
    The oil released was all sour crude which is more expensive to process. The refiners don't want it and it is not restricted to domestic use only so it is open for export. It is going to go somewhere else if not to our refineries. Even if exported if will lower the world demand by by that many barrels and possibly lower the demand for Brent and WTI crude. Fuel prices are not just up in the US but world wide with an artificial shortage. The oil producers suffered major losses last spring and summer and are recouping that loss. Production will soon return to pre pandemic levels.
    Will US production "soon return"?

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    Quote Originally Posted by led0321 View Post
    Will US production "soon return"?
    Not until we get rid of Brandon. US production reguires $60-$80 crude to make a profit.

    Lets Go Brandon
    Last edited by centurian; 12-07-2021 at 11:24 AM.

  20. #20
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    Show me the data that worldwide production is down? US production is down. Worldwide? Let’s see the data


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