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  • Joe just upped the cost of draining the SPR

    From ScottW@21:1/5 to All on Fri Dec 16 19:43:57 2022
    The Energy Department announced Friday that it would begin buying oil to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below $96 per barrel, even though the White House previously stated that the department would begin buying back oil at a
    price of $67 to $72 per barrel.

    I guess the morons at the WH can't see a buying opportunity like last week anytime again soon.

    ScottW

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  • From mINE109@21:1/5 to ScottW on Sat Dec 17 09:31:36 2022
    On 12/16/22 9:43 PM, ScottW wrote:
    The Energy Department announced Friday that it would begin buying oil
    to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below
    $96 per barrel, even though the White House previously stated that
    the department would begin buying back oil at a price of $67 to $72
    per barrel.

    I guess the morons at the WH can't see a buying opportunity like last
    week anytime again soon.

    Not sure I follow your reasoning:

    https://www.bangordailynews.com/2022/12/16/news/joe-biden-administration-buying-3-million-barrels-of-oil-to-replenish-reserves/

    The Energy Department called the purchase “a good deal for American taxpayers” since the price will be lower than the $96 per barrel average
    the U.S. oil was sold for. The replenishment also will strengthen U.S.
    energy security, the department said in a statement.

    The purchase price was not announced, but benchmark West Texas
    Intermediate crude oil was selling at $74.50 per barrel late Friday.

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    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From ScottW@21:1/5 to All on Sat Dec 17 16:57:51 2022
    On Saturday, December 17, 2022 at 7:31:38 AM UTC-8, MINe109 wrote:
    On 12/16/22 9:43 PM, ScottW wrote:
    The Energy Department announced Friday that it would begin buying oil
    to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below
    $96 per barrel, even though the White House previously stated that
    the department would begin buying back oil at a price of $67 to $72
    per barrel.

    I guess the morons at the WH can't see a buying opportunity like last
    week anytime again soon.
    Not sure I follow your reasoning:

    https://www.bangordailynews.com/2022/12/16/news/joe-biden-administration-buying-3-million-barrels-of-oil-to-replenish-reserves/

    The Energy Department called the purchase “a good deal for American taxpayers” since the price will be lower than the $96 per barrel average the U.S. oil was sold for. The replenishment also will strengthen U.S. energy security, the department said in a statement.

    The purchase price was not announced, but benchmark West Texas
    Intermediate crude oil was selling at $74.50 per barrel late Friday.

    Yet Joe decided to raise significantly the max price he is willing to pay.
    Kind of odd....unless he plans to do something to keep oil prices high as part of his green new deal program.

    ScottW

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From ScottW@21:1/5 to All on Sat Dec 17 17:12:35 2022
    On Saturday, December 17, 2022 at 7:31:38 AM UTC-8, MINe109 wrote:
    On 12/16/22 9:43 PM, ScottW wrote:
    The Energy Department announced Friday that it would begin buying oil
    to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below
    $96 per barrel, even though the White House previously stated that
    the department would begin buying back oil at a price of $67 to $72
    per barrel.

    I guess the morons at the WH can't see a buying opportunity like last
    week anytime again soon.
    Not sure I follow your reasoning:

    https://www.bangordailynews.com/2022/12/16/news/joe-biden-administration-buying-3-million-barrels-of-oil-to-replenish-reserves/

    The Energy Department called the purchase “a good deal for American taxpayers” since the price will be lower than the $96 per barrel average the U.S. oil was sold for. The replenishment also will strengthen U.S. energy security, the department said in a statement.

    The purchase price was not announced, but benchmark West Texas
    Intermediate crude oil was selling at $74.50 per barrel late Friday.

    So now Joe is doing a fixed price contract.

    The program will “allow for fixed-price purchases of crude oil,” the DOE said.

    “Relative to conventional purchase contracts that expose producers to volatile crude prices,” the department argued, “this new approach, when used at scale, can give producers the assurance to make investments today, knowing that the price they
    receive when they sell to the SPR will be locked in place.”

    Deliveries of the oil are expected to start arriving at reserve facilities in February of next year.

    So remember that price next February and we'll see if Joe got a good deal or not.
    I'm guessing by then Joe's recession will have WTI oil down around 60$
    and we'll be getting screwed....again.

    ScottW

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  • From mINE109@21:1/5 to ScottW on Sun Dec 18 11:52:56 2022
    On 12/17/22 6:57 PM, ScottW wrote:
    On Saturday, December 17, 2022 at 7:31:38 AM UTC-8, MINe109 wrote:
    On 12/16/22 9:43 PM, ScottW wrote:
    The Energy Department announced Friday that it would begin buying oil
    to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below
    $96 per barrel, even though the White House previously stated that
    the department would begin buying back oil at a price of $67 to $72
    per barrel.

    I guess the morons at the WH can't see a buying opportunity like last
    week anytime again soon.
    Not sure I follow your reasoning:

    https://www.bangordailynews.com/2022/12/16/news/joe-biden-administration-buying-3-million-barrels-of-oil-to-replenish-reserves/

    The Energy Department called the purchase “a good deal for American
    taxpayers” since the price will be lower than the $96 per barrel average >> the U.S. oil was sold for. The replenishment also will strengthen U.S.
    energy security, the department said in a statement.

    The purchase price was not announced, but benchmark West Texas
    Intermediate crude oil was selling at $74.50 per barrel late Friday.

    Yet Joe decided to raise significantly the max price he is willing to pay.

    While making a profit. How did that word 'significant' get in there?
    Biden went from 67 to 74? Down from 96.

    Kind of odd....unless he plans to do something to keep oil prices high as part of his green new deal program.

    $74.50 is high now? To my eye it looks significantly less than $96.

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  • From mINE109@21:1/5 to ScottW on Sun Dec 18 12:56:19 2022
    On 12/17/22 7:12 PM, ScottW wrote:

    So remember that price next February and we'll see if Joe got a good deal or not.
    I'm guessing by then Joe's recession will have WTI oil down around 60$
    and we'll be getting screwed....again.
    So your problem is Biden won't make enough profit replenishing? Anything
    better than breaking even is good by government standards.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)