At least buydun is trying to help the American people to lower the cost of energy here by using the reserves. Oh wait...
Oil From U.S. Strategic Reserve Heads for Europe Amid Global Supply Crunch
A cargo of crude from the U.S. Strategic Petroleum Reserve departed a Texas port bound for Europe, a signal of increasing oil-market disarray as refiners shun Russian supplies and prices surge.
The rare export of strategic U.S. barrels is evidence of the ever-widening search for crude to replace Russian cargoes seven weeks after President Vladimir Putin’s invasion of Ukraine triggered international revulsion and sanctions. With the global oil benchmark trading above $110 a barrel, traders and refiners also are trying to cope with a cutoff of Libya’s biggest source of crude and little expansion in U.S. output.
A tanker known as the Advantage Spring loaded low-sulfur crude originally pumped from the strategic reserve caverns in Southwest Louisiana at a port in Nederland, Texas earlier this month, according to a person familiar with the matter. The ship, chartered by an affiliate of French energy giant TotalEnergies SE, is bound for the key European port of Rotterdam, according to ship-tracking data compiled by Bloomberg.
President Joe Biden, along with several allies, recently offered a portion of their strategic reserves for sale to help alleviate some of the supply pinch associated with the escalating war in Ukraine. TotalEnergies didn’t respond to a request for comment.
Average price paid for a barrel of crude in the SPR is $29.76. Pretty sure when you do the math we’re still coming out ahead even if we had to refill at a $150 per barrel which I doubt we’d start refilling it at that price or all the much of it.
Don't ya love a plan when it comes together??? More of the Libturd "Bankrupt America." Pulling oil from SPR does nothing beyond a blink to lower fuel prices. Xiden will pull oil at "2.00/gal" from SPR and rebuy it at $5-7/gal,
Looks like the plan is to delay purchases of new stock to refill the SPR until after FY2023. There’s a whole bidding process the DOE has to follow for purchases. They don’t just buy oil because the President tells them, too.
If you are needing gas, better get it today. Unleaded futures went up another $0.15 today. It takes a day or two for the pump price to be raised. Add $0.354 for tax and we are at $4.30 per gallon for unleaded.