Biden Energy Department’s claim it replenished Strategic Petroleum Reserve

According to government reports, the Strategic Oil Reserves have been replaced!!

They sold off a large portion.

Problem is other government reports aren't adding up to the amounts sold off and what they say has been bought back!!

They wouldn't be lying again for political reasons would they?

Worse yet, this could be a planned ruse to keep the Reserves way down in yet more efforts to weaken The U.S. ☠️

Seems everything the current Biden Administration is doing is downgrading The Nation!

Immigration BS
Economy and Prices BS
Mortgage Rates BS
Outright Lying etc.

Can anyone explain ?? 😃

Biden Energy Department’s claim it replenished Strategic Petroleum Reserve misleading, expert says

When the Department of Energy announced that it had successfully replenished the nation's stockpile with the total purchased volume of 40 million barrels, the announcement had some people scratching their heads.

The Strategic Petroleum Reserve (SPR), as the stockpile is called, contained over 630 million barrels of crude oil when President Biden took office in January 2021. Last week, it had less than 376 million barrels. How did the DOE refill the SPR with only 40 million barrels?

“I think it's a very purposely worded, misleading press release to make it seem like it replenished the SPR. And that's not true at all,” Robert Rapier, a chemical engineer and editor in chief of Shale Magazine, told Just the News.

a reply to: xuenchen

Mr. Rapier knows what he is talking about.

For those who won't read the article...

“That’s not what happened,” he said. He said what’s really happening is that the DOE is taking credit for another 140 million barrels that Congress had originally authorized, which would have drained the SPR even further. Those sales were canceled and combined with the 40 million barrels the DOE has purchased, the agency comes to a total of 180 million barrels.

“Those canceled sales wouldn't necessarily have happened anyway, with the SPR depleted like it is. So, they're taking credit for something that they shouldn't be taking credit for,” Rapier explained.

The SPR is essentially 40% lower than when Biden took office. At the rate it is being purchased, it will not be "replenished" until 2029.

Also of note...

The SPR could have been much higher when Biden took office at a great value to taxpayers. In 2020, then-President Donald Trump had proposed $3 billion in funding as part of the COVID-19 economic stimulus package to buy oil for the SPR.

Then-Senate Minority Leader Chuck Schumer, D-N.Y., told CNBC that Democrats had “eliminated [a] $3 billion bailout for big oil.”

Crushed under the weight of collapsing demand from the pandemic, oil prices were so low that the purchase would have been at approximately $30 per barrel.

They sold that oil at $95 a barrel and are replenishing it now at an average cost of $77 a barrel, for comparison.

Trump had boosted the reserve up, but not nearly as much to account for this discrepancy. Trump did it because it was necessary to keep the bottom from falling out of oil prices, plus at that low price, it was a really good time to buy it and add to the reserve. What they are claiming now as fully replenished is a lie, even compared to before Trump boosted the reserves.

Trump was a good business man, he capitalized on the good deal, and Biden sold it off and took credit for not having increased the national debt as much as he did because that money went into the nations coffers. The Democrats are the biggest deceivers there are it appears, tricking the American people into believing things that are not true by twisting the numbers.

a reply to: rickymouse

Biden sold off the reserve to lower oil prices. Otherwise we'd be paying even more at the pump due to the war in Ukraine. What should be happening is that we need to stop exporting oil until the reserve is back up to where it should be. Also Trump should of bought that oil at $10 a barrel when it was negative.

originally posted by: grey580
a reply to: rickymouse

Biden sold off the reserve to lower oil prices. Otherwise we'd be paying even more at the pump due to the war in Ukraine. What should be happening is that we need to stop exporting oil until the reserve is back up to where it should be. Also Trump should of bought that oil at $10 a barrel when it was negative.

It was negative (-$46 a barrel, to be exact) for exactly one day.

The oil companies would not have sold it at that.

I was there in the oilfields when they shuttered most production for a week and the price corrected to $30.

And then went from there.

Oil producers break even with production costs at $42 a barrel.

Trump tried to buy at $30 but Democrats shut him down on that, claiming it a "bailout for big oil" and wouldn't OK the Covid relief package with that in it.

Biden squandered our strategic reserves to prop up his economic decisions.

And here we are.

Read the article.

originally posted by: rickymouse
Trump had boosted the reserve up, but not nearly as much to account for this discrepancy. Trump did it because it was necessary to keep the bottom from falling out of oil prices, plus at that low price, it was a really good time to buy it and add to the reserve. What they are claiming now as fully replenished is a lie, even compared to before Trump boosted the reserves.

