Depleting US Strategic Oil reserves is all about election year damage control.

[Fort Fun Indiana]

The subject being discussed is the depletion of the Strategic Oil Reserves to temporarily lower gas prices. You appear to be trying to redirect the discussion.

I spoke right to the OP commentary.

I will again. Watch:

Isn't it fascinating how Biden talked all hose other countries into helping the 2022 democratic congressional hopefuls?

Amazing!

U.S. to release oil from reserves in coordination with other countries to lower gas prices​

U.S. to release oil from reserves in coordination with other countries to lower gas prices

The U.S. will release 50 million barrels of oil from the Strategic Petroleum Reserve in an effort to combat climbing gas prices.

www.cnbc.com

 

[Dekster]

But Trump Trump Trump...

He is the one who topped off our strategic reserves (according to him at least)

 

[ABikerSailor]

You know, you guys against Biden opening up the strategic oil reserves are saying he should save it for a rainy day when something bad happens.

Well, something bad has happened, Russia invaded Ukraine, and the world is slapping sanctions on their oil, resulting in a world wide short supply. If that's not a reason to open them up, I don't know what is.

 

[Fort Fun Indiana]

You know, you guys against Biden opening up the strategic oil reserves are saying he should save it for a rainy day when something bad happens.

Well, something bad has happened, Russia invaded Ukraine, and the world is slapping sanctions on their oil, resulting in a world wide short supply. If that's not a reason to open them up, I don't know what is.

Yep. Any administration would do the same thing.

 

[MarathonMike]

I spoke right to the OP commentary.

I will again. Watch:

Isn't it fascinating how Biden talked all hose other countries into helping the 2022 democratic congressional hopefuls?

Amazing!

U.S. to release oil from reserves in coordination with other countries to lower gas prices​

U.S. to release oil from reserves in coordination with other countries to lower gas prices

The U.S. will release 50 million barrels of oil from the Strategic Petroleum Reserve in an effort to combat climbing gas prices.

www.cnbc.com

Biden's policy is to deplete the US Oil Reserves the 6 months prior to the 2022 election. The policy will end in the month prior to the election. His motives are obvious, stupid and dangerous.

 

[Winston]

That is so stupid. We just got those reserves filled back up from when 44 was using them.
You really have to wonder just how much special education democrats have to have to come up with stupid ideas.
44 claimed you an not drill your way out. used the reserves. Trump lowered the prices and filled them up.
Biden wants more oil by drilling and uses the reserves.
All of this without understanding that his administration has done everything it can to put the brakes on drilling and producing.
Yes there are leases that have been approved. But some are in areas that can not be easily accessed. Some are in the middle of leases that are not approved, and oil just does not understand that it has to stay within a lease.some are very speculative on if they will produce at all.
It costs millions of dollars to drill and produce oil. When a president tells banks not to approve loans to oil companies. Says he wants to kill oil and signs EO s that make it harder and longer to drill or payout is it any wonder that they sit not producing? A large portion of wells need fracking to produce which is being moved further and further off the table

That post is beyond stupid. The largest amount of oil that was ever in the Strategic Oil Reserve was in 2009, and who was president then? Yeah, Obama, or "44" as you said.

The largest amount of reserve supply ever recorded is more than 726.6 million barrels in early 2009. As the reserve has a reported storage capacity of 714 million barrels, the closest the Trump administration got to building up the reserve to “100%” was the week he took office.

Trump accuses Biden of emptying US oil reserves, despite depleting them too

Donald Trump accused Biden of draining America’s strategic petroleum reserve, claiming he built it up to “100% full” despite seeing a reduction in the reserve over his administration as well.…

nypost.com

Trump didn't fill up shit, and the reserve was not empty when he took office. He is a flippin lying ass conman And to this drilling horseshit, domestic oil production has been up since Biden took office. Matter of fact, we produced more oil in Biden's first year than we did in Trumps. I mean you can see it, it is all over the internet. Conservative news sites have howled about it, calling it "spin", calling it misleading. But the reality is, IT IS A DAMN FACT.

