Speak Out: The Strategic Petroleum Reserve

Posted by DA Braswell on Tue, Nov 30, 2021, at 6:20 PM:

What is the SPR?

https://www.energy.gov/fecm/strategic-petroleum-reserve-9

See anything that warrants a release because the administration humped the pooch? Past sales and releases were for emergencies.

Replies (31)

  • If just releasing emergency reserves for no reason other than to cover his *** now this:

    https://www.investorvillage.com/smbd.asp?mb=4143&mn=480306&pt=msg&mid=22669994

    -- Posted by DA Braswell on Tue, Nov 30, 2021, at 6:28 PM
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    There were 7 sales between 2017-2020 , but only 6 sales between 1985-2014 . Are emergencies mandated ? Could this be a reason the price of gas was kept low .

    FY 2020 Mandated Sales: 9.85 million barrels

    FY 2019 SPR Modernization Sale: 4.2 million barrels

    FY 2019 Mandated Sales: 10.87 million barrels

    FY 2018 SPR Modernization Sale: 4.74 million barrels

    FY 2018 Mandated Sales: 14.17 million barrels

    FY 2017 Mandated Sales: 10 million barrels

    FY 2017 SPR Modernization Sale: 6.28 million barrels

    -- Posted by Diseased. . Turtle on Tue, Nov 30, 2021, at 6:49 PM
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    Why would the US of A keep "sour crude, a type of oil that U.S. refiners are shunning due to its high sulfur content" in it's Strategic Petroleum Reserve ?

    Wouldn't the US of A keep the best possible oil in it's Strategic Petroleum Reserve .

    -- Posted by Diseased. . Turtle on Tue, Nov 30, 2021, at 6:56 PM
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    The USA uses about 20 million barrels of oil every day - even Biden's release of 50 million barrels wouldn't do much IMO of lowering the prices unless it's only for a day or two. It's just a DNC talking point.

    -- Posted by Schaefer's World on Tue, Nov 30, 2021, at 7:14 PM
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    Joe Biden is a l:ar anyway , who can believe what he says ?

    One week after a touchy , feel good climate change meeting he sells off 80 million miles to oil and gas companies in the Gulf .

    -- Posted by Diseased. . Turtle on Tue, Nov 30, 2021, at 7:27 PM
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    My bad , he's a career l:ar .

    -- Posted by Diseased. . Turtle on Tue, Nov 30, 2021, at 7:29 PM
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    800 million..dammm

    -- Posted by Diseased. . Turtle on Tue, Nov 30, 2021, at 7:36 PM
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    Thanks, Rock for creating this thread very informative. Didn't know about sweet and sour crude oil - sounds like Chinese food but now understand the difference and why there are the two types. The sour crude needs more refining which is more expensive but at a lesser price to purchase so, it could be a washout to the buyer who has extra idle refining capacity.

    Can relate to this in the aluminum business where there are mainly 2 purities of aluminum ingots traded, 99.5% and 99.7% the difference being the 99.5% is cheaper to purchase and is used in certain manufacturing processes that do not require the higher purity such as in auto trim. Whereas the 99.7% being a higher purity demands a premium and is used in manufacturing processes that require that type of purity such as in electrical transmission lines.

    Turtle, I wondered why there were mandated sales and modernization Sales so with a little help from google found that the SPR is used by Law a mandated total of 10 million barrels for medical research and then some of the SPR is used for modernization to upgrade storage capacities which IMO is a novel idea to sell something to make improvements to itself without taxing the public.

    https://www.investopedia.com/terms/s/sourcrude.asp#:~:text=Key%20Takeaways%201%2....

    https://www.reuters.com/article/usa-crude-reserves-idUSL1N1FT1XF

    -- Posted by Schaefer's World on Tue, Nov 30, 2021, at 8:11 PM
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    That makes good sense .

    Something I wondered about is why gas is always cheaper at WalMart then other places . I believe most gas has a detergent agent in it to keep your engine running clean , that stuff WalMart sells does not , in other words , WalMart sells dirty off brand gas , you're not paying for the detergent if I'm understanding it correctly .

    -- Posted by Diseased. . Turtle on Tue, Nov 30, 2021, at 8:19 PM
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    btw..did you find some cheap gas prices when you got your bologna today ?