Trump was a good business man, he capitalized on the good deal, and Biden sold it off and took credit for not having increased the national debt as much as he did because that money went into the nations coffers. The Democrats are the biggest deceivers there are it appears, tricking the American people into believing things that are not true by twisting the numbers.

Trump did NOT "boost the SPR up". You just made that up. When Obama left office in January of 2017, the SPR stood at about 695 million barrels. When Trump left office they had declined to about 638 million barrels. The SPR was never higher than under Obama in 2011, at about 727 million barrels:

www.eia.gov...

The amount of petroleum that is kept in the SPR is primarily determined by Congress.

"Two recent congressional acts collectively call for the sale of 107 million barrels of crude oil in FY 2022 through FY 2027:

The Bipartisan Budget Act of 2018, enacted in February 2018, calls for the sale of 30 million barrels over the four-year period of FY 2022 through FY 2025, 35 million barrels in FY 2026, and 35 million barrels in FY 2027.

The Tax Cuts and Jobs Act of 2017, enacted in December 2017, calls for the sale of 7 million barrels over the two-year period of FY 2026 through FY 2027."

Both of those acts were passed when the Republicans controlled both houses of Congress and Trump was President. Note that those acts prescribed the amount of sales that had to occur during most of Biden's administration.

From:

www.eia.gov...

a reply to: Boomer1947

I guess you missed the part where the DOE is just flat out lying...

Right now...

Under this administration.

Care to address the actual topic?

originally posted by: grey580
a reply to: rickymouse

Biden sold off the reserve to lower oil prices. Otherwise we'd be paying even more at the pump due to the war in Ukraine. What should be happening is that we need to stop exporting oil until the reserve is back up to where it should be. Also Trump should of bought that oil at $10 a barrel when it was negative.

If the oil companies would have shut down in this country, we would be in serious trouble. At one point the speculators brought the price down lower than the price of what it cost the oil companies to make it. The speculators drive the price up, the oil companies sell it to the market and the investors bid it up and make more than the oil companies are getting it for. Then they sell the paper oil back to the oil companies to refine it. But I have to add, lots of people at the top of oil companies make their money on speculation....the stock just gets them into a position to be able to join the group of rich that sucessfully over profit by it. Politicians also were able to get in on this and they never lost money. But if we try it going through a conglomerate which sells you shares in trading, you and I can lose money fast and the profits are made by that company, it is not worth doing it unless you are in with the big dealers that work together and control speculation.

Trump bought it at under thirty bucks a barrel I think which is cheap. Biden sold it for around ninety I think when the price was so high. The oil companies would never sold the oil at twenty bucks a barrel let alone ten bucks a barrel, they would have just laid everyone off and waited for prices to go back up. There would have been a fuel shortage in this country if it went too low, no semis on the roads either and actually, gas at the pumps would have been rare, so they could charge whatever they wanted to.

a reply to: rickymouse

I agree with your post entirely.

I would also like to point out that you are replying to someone who has no clue about what the energy sector does and the market drivers are, based on his/her post.

But an excellent attempt at an explanation for the layman.

a reply to: Boomer1947

I didn't make it up, I read that somewhere. Maybe I did not research what I read appropriately though. A lot of BS is on the net and since I really do not have much interest in some things like that I do not verify everything. My focus is on food chemistry and pharmaceudical chemistry and health research, I am very particular in checking that stuff out and spend a lot of time evaluating evidence of that.

Graphs and charts are used most often to fool investors and all of us, so since I shouldn't believe anyone, I should also check to see if you are saying the truth too. I edited to add this

I guess I should not believe so much I read on this site without verifying everything before repeating it. I also should make sure to research anything a politician says because they all lie like fish.

Hmmm....I wonder where the saying lie like a fish comes from. Fish can't even talk.

a reply to: Boomer1947

Look at the Non SPR oil and petroleum products, it was highest in 2020, those include contracts in place that have not been delivered yet....which went way down after Biden came into office. The government makes contracts on future buys which are not included in the SPR till they are actually filled. That seems to be where your info is messed up, no oil company could pump that much into the reserve till it was delivered either in sale or in actual filling a reserve. If they pumped everything into there, we would not have any fuels for a period of time.

That is where my research led me, it is in some graphs, and that non spr probably had a contract lasting well over a year so it did not cripple our economy.

originally posted by: rickymouse

originally posted by: grey580
a reply to: rickymouse

Biden sold off the reserve to lower oil prices. Otherwise we'd be paying even more at the pump due to the war in Ukraine. What should be happening is that we need to stop exporting oil until the reserve is back up to where it should be. Also Trump should have bought that oil at $10 a barrel when it was negative.