But those conservative sites cry that 2021 production was lower than 2018 and 2019. Well no shit, did Trump have anything to do with that higher production? Hell no. That production is based on the price of oil and when it tanked due to the Covid pandemic those oil companies quit producing. Yet Trump had no pandemic back in 2017, Biden was facing it in 2021. And oil companies have cautiously increased production, and will continue to do so going forward. It is safe to say that, barring some unforeseen recession and a plunge in oil prices and demand, production during Biden's four year term will easily exceed that of the Trumpster. Putin will have more to do with that than Biden, but you flippin idiots can't make the claim that Biden is curtailing production when his lease sales and drilling approvals are breaking records.

 

[Winston]

I'm sure the price per gallon the government paid years ago to fill the reserves up was a lot cheaper.
Then the price per gallon it's going to cost to fill them back up.
But that's ok, because the taxpayer will be footing the bill.

Well, it is not price per gallon, it is price per barrel, and yeah, it will be filled up when those prices are cheaper than what they are getting for them now because the real purpose of the Strategic Oil Reserve is to either prop up, or bring down, that price per barrel. Buy low, sell high.

 

[Toddsterpatriot]

And to this drilling horseshit, domestic oil production has been up since Biden took office.

Biden is awesome!
He must have done a lot to encourage production last year.
List your favorite three things that he did.

He must be planning a lot to encourage production in the future.
List your favorite three things he's planning.

 

[Winston]

Has nothing to do with the election, huh?
Sadly, it won't do that much at the pump at the end of the day.

The 'use it or lose it', is about as big of a joke as Brandon.
A lot of those leases are dry, or near dry leases, it would be stupid to do anything with them.
The rest of them are being screwed over by the costs the administration has put on them.

What costs? List them. And those leases--how do they know they are dry, they haven't drilled. And if they really are dry, or near-dry, what was stupid was buying the damn lease.

From my experience it works like this. First, you own some land and some drilling speculator wants to drill for oil, some day, so they purchase a lease from you, or the government if it is on public property. Now they might sit on that lease for quite a while, maybe waiting on higher prices and higher demand in order to justify the cost of drilling. Or maybe they are currently drilling enough to meet their needs, supply the refinery, and they are working at capacity. You could call those leases "safety stock", if you know what that term means. As you exhaust your current drilling sites you exercise your lease option on an additional site, and you pay a nice upfront bonus to the land owner. Once production starts you pay a royalty. Now I got to be honest, the royalty those companies pay for oil taken from public land is pitifully low, but private landowners are paid handsomely. Probably why oil companies purchase so many leases on public land. Greater potential margins.

Years ago I did the math. First, you look at the amount of oil produced from leases on public property. Off-shore and onshore. Then you find the revenue the government received, not from the leases, but from the royalties. Back then, it was two dollars a barrel. How does that make sense? Pretty sure Saudi Arabia gets at least five. I mean I got to tell you, that oil is owned by the American people. We get fawked every way and sideways too and it don't make a happy damn who is president. Until all you morons pull your head out of your ass and start actually examine the issue we will continue to get screwed.

 

[Winston]

Biden is awesome!
He must have done a lot to encourage production last year.
List your favorite three things that he did.

He must be planning a lot to encourage production in the future.
List your favorite three things he's planning.

Record breaking oil and gas lease sales, like in the Gulf.

https://www.boem.gov/sites/default/files/documents/oil-gas-energy/GOM-LS-257.pdf

Refusing to fight the court order that revoked his EO banning new lease sales

Closing Keystone for good--why drill here when you can "import" it from Canada through a pipeline and then refine it into diesel for export. Closing Keystone put America first, not the oil companies and Transcanada.

Three things he is planning.

Today, President Biden is calling on Congress to make companies pay fees on wells from their leases that they haven’t used in years and on acres of public lands that they are hoarding without producing.

FACT SHEET: President Biden’s Plan to Respond to Putin’s Price Hike at the Pump | The White House

Americans face rising prices at the pump because of Putin’s Price Hike. Since Putin accelerated his military build-up around Ukraine, gas prices have increased by nearly a dollar per gallon. Because of Putin’s war of choice, less oil is getting to market, and the reduction in supply is raising...

www.whitehouse.gov

Significantly increasing LNG exports

U.S. liquefied natural gas exports grew to record highs in the first half of 2021 - U.S. Energy Information Administration (EIA)

www.eia.gov

Contemplating a visit to Saudi Arabia encouraging them to increase production, currently, they have refused.

