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The New Coffee Room

  1. TNCR
  2. General Discussion
  3. 17 days

17 days

Scheduled Pinned Locked Moved General Discussion
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  • RenaudaR Offline
    RenaudaR Offline
    Renauda
    wrote on last edited by Renauda
    #5

    As I’ve said before the US has unfettered access to over 165 billion bbls in proven oil reserves here. Most of it is already earmarked for the US market.

    This strategic reserve concern is mostly a Chicken Little moment characteristic of media baiting along partisan lines.

    Elbows up!

    1 Reply Last reply
    • JollyJ Offline
      JollyJ Offline
      Jolly
      wrote on last edited by
      #6

      Unless you've got that oil sitting in tanks, you still have to get it out of the ground.

      As for the strategic reserve, it's sitting in the middle of multiple refineries and petrochemical plants.

      “Cry havoc and let slip the DOGE of war!”

      Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

      1 Reply Last reply
      • RenaudaR Offline
        RenaudaR Offline
        Renauda
        wrote on last edited by
        #7

        We’re quite good at shovelling it out of the ground and sending it to the upgrader for transport by pipeline or rail in your direction.

        Elbows up!

        1 Reply Last reply
        • kluursK Offline
          kluursK Offline
          kluurs
          wrote on last edited by
          #8

          The industry guy I follow says all the focus on the strategic reserve is a bit of a red herring. We're currently producing more oil than any time in history.

          jon-nycJ CopperC 2 Replies Last reply
          • JollyJ Offline
            JollyJ Offline
            Jolly
            wrote on last edited by
            #9

            How does that stack up vs. use?

            “Cry havoc and let slip the DOGE of war!”

            Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

            1 Reply Last reply
            • kluursK kluurs

              The industry guy I follow says all the focus on the strategic reserve is a bit of a red herring. We're currently producing more oil than any time in history.

              jon-nycJ Offline
              jon-nycJ Offline
              jon-nyc
              wrote on last edited by jon-nyc
              #10

              @kluurs said in 17 days:

              We're currently producing more oil than any time in history.

              Thank you, President Biden. 🇺🇸

              Thank you for your attention to this matter.

              AxtremusA 1 Reply Last reply
              • jon-nycJ jon-nyc

                It seems like the right metric, it’s similar to the way non-profits measure cash reserves. People understand that it doesn’t mean there are scenarios where it runs out in 17 days.

                It’s a shame we didn’t fill it even more in 4/2020 when they were paying you to take oil out of Cushing.

                AxtremusA Offline
                AxtremusA Offline
                Axtremus
                wrote on last edited by
                #11

                @jon-nyc said in 17 days:

                It’s a shame we didn’t fill it even more in 4/2020 when they were paying you to take oil out of Cushing.

                In hindsight we should have. But to be fair, we also had more pressing concerns back in 4/2020.

                1 Reply Last reply
                • jon-nycJ jon-nyc

                  @kluurs said in 17 days:

                  We're currently producing more oil than any time in history.

                  Thank you, President Biden. 🇺🇸

                  AxtremusA Offline
                  AxtremusA Offline
                  Axtremus
                  wrote on last edited by Axtremus
                  #12

                  @jon-nyc said in 17 days:

                  @kluurs said in 17 days:

                  We're currently producing more oil than any time in history.

                  Thank you, President Biden. 🇺🇸

                  Big Oil Brandon.

                  IMG_6124.jpeg

                  1 Reply Last reply
                  • JollyJ Offline
                    JollyJ Offline
                    Jolly
                    wrote on last edited by
                    #13

                    If we're producing so much, why haven't we refilled the SOR?

                    “Cry havoc and let slip the DOGE of war!”

                    Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                    jon-nycJ 1 Reply Last reply
                    • kluursK kluurs

                      The industry guy I follow says all the focus on the strategic reserve is a bit of a red herring. We're currently producing more oil than any time in history.

                      CopperC Offline
                      CopperC Offline
                      Copper
                      wrote on last edited by
                      #14

                      @kluurs said in 17 days:

                      The industry guy I follow says all the focus on the strategic reserve is a bit of a red herring. We're currently producing more oil than any time in history.

                      And the current production statistic is a bit of a red herring.

                      The topic is the reserve.

                      Mr. Biden has managed it unwisely.

                      George KG 1 Reply Last reply
                      • CopperC Copper

                        @kluurs said in 17 days:

                        The industry guy I follow says all the focus on the strategic reserve is a bit of a red herring. We're currently producing more oil than any time in history.