    -- Posted by Diseased. . Turtle on Tue, Nov 30, 2021, at 8:24 PM
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    Turtle: While pumping gas I'm always looking at the pump with all the stickers saying this and that about the gas....does the State check all of these additives and filter systems for the accuracy of their statements? Right now I'll buy the cheaper one and cross my fingers!

    -- Posted by Schaefer's World on Tue, Nov 30, 2021, at 8:28 PM
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    No cheap gas was found so had to eat the bologna with no bread.

    BTW, you probably use this app: www.gasbuddy.com

    to find nearby gas prices.

    -- Posted by Schaefer's World on Tue, Nov 30, 2021, at 9:03 PM
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    Sometimes Arkansas steak is good with ketch-up when all else fails.

    thnx for the info , I'll check that out .

    -- Posted by Diseased. . Turtle on Wed, Dec 1, 2021, at 6:58 AM
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    Oil prices have tanked so hard traders are assuming planes won't fly for 3 months: Goldman Sachs

    https://news.yahoo.com/oil-prices-have-tanked-so-hard-traders-are-assuming-plane...

    -- Posted by Diseased. . Turtle on Wed, Dec 1, 2021, at 7:23 AM
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    Turtle: On that www.gasbuddy.com after you enter your zip code to find gas around you, an icon MAP will appear at the top right. If you hit it a local road map will show up. I use the map feature when on road trips to plan the "gas" stops while in route.

    -- Posted by Schaefer's World on Wed, Dec 1, 2021, at 7:44 AM
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    "I believe most gas has a detergent agent in it to keep your engine running clean ," -- Posted by Diseased. . Turtle on Tue, Nov 30, 2021, at 8:19 PM

    Yep, my understanding is that all motor-fuel gasoline is federally required to have a minimum amount of detergent, and the detergent must be registered with the EPA so as to certify that the additive will not negatively affect other things such as emission controls, cat converters, etc.

    A selling point of the TopTier branded gas is the additional quantities and improved qualities over these minimum requirements. https://www.toptiergas.com/

    Additionally, some vehicle manufacturers such as GM recommend or strongly recommend the use of TopTier rated fuel - https://static.nhtsa.gov/odi/tsbs/2015/MC-10138113-9999.pdf

    Not to be confused with the premium, super, or the old-school 'ethyl' higher-octane grades, whose usage, when not called for, can actually contribute to degraded engine performance over time. Rule-of-thumb here is to go by the octane requirement called out in the owner's manual.

    Personal choice here is that as long as the 'good stuff' is selling for pretty near the same price as the discount unbranded stuff - I'll spring for it, on the thought that the best engine problems are the ones that never happen...and no, just to put it out here, I don't have any business interests in the stuff, other than what is bought for personal use. :-)

    /***/

    In other news and noise, yeah buddy, doesn't appear like they were kidding about the higher heating bills coming.

    Just looked at the projections on my next-month's bill, which Ameren offers on their website. Whew! Hoping for a mild winter.

    -- Posted by fxpwt on Wed, Dec 1, 2021, at 10:01 AM
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    fxpwt

    The weatherman has now changed their alledged minds and are predicting a mild winter instead of a frigid winter . So investors in Natural Gas are doing the same , future prices for heating bills are dropping too .

    But , politicians and the weatherman are the only People who get to lie and keep their jobs .

    -- Posted by Diseased. . Turtle on Wed, Dec 1, 2021, at 10:10 AM
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    Even a milder winter without enough natural gas to heat our homes, for those who use it, we still have a problem. Water will still freeze at 32 degrees I presume. And pipes still burst when they are frozen, right???

    -- Posted by Have_Wheels_Will_Travel on Wed, Dec 1, 2021, at 8:01 PM
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    Fried baloney and egg on toast with Duke's mayo.

    -- Posted by dbennett on Thu, Dec 2, 2021, at 5:54 AM
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    Fried tators with hunks of baloney mixed in and cold pork~n~beans on the side .

    -- Posted by Diseased. . Turtle on Thu, Dec 2, 2021, at 6:26 AM
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    In my humble opinion wood heat is better 'cause it soaks all the way to the bone , especially hickory , it burns hotter and longer .

    -- Posted by Diseased. . Turtle on Thu, Dec 2, 2021, at 6:35 AM
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    Natural Gas Hits Major Support At Low $4; Upside From Here?

    At the time of my muse, the spot contract on New York’s Henry Hub hovered at a high of above $5.03. That same day, it settled at $4.90.