Biden weighs visit to Saudi Arabia over oil production: Report

President Biden is weighing a visit to Saudi Arabia this spring to urge the kingdom to pump more oil, according to a report released Monday.

www.washingtontimes.com

That may seem counterintuitive, but what many Americans don't know is that Saudi Arabia nearly destroyed US domestic oil production after the oil embargo of the 70's. They opened the floodgates, tanked the price per barrel, and shut US producers out. They will continue to refuse to increase production and that will encourage domestic production. What few people realize is that oil production is a function of price, nothing more and nothing less. The higher the price, the greater amount of oil that can be profitably extracted. Saudi Arabia is a low cost leader, but if they don't increase production and allow prices to increase they will find themselves, and OPEC, irrelevant.

 

[Colin norris]

The point is that Brandon is a leftist controlled

And who controls him exactly? The same Russians he is trying to defeat? How about the Chinese he just told to leave their help in China?
Is that them? Youre a dickhead.

and has no interest in making America not even good anymore, no less great.

Its not as if Trump improved it in any way except for his family. You got nothing from Trump. He sucked up to every dictator on earth and recently praised putin. He help freedom and democracy a lot.

Admit it. You hate democrats because you hate democrats. No reason. Youre as dumb as dogshit.

HE IS NOT CAPABLE!!

 

[Toddsterpatriot]

Record breaking oil and gas lease sales, like in the Gulf.

https://www.boem.gov/sites/default/files/documents/oil-gas-energy/GOM-LS-257.pdf

Refusing to fight the court order that revoked his EO banning new lease sales

Closing Keystone for good--why drill here when you can "import" it from Canada through a pipeline and then refine it into diesel for export. Closing Keystone put America first, not the oil companies and Transcanada.

Three things he is planning.

Today, President Biden is calling on Congress to make companies pay fees on wells from their leases that they haven’t used in years and on acres of public lands that they are hoarding without producing.

FACT SHEET: President Biden’s Plan to Respond to Putin’s Price Hike at the Pump | The White House

Americans face rising prices at the pump because of Putin’s Price Hike. Since Putin accelerated his military build-up around Ukraine, gas prices have increased by nearly a dollar per gallon. Because of Putin’s war of choice, less oil is getting to market, and the reduction in supply is raising...

www.whitehouse.gov

Significantly increasing LNG exports

U.S. liquefied natural gas exports grew to record highs in the first half of 2021 - U.S. Energy Information Administration (EIA)

www.eia.gov

Contemplating a visit to Saudi Arabia encouraging them to increase production, currently, they have refused.

Biden weighs visit to Saudi Arabia over oil production: Report

President Biden is weighing a visit to Saudi Arabia this spring to urge the kingdom to pump more oil, according to a report released Monday.

www.washingtontimes.com

That may seem counterintuitive, but what many Americans don't know is that Saudi Arabia nearly destroyed US domestic oil production after the oil embargo of the 70's. They opened the floodgates, tanked the price per barrel, and shut US producers out. They will continue to refuse to increase production and that will encourage domestic production. What few people realize is that oil production is a function of price, nothing more and nothing less. The higher the price, the greater amount of oil that can be profitably extracted. Saudi Arabia is a low cost leader, but if they don't increase production and allow prices to increase they will find themselves, and OPEC, irrelevant.

Record breaking oil and gas lease sales, like in the Gulf.

Leases which haven't yet been drilled increased production?

Today, President Biden is calling on Congress to make companies pay fees on wells from their leases that they haven’t used in years and on acres of public lands that they are hoarding without producing.

That is an excellent idea!
Has he added any regulations to make production more difficult or more expensive?

 

[Colin norris]

I spoke right to the OP commentary.

I will again. Watch:

Isn't it fascinating how Biden talked all hose other countries into helping the 2022 democratic congressional hopefuls?

Amazing!

U.S. to release oil from reserves in coordination with other countries to lower gas prices​

U.S. to release oil from reserves in coordination with other countries to lower gas prices

The U.S. will release 50 million barrels of oil from the Strategic Petroleum Reserve in an effort to combat climbing gas prices.

www.cnbc.com

All the republicans have been blaming Biden for high gas prices, he now moves to reduce them and you suggest its an election issue when there is no federal election.
Mid terms are a popularity contest.