                        And the current production statistic is a bit of a red herring.

                        The topic is the reserve.

                        Mr. Biden has managed it unwisely.

                        George KG Offline
                        George KG Offline
                        George K
                        wrote on last edited by
                        #15

                        @Copper said in 17 days:

                        @kluurs said in 17 days:

                        The industry guy I follow says all the focus on the strategic reserve is a bit of a red herring. We're currently producing more oil than any time in history.

                        And the current production statistic is a bit of a red herring.

                        The topic is the reserve.

                        Mr. Biden has managed it unwisely.

                        Well, where, exactly, IS all that oil that we’re drilling? Are we selling it?

                        I have no understanding of how oil markets work, so, please, educate me.

                        "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                        The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                        CopperC 1 Reply Last reply
                        • JollyJ Jolly

                          If we're producing so much, why haven't we refilled the SOR?

                          jon-nycJ Offline
                          jon-nycJ Offline
                          jon-nyc
                          wrote on last edited by
                          #16

                          @Jolly said in 17 days:

                          If we're producing so much, why haven't we refilled the SOR?

                          Price is too high to refill.

                          Thank you for your attention to this matter.

                          George KG 1 Reply Last reply
                          • taiwan_girlT Offline
                            taiwan_girlT Offline
                            taiwan_girl
                            wrote on last edited by
                            #17

                            @kluurs said in 17 days:

                            We're currently producing more oil than any time in history.

                            IMG_9937.JPG

                            And in other news

                            U.S. crude oil exports in the first half of 2023 averaged 3.99 million barrels per day (b/d), which is a record high for the first half of a yearalt text

                            1 Reply Last reply
                            • jon-nycJ jon-nyc

                              @Jolly said in 17 days:

                              If we're producing so much, why haven't we refilled the SOR?

                              Price is too high to refill.

                              George KG Offline
                              George KG Offline
                              George K
                              wrote on last edited by
                              #18

                              @jon-nyc said in 17 days:

                              @Jolly said in 17 days:

                              If we're producing so much, why haven't we refilled the SOR?

                              Price is too high to refill.

                              Thanks, President Biden.

                              /sarc

                              OK - I don't get it.

                              As I said, I have no understanding of oil markets (or any other, for that matter)...

                              So, 'splain me this (and type real slow, so I don't miss anything...

                              We're producing more than ever, but the price is still too high. Is this a refinery problem, storage problem, contract with other nations problem?

                              What?

                              "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                              The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                              taiwan_girlT RenaudaR 2 Replies Last reply
                              • George KG George K

                                @jon-nyc said in 17 days:

                                @Jolly said in 17 days:

                                If we're producing so much, why haven't we refilled the SOR?

                                Price is too high to refill.

                                Thanks, President Biden.

                                /sarc

                                OK - I don't get it.

                                As I said, I have no understanding of oil markets (or any other, for that matter)...

                                So, 'splain me this (and type real slow, so I don't miss anything...

                                We're producing more than ever, but the price is still too high. Is this a refinery problem, storage problem, contract with other nations problem?

                                What?

                                taiwan_girlT Offline
                                taiwan_girlT Offline
                                taiwan_girl
                                wrote on last edited by
                                #19

                                @George-K said in 17 days:

                                Is this a refinery problem,

                                At least in Thailand (and I think in other parts of the world as well) it is a capacity problem with refineries. Refineries that are "on line" are running pretty much at 100%.

                                1 Reply Last reply
                                • George KG George K

                                  @jon-nyc said in 17 days:

                                  @Jolly said in 17 days:

                                  If we're producing so much, why haven't we refilled the SOR?

                                  Price is too high to refill.

                                  Thanks, President Biden.

                                  /sarc

                                  OK - I don't get it.

                                  As I said, I have no understanding of oil markets (or any other, for that matter)...

                                  So, 'splain me this (and type real slow, so I don't miss anything...

                                  We're producing more than ever, but the price is still too high. Is this a refinery problem, storage problem, contract with other nations problem?

                                  What?

                                  RenaudaR Offline
                                  RenaudaR Offline
                                  Renauda
                                  wrote on last edited by Renauda
                                  #20

                                  @George-K

                                  We're producing more than ever, but the price is still too high. Is this a refinery problem, storage problem, contract with other nations problem?

                                  What?

                                  Seems to me it’s a made up and manufactured problem resulting from donut shop gossip. Nothing more.

                                  Elbows up!