Trump bought it at under thirty bucks a barrel I think which is cheap. Biden sold it for around ninety I think when the price was so high. The oil companies would never sold the oil at twenty bucks a barrel let alone ten bucks a barrel..

Maybe not the oil company but the futures buyers would.

As I understand, and feel free those who know better to correct, the futures buyers buy oil barrels that they have to take possession of at a certain date and time. Most of these grifters can’t actually receive the oil so they HAVE to sell before the date/time they are set to receive it.

Anyways that was what I was told - feel free to correct if I’m wrong.

originally posted by: pianopraze

originally posted by: rickymouse

originally posted by: grey580
a reply to: rickymouse

Biden sold off the reserve to lower oil prices. Otherwise we'd be paying even more at the pump due to the war in Ukraine. What should be happening is that we need to stop exporting oil until the reserve is back up to where it should be. Also Trump should have bought that oil at $10 a barrel when it was negative.

Trump bought it at under thirty bucks a barrel I think which is cheap. Biden sold it for around ninety I think when the price was so high. The oil companies would never sold the oil at twenty bucks a barrel let alone ten bucks a barrel..

Maybe not the oil company but the futures buyers would.

As I understand, and feel free those who know better to correct, the futures buyers buy oil barrels that they have to take possession of at a certain date and time. Most of these grifters can’t actually receive the oil so they HAVE to sell before the date/time they are set to receive it.

Anyways that was what I was told - feel free to correct if I’m wrong.

Futures buyers have to pay for it at the set time. They never actually get any oil, it is all done on paper. I suppose they might have to pay a little for storage of the oil until the price goes up after the future date, or sell it back to the oil company for the present rate at the time. They actually sell it to a refinery that is part of the oil company. The big investors never lose money on oil, usually they sell their contract within a month and prices take at least that long to go down

That is how I got it when I researched how it works.

a reply to: xuenchen

Funny that I heard just today that they were going to refill the reserves. An implication to me that the reserves have not been refilled to this date.

a reply to: rickymouse

Hmmm....I wonder where the saying lie like a fish comes from. Fish can't even talk.

Must have come from back east; out west it's always been 'you lie like a rug'.

originally posted by: pianopraze

originally posted by: rickymouse

originally posted by: grey580
a reply to: rickymouse

Biden sold off the reserve to lower oil prices. Otherwise we'd be paying even more at the pump due to the war in Ukraine. What should be happening is that we need to stop exporting oil until the reserve is back up to where it should be. Also Trump should have bought that oil at $10 a barrel when it was negative.

Trump bought it at under thirty bucks a barrel I think which is cheap. Biden sold it for around ninety I think when the price was so high. The oil companies would never sold the oil at twenty bucks a barrel let alone ten bucks a barrel..

Maybe not the oil company but the futures buyers would.

As I understand, and feel free those who know better to correct, the futures buyers buy oil barrels that they have to take possession of at a certain date and time. Most of these grifters can’t actually receive the oil so they HAVE to sell before the date/time they are set to receive it.

Anyways that was what I was told - feel free to correct if I’m wrong.

Wait till you comprehend that not only did the Government make a ton of money off of the sales, but the people in Congress who knew what was going on (because they are the ones responsible for buying and selling SPR supplies) bought and sold their own personal stocks accordingly...

Then you will understand why Congresscritters are paid 6 figures but make 7 figures.

If you or I did that, we would be in jail because... insider trading.

originally posted by: nugget1
a reply to: rickymouse

Hmmm....I wonder where the saying lie like a fish comes from. Fish can't even talk.

Must have come from back east; out west it's always been 'you lie like a rug'.

Probably evolved from the saying "drink like a fish" or "telling fish tales". The thing about those sayings is that when you grow up in an area, it may be common, but it is not said in most other areas of the country. I discovered a lot of old sayings we used to use in our area were never said in other places. Just like most places call soft drinks sodas and in the U.P we called them pop. Bars and restaurants in Wisconsin would know you were a Yooper if you asked what kind of pop they had there. Also, we went to the bar when we wanted to go have a beer, some places call them Taverns and not bars.

They are leaving a Disaster for the next POTUS.
Plain and Simple.

a reply to: xuenchen

a reply to: Lumenari

If you or I did that, we would be in jail because... insider trading.

We'd get the Martha Stewart treatment plus!

a reply to: xuenchen

WHY does the Biden Dept of Energy care about oil, if Biden and his trained minions are now "all in" on electric tanks, fighter jets, trucks, buses, freight trains, etc..? 🤡