If they do fall will you all credit that to him? Of course not you hypocrite

 

[Winston]

Record breaking oil and gas lease sales, like in the Gulf.

Leases which haven't yet been drilled increased production?

Today, President Biden is calling on Congress to make companies pay fees on wells from their leases that they haven’t used in years and on acres of public lands that they are hoarding without producing.

That is an excellent idea!
Has he added any regulations to make production more difficult or more expensive?

Well I would suggest expanding on that "excellent idea", instead of making companies pay fees, allow those leases to be taken away by a higher bidder. And I did a bit of research, couldn't really find any increased regulations, just the fact that Biden increased the fees for drilling on public land, which is great considering those fees are still laughable when compared to the checks those oil companies stroke my in-laws every month.

Nope, all I see is oil companies crying and whining because Biden hasn't come to them to ask them to increase production. And I see them somehow attempting to make the argument that Keystone would have increased domestic production, which makes no sense whatsoever.

Look, I hear all this shit about increased regulations, bad working environments, and stifling of production. Problem is, I ain't seeing it. I mean my in-laws own scrubland in Texas, inherited from two generations back, never been there. They ain't struck a lick in more than 30 years, spending the first twenty of those years sucking off disability. Early in the Obama administration fracking heated up and the money started rolling in. It got a little lean during the height of the Covid pandemic but now, well it is insane. Actually, it has caused problems in my marriage. I mean why stick around with my sorry ass when you can move back in with Mom and Dad who get thousands of dollars in their mailbox every few days. The amount of money they piss away is dumbfounding. Like lotto winners.

And then my son. He works for the number one energy research institution in the nation, probably the world. Working on his Phd, just has the dissertation and defense left, company paid for, and making well over six figures in the process. Has delivered presentations on three continents, and is a world renown expert in, wait for it "Coal". His company is rolling in the grants, now more than ever before. Trump was good for business, Biden is better. So it just ain't computing for me.
,
To be honest, from where I sit, all this is a huge scam. People like Joe Manchin making millions and millions of dollars on "gob", waste coal, which by all economic measures should be nothing more than filler for land reclamation and never burned for energy. Oil companies feasting on leases on public lands, and offshore too--paying pennies on the dollar in royalties, even with the Biden increases. And those energy companies are filling the media with propaganda because, as the saying goes, give them an inch they want a mile. They want that mile, they want regulations decreased, if not eliminated, so that they can externalize their cost and pad their bottom line. Do they need them to be profitable, HELL NO. They wanted Keystone so that they could take that Canadian sludge and turn it in to diesel for Mexico and Argentina, where we export now and where diesel prices are cheaper than here. America first? What a damn joke. Someone, anyone, needs to hold these companies accountable and it ain't Biden, it sure as hell isn't Trump, and I doubt anyone can overcome the ignorance, and complicity, of the American public.

 

[Maxdeath]

That post is beyond stupid. The largest amount of oil that was ever in the Strategic Oil Reserve was in 2009, and who was president then? Yeah, Obama, or "44" as you said.

The largest amount of reserve supply ever recorded is more than 726.6 million barrels in early 2009. As the reserve has a reported storage capacity of 714 million barrels, the closest the Trump administration got to building up the reserve to “100%” was the week he took office.

Trump accuses Biden of emptying US oil reserves, despite depleting them too

Donald Trump accused Biden of draining America’s strategic petroleum reserve, claiming he built it up to “100% full” despite seeing a reduction in the reserve over his administration as well.…

nypost.com

Trump didn't fill up shit, and the reserve was not empty when he took office. He is a flippin lying ass conman And to this drilling horseshit, domestic oil production has been up since Biden took office. Matter of fact, we produced more oil in Biden's first year than we did in Trumps. I mean you can see it, it is all over the internet. Conservative news sites have howled about it, calling it "spin", calling it misleading. But the reality is, IT IS A DAMN FACT.

But those conservative sites cry that 2021 production was lower than 2018 and 2019. Well no shit, did Trump have anything to do with that higher production? Hell no. That production is based on the price of oil and when it tanked due to the Covid pandemic those oil companies quit producing. Yet Trump had no pandemic back in 2017, Biden was facing it in 2021. And oil companies have cautiously increased production, and will continue to do so going forward. It is safe to say that, barring some unforeseen recession and a plunge in oil prices and demand, production during Biden's four year term will easily exceed that of the Trumpster. Putin will have more to do with that than Biden, but you flippin idiots can't make the claim that Biden is curtailing production when his lease sales and drilling approvals are breaking records.