                                  1 Reply Last reply
                                  • George KG George K

                                    @Copper said in 17 days:

                                    @kluurs said in 17 days:

                                    The industry guy I follow says all the focus on the strategic reserve is a bit of a red herring. We're currently producing more oil than any time in history.

                                    And the current production statistic is a bit of a red herring.

                                    The topic is the reserve.

                                    Mr. Biden has managed it unwisely.

                                    Well, where, exactly, IS all that oil that we’re drilling? Are we selling it?

                                    I have no understanding of how oil markets work, so, please, educate me.

                                    CopperC Offline
                                    CopperC Offline
                                    Copper
                                    wrote on last edited by
                                    #21

                                    @George-K said in 17 days:

                                    I have no understanding of how oil markets work, so, please, educate me.

                                    I can't explain the entire market, but I have a small anecdote.

                                    There is oil in the ground and fuel in your tank and many markets in between.

                                    More than once I heard the story that Av gas, the stuff used in small GA planes, not jets, is only refined for a couple weeks per year.

                                    The refinery that makes it only sets up the equipment for this purpose for a short time each year based on supply, demand and educated guesses. The price at the pump varies all over the place during the year based on lots of different market conditions and speculation. On any given day, the stuff you put in your tank might have come out of the ground years ago and it's price during those years may have had a wild ride.

                                    1 Reply Last reply
                                    • taiwan_girlT Offline
                                      taiwan_girlT Offline
                                      taiwan_girl
                                      wrote on last edited by
                                      #22

                                      https://www.supplychainbrain.com/articles/38449-a-record-number-of-supertankers-is-headed-to-collect-us-oil

                                      A record number of supertankers is steaming toward the U.S. to load oil as shipowners look to capitalize on an increase in the nation’s crude exports.

                                      Forty-eight vessels are bound for the country in the coming three months, according to data gathered November 3 by Bloomberg. That’s the most in at least six years.

                                      The flow of vessels illustrates the changing energy landscape as the U.S. pumps more crude than ever before and the Organization of Petroleum Exporting Countries and its allies seek to prop up the market with supply curbs. U.S. crude exports have surged this year, government data show.

                                      1 Reply Last reply
                                      • JollyJ Offline
                                        JollyJ Offline
                                        Jolly
                                        wrote on last edited by
                                        #23

                                        Since you're plugged in, has Biden topped off the Strategic Reserve?

                                        “Cry havoc and let slip the DOGE of war!”

                                        Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                                        1 Reply Last reply
                                        • taiwan_girlT taiwan_girl

                                          I asked before in other threads. What, realistically, is the purpose of the strategic reserve?

                                          While the graph says that there is a 17 day supply, I would think that getting oil from the reserve is not a simple task. I bet that the amount that can be taken from the reserve every day, shipped to tankage/refineries/petrochemical factories, regardless of how full it is, would be much much much less than US daily requirement.

                                          Plus, the domestic production of oil is pretty great, so saying that there is X days supply seems misleading.

                                          But, it gets back to my original question. I really dont see the purpose for it.

                                          The Saudi Arabia economy is much much different from 1970 when they cut off oil, so I think they realize they have to keep the oil flowing. And, I dont see there being an event that would be long lasting based on current events.

                                          And If there is a such a major event, having 10 more days supply of oil won't really matter. Just my thoughts.

                                          MikM Offline
                                          MikM Offline
                                          Mik
                                          wrote on last edited by
                                          #24

                                          @taiwan_girl said in 17 days:

                                          I asked before in other threads. What, realistically, is the purpose of the strategic reserve?

                                          While the graph says that there is a 17 day supply, I would think that getting oil from the reserve is not a simple task. I bet that the amount that can be taken from the reserve every day, shipped to tankage/refineries/petrochemical factories, regardless of how full it is, would be much much much less than US daily requirement.

                                          Plus, the domestic production of oil is pretty great, so saying that there is X days supply seems misleading.

                                          But, it gets back to my original question. I really dont see the purpose for it.

                                          The Saudi Arabia economy is much much different from 1970 when they cut off oil, so I think they realize they have to keep the oil flowing. And, I dont see there being an event that would be long lasting based on current events.

                                          And If there is a such a major event, having 10 more days supply of oil won't really matter. Just my thoughts.

                                          It will if means of production are halted. That's the reason for it and it's a prudent one. Even if cars go all electric petroleum products are used in every facet of our economy.

                                          "The intelligent man who is proud of his intelligence is like the condemned man who is proud of his large cell." Simone Weil

                                          taiwan_girlT 1 Reply Last reply
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