Oil is Cheap! Now the President can replace what he took?
Jan 5, 2015 16:32:04 GMT -6
adjensen, Nugget, and 3 more like this
Post by Deleted on Jan 5, 2015 16:32:04 GMT -6
Oil is at all time lows (by recent standards anyway), and everyone is actually starting to cry about these prices still being twice what they were when the wars began. Whatever the case may be on that? Obama released over 30 million barrels of oil from our Strategic Petroleum Reserve in Louisiana. In fact, he'd gotten it with his Presidency, JUST as it was getting it's final deliveries to top off ..and then gave 30 million out.
Well, how about replacing it? Never a better time, it seems..
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I don't know quite how to break this to Wall Street, but Main street really doesn't have sympathy or any cheese to spare with their whines. Their profit isn't our priority, and pain at those companies is like sweet music to my ears, after the gross profiteering of the last 12 or so years. What I know is that people have been able to take a road trip to visit family for the first time in years now, and not have household pain as a result of the gas budget. A thousand businessmen can suffer hard for that to be true next Christmas as well and I'll call it a bargain.
Still... We're missing that 30 million barrels of crude. We really DO need that back, as a full reserve supplies our nation with just over 90 days of domestic supply, given current conditions. That wasn't his personal gas station, after all.
The release happened in 2011, as some may recall from news at the time.
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The only thing worse than premature release at a bad moment is not making good for it the next morning, eh? Well...the morning after came and went, and it's time to buy low, I'd say. After all...it looks like we'll have a nation despite his best efforts to the contrary..and we'll need our reserves.
Well, how about replacing it? Never a better time, it seems..
That fear shook financial markets Monday as oil plunged again, dipping below $50 for the first time in more than five years. The drop prompted a big sell-off, not just among energy stocks, but across the entire stock market.
Stocks had already endured a weak open because of concerns that Greece could exit the euro, adding to worries about the poor outlook for growth in that region. As oil slid further, the stock selling accelerated, pushing the Standard & Poor's 500 index to its biggest loss in months.
Stocks had already endured a weak open because of concerns that Greece could exit the euro, adding to worries about the poor outlook for growth in that region. As oil slid further, the stock selling accelerated, pushing the Standard & Poor's 500 index to its biggest loss in months.
I don't know quite how to break this to Wall Street, but Main street really doesn't have sympathy or any cheese to spare with their whines. Their profit isn't our priority, and pain at those companies is like sweet music to my ears, after the gross profiteering of the last 12 or so years. What I know is that people have been able to take a road trip to visit family for the first time in years now, and not have household pain as a result of the gas budget. A thousand businessmen can suffer hard for that to be true next Christmas as well and I'll call it a bargain.
Still... We're missing that 30 million barrels of crude. We really DO need that back, as a full reserve supplies our nation with just over 90 days of domestic supply, given current conditions. That wasn't his personal gas station, after all.
The Strategic Petroleum Reserve is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts. The caverns have a capacity of 727 million barrels and store emergency supplies of crude oil owned by the U.S. Government.
The release happened in 2011, as some may recall from news at the time.
Fill status - The SPR completed fill on December 27, 2009 with a cargo that arrived and began to unload on Christmas Day. The cargo was 493,000 barrels of Saharan Blend, a light sweet crude that was delivered to the Bryan Mound site. A sale and drawdown in 2011 reduced the inventory to 695.9 million barrels.
The only thing worse than premature release at a bad moment is not making good for it the next morning, eh? Well...the morning after came and went, and it's time to buy low, I'd say. After all...it looks like we'll have a nation despite his best efforts to the contrary..and we'll need our reserves.