The Irony Of President Obama's Oil Legacy

President Barack Obama speaks at the TransCanada Pipe Yard in Cushing, Okla., Thursday, March 22, 2012. (AP Photo/LM Otero) There is a great irony that spans the presidential terms of George W. Bush and Barack Obama. President Bush, widely viewed as a Texas oil man, presided over eight straight...

www.forbes.com

I know you really want to make a case for your partisan views but the fact remains Bidens Administration has proven that they are not a friend of oil. That makes it very hard to talk companies into going all out. As it was stated in the article nothing 44 did was responsible for the increase In production. In fact he put regulations in place that dropped production. most of the production was on lands he could not control.
but I am sure you will scream false reporting or right wing news or something as it does not fit your partisan rapid thoughts

 

[Nuthin' Fancy]

Dimm's cannot grasp the concept of hi-risk/low reward! (Unless they are doing it purposefully in order to eventually nationalize the oil industry in order to force the Green New Deal!!).

Republicans have wanted to nationalize the oil industry forever.
Republicans provide all the socialism they demand.

 

[Maxdeath]

Record breaking oil and gas lease sales, like in the Gulf.

https://www.boem.gov/sites/default/files/documents/oil-gas-energy/GOM-LS-257.pdf

Refusing to fight the court order that revoked his EO banning new lease sales

Closing Keystone for good--why drill here when you can "import" it from Canada through a pipeline and then refine it into diesel for export. Closing Keystone put America first, not the oil companies and Transcanada.

Three things he is planning.

Today, President Biden is calling on Congress to make companies pay fees on wells from their leases that they haven’t used in years and on acres of public lands that they are hoarding without producing.

FACT SHEET: President Biden’s Plan to Respond to Putin’s Price Hike at the Pump | The White House

Americans face rising prices at the pump because of Putin’s Price Hike. Since Putin accelerated his military build-up around Ukraine, gas prices have increased by nearly a dollar per gallon. Because of Putin’s war of choice, less oil is getting to market, and the reduction in supply is raising...

www.whitehouse.gov

Significantly increasing LNG exports

U.S. liquefied natural gas exports grew to record highs in the first half of 2021 - U.S. Energy Information Administration (EIA)

www.eia.gov

Contemplating a visit to Saudi Arabia encouraging them to increase production, currently, they have refused.

Biden weighs visit to Saudi Arabia over oil production: Report

President Biden is weighing a visit to Saudi Arabia this spring to urge the kingdom to pump more oil, according to a report released Monday.

www.washingtontimes.com

That may seem counterintuitive, but what many Americans don't know is that Saudi Arabia nearly destroyed US domestic oil production after the oil embargo of the 70's. They opened the floodgates, tanked the price per barrel, and shut US producers out. They will continue to refuse to increase production and that will encourage domestic production. What few people realize is that oil production is a function of price, nothing more and nothing less. The higher the price, the greater amount of oil that can be profitably extracted. Saudi Arabia is a low cost leader, but if they don't increase production and allow prices to increase they will find themselves, and OPEC, irrelevant.

You seem to not understand basic economics. The more we have to spend on transporting oil the more it costs. Keystone XL would have transported oil at a cheaper and more environmentally lower cost then transporting it by train.
The nations that make up opec know that producing more oil will in fact lower the Price of oil. To think that they would do so volentarly is crazy. Why would they? If you can get more money for a product that everyone wants would you lower the price just because someone asks?
You do understand that first of all long has nothing to do with oil. They are separate. Second to sell more long we would need more ships as it is not transported in a coffee pot. That takes time.

 

[Mac-7]

Bitch when he doesn't do anything. Bitch when he does. The GOP way.

Depleting the SOR is not a good idea

are GOPs supposed to ignore biden’s hostility to fossil fuel and efforts to obstruct production?

 

[Mac-7]

Republicans have wanted to nationalize the oil industry forever.
Republicans provide all the socialism they demand.

You just made that up

 

[Mac-7]

You just made that up

Still waiting for Smokin' OP to document his lie