    Two weeks later, natural gas’s spot contract hit a four-month low at $4.22 and closed Wednesday’s trade at $4.28. In a fortnight, it had lost 62 cents, or 13%.

    “In a market where weather trumps everything, models continue to struggle to show any meaningful cold through the middle of the month,” naturalgasintel.com said in a report.

    At this time of the year, a stronger upper level trough from Alaska into western North America, and a positive North Atlantic Oscillation pattern on the Atlantic side have combined into “a warm weather rout,” the report said, citing readings from forecaster Bespoke Weather Services.

    https://www.msn.com/en-us/money/markets/natural-gas-hits-major-support-at-low-4-...

    -- Posted by Diseased. . Turtle on Thu, Dec 2, 2021, at 6:52 AM
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    "... without enough natural gas to heat our homes..." -- Posted by Have_Wheels_Will_Travel on Wed, Dec 1, 2021, at 8:01 PM

    Certainly would be bad news with a shortage, as would any subsequent decisions how to proportion / divert gas for home heating and for power generation.

    "...wood heat is better..." -- Posted by Diseased. . Turtle on Thu, Dec 2, 2021, at 6:35 AM

    Wood heat does warm through and through, however found here that a basement window needs to be cracked open for the old Franklin stove down there, else it hoovers all the heat from the rest of the house, causing the furnace to run even harder. If experience is the result of bad judgment, still maintaining that I've accrued a lot of experience, the hard way. :-)

    "...spot contract on New York’s Henry Hub hovered at a high of above $5.03..." -- Posted by Diseased. . Turtle on Thu, Dec 2, 2021, at 6:52 AM

    Figuring utilities have hedged a fair portion of the expected needs at a firm price, hopefully at somewhat less than the prices of the spot market volatilities. Remembering something about the recent hike being mostly to repay high wholesale prices paid during the Feb2021 cold snap...?

    On the bright side, still nowhere near the wholesale prices of the late aughts up in the $6-8 range with extended peak periods approaching $12-14.

    Towards my growing appreciation for the concept of 'ignorance is bliss', ciphered through my last bill and came up with $14.60 charged for the same 'million BTU' quantity of gas (roughly 1000 cubic feet, or 10 of those CCFs as seen on the bill), after meter and administration fees, taxes, delivery charges, purchased gas adjustments, etc were figured in. Ugh!

    Electric heat ain't the answer, got it coming in at $34.57 per million BTU off the wires, after taxes, fees, etc.

    Kinda humorous in that 'the more you use, the more you save'...but the more it costs. :-)~

    -- Posted by fxpwt on Thu, Dec 2, 2021, at 9:16 AM
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    The weather is like a woman , you never know what their gonna do next..

    -- Posted by Diseased. . Turtle on Thu, Dec 2, 2021, at 10:02 AM
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    Turtle: I would agree but Girlfriend is looking over my shoulder.😊

    -- Posted by Schaefer's World on Thu, Dec 2, 2021, at 10:13 AM
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    "If experience is the result of bad judgment, still maintaining that I've accrued a lot of experience, the hard way. :-)"

    Fxpwt, the way I have it figured the lessons you learn in life's hard school are the best learned.

    Like when some really big guy says shut up, don't make a mistake and take that as stand up.

    -- Posted by Have_Wheels_Will_Travel on Thu, Dec 2, 2021, at 10:16 AM
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    Schaefer

    Grandpa told me to never try and figure out a woman because if I ever did I wouldn't believe it..

    -- Posted by Diseased. . Turtle on Thu, Dec 2, 2021, at 11:46 AM
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    Turtle: Wise Grandpa!

    -- Posted by Schaefer's World on Thu, Dec 2, 2021, at 11:50 AM
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    no worries , Magic Moon dust is on the way to save the day

    ___________________________

    Shoot for the Moon: Its Surface Contains a Pot of Gold

    https://leaps.org/shoot-for-the-moon-its-surface-contains-a-pot-of-gold/particle...

    -- Posted by Diseased. . Turtle on Thu, Dec 2, 2021, at 12:20 PM
  • -- Posted by Diseased. . Turtle on Thu, Dec 2, 2021, at 1:37 PM
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    Guess ole Turnip Brain Biden will get the gas prices down a few cents by creating a panic with the new Covid Variant.

    -- Posted by Schaefer's World on Thu, Dec 2, 2021, at 2:38 PM

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