September 13, 20224 yr 14 minutes ago, Ipiggles said: LOL Last I checked you were duped with Russian Collusion/Steele Dossier for like 3+ years.... I dont care if Reagan didn't say it, it is still a true sentiment. Do you have "But the Steele Dossier!" mapped to a key on your phone or something?
September 13, 20224 yr 47 minutes ago, paco said: wait...... Is this BigLou? Cant take credit for Big Lou.
September 13, 20224 yr 2 hours ago, Ipiggles said: if he wanted to truly help for the best interest for the nation? He would resign On March 31, 2022, President Joe Biden announced that his administration would release 1 million barrels of oil per day from the reserve for the next 180 days.[10] Way to avoid the question and deflect. 2 hours ago, TEW said: To ensure the US could cope with an emergency supply issue, especially in case of a war or embargo (OPEC cutting us off in the 70’s was the catalyst, but proposals go back to the post war era). The thing of it is, we don’t have an emergency supply issue. We have an emergency political issue because Democrats don’t want high prices headed into the midterms. It’s not like OPEC has cut us off again or that we don’t have any oil that we can produce ourselves. So at what point would you consider us to be in an emergency supply issue? As supply is restricted prices rise which puts a strain on the economy. At what price point at the pump would you feel it was an appropriate time to release the oil reserves?
September 13, 20224 yr Russian oil being (mostly) pulled off the board for Western nations could certainly be considered an emergency supply issue, considering oil is even more of a global commodity now than it was in the 70s. 200m barrels (another 20m barrels were added later) over 180 days gives the global market some time to adjust, easing some of the short term burden. That said, I think the market started to adjust pretty well about 45-60 days ago. OPEC's announcement to reduce production slightly a couple weeks ago was a signal to chill out with this. It needs to slowly reverse course and build up our strategic reserve again. It's time, elections or not. Most of the price reduction has to do with drops in demand for oil as the price increased. Addition of oil from reserves certainly helped pile on and accelerate the drop in oil prices, but I don't think it changed its trajectory.
September 13, 20224 yr 1 hour ago, paco said: wait...... Is this BigLou? his style of writing seems to align more with...
September 13, 20224 yr 26 minutes ago, Imp81318 said: Way to avoid the question and deflect. So at what point would you consider us to be in an emergency supply issue? As supply is restricted prices rise which puts a strain on the economy. At what price point at the pump would you feel it was an appropriate time to release the oil reserves? A literal supply issue where physical oil is not available. Not a situation where supply is available but at nose bleed prices. And I do find it funny that the Biden admin is now apparently signaling they’re going to try to restock the SPR. Drain it right before the midterms to help his party’s political chances then give the market a free put. What could go wrong in an inflationary environment?
September 13, 20224 yr 2 minutes ago, paco said: Peter Griffin? I alone - His last remaining brain cell
September 13, 20224 yr 24 minutes ago, JohnSnowsHair said: Russian oil being (mostly) pulled off the board for Western nations could certainly be considered an emergency supply issue, considering oil is even more of a global commodity now than it was in the 70s. 200m barrels (another 20m barrels were added later) over 180 days gives the global market some time to adjust, easing some of the short term burden. That said, I think the market started to adjust pretty well about 45-60 days ago. OPEC's announcement to reduce production slightly a couple weeks ago was a signal to chill out with this. It needs to slowly reverse course and build up our strategic reserve again. It's time, elections or not. Most of the price reduction has to do with drops in demand for oil as the price increased. Addition of oil from reserves certainly helped pile on and accelerate the drop in oil prices, but I don't think it changed its trajectory. OK, so again, we drain the SPR and then give the market a free put. Do we not see the problem here?
September 13, 20224 yr Author 7 minutes ago, we_gotta_believe said: I alone - His last remaining brain cell Whatever happened to @Ialone?
September 13, 20224 yr 21 minutes ago, TEW said: OK, so again, we drain the SPR and then give the market a free put. Do we not see the problem here? from a purely market standpoint sure it's artificial manipulation. but at least one of the goals of the SPR is to be able to keep prices from getting out of control because of short-term supply issues. the West being cut off from Russian oil is going to cause a reshuffling of the oil supply chain that will mean exorbitant prices in the short term, but it should reach an equilibrium as things normalize. subsidizing supply from the SPR in the near term seems a reasonable policy response from governments. and if you want to disrupt prices as little as possible, you taper off supply and then likewise taper resupply of the SPR over say 8-12 mos.
September 13, 20224 yr TEW/abra is just salty that Putin's getting clowned on the world stage by Joe F'ing Biden.
September 13, 20224 yr 1 hour ago, JohnSnowsHair said: from a purely market standpoint sure it's artificial manipulation. but at least one of the goals of the SPR is to be able to keep prices from getting out of control because of short-term supply issues. the West being cut off from Russian oil is going to cause a reshuffling of the oil supply chain that will mean exorbitant prices in the short term, but it should reach an equilibrium as things normalize. subsidizing supply from the SPR in the near term seems a reasonable policy response from governments. and if you want to disrupt prices as little as possible, you taper off supply and then likewise taper resupply of the SPR over say 8-12 mos. I disagree with the price control aspect of the SPR, but clearly that’s what it’s morphed into, so let’s assume that’s a part of it. If the goal is to keep the price from getting out of control, then please explain to me how the US government draining its oil reserves, then putting an artificial price floor on oil when while it is at elevated price levels, during a time of inflation, at a point in time where foreign producers are cutting production or are outright banned from coming to western markets, while issuing low numbers of permits, and the ideological wing of his party cuts financing to oil producers helps this situation at all? Basically, in a time where all pressure (save the temporary SPR release) is pushing the price up, the US government is now going to come in and put a price floor in place? And this is supposed to prevent prices from getting out of control?
September 14, 20224 yr 11 hours ago, Ipiggles said: Just a question I have about this graph, and I'm not sure if anyone has an answer. I see that the reserve has dropped roughly 180 million barrels from about September 2021 to now (and am well aware of why that is taking place), but what was happening from January of 2017 to January of 2020 that caused the reserve to drop 70 million barrels over that 3 year period?
September 14, 20224 yr 7 minutes ago, NothingClever said: Just a question I have about this graph, and I'm not sure if anyone has an answer. I see that the reserve has dropped roughly 180 million barrels from about September 2021 to now (and am well aware of why that is taking place), but what was happening from January of 2017 to January of 2020 that caused the reserve to drop 70 million barrels over that 3 year period? The two events that come to mind are hurricane Harvey and the attacks on Saudi refineries.
September 14, 20224 yr Trump also proposed halving the SPR, selling it off to help close the budget gap.
September 14, 20224 yr Ah yes, I too, can recall all the Trumpbots wringing their hands about the SPR when Trump was in office. Much like how deficit spending is suddenly a concern and the ballooning national debt is once again the reason why we're all doomed!
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