Using the Strategic Petroleum Reserve to make profit for the tax payers

[Axtremus]

https://www.washingtonpost.com/business/2020/04/20/trump-could-make-crashing-oil-prices-win-american-taxpayers-heres-how/

Sounds logical, but I worry about mutating the strategic petroleum reserve into a profit-making vehicle. Feels like that is going to lead to abuse and other very bad things in the future.

[jon-nyc]

Just fill the damn thing up when it’s cheap and be done with it.

[Mik]

I have no issue at all with the federal government buying low and selling high. And it ain't gonna get any lower. Hell, we might get them to pay us to take it.

[George K]

https://news.yahoo.com/schumer-urges-biden-tap-oil-213422664.html

Senate Majority Leader Chuck Schumer (D-N.Y.) urged the Biden administration on Sunday to tap into the nation's emergency petroleum reserves in order to curb soaring gas prices, Reuters reported.

Schumer said at a press conference that consumers need "immediate relief at the gas pump" and urged the administration to approve sales from the Strategic Petroleum Reserve.

When asked whether President Biden would be willing to open the Strategic Petroleum Reserve, National Economic Council director Brian Deese told CNN's "State of the Union" on Sunday that "all options are on the table."

"We are very committed to do everything that we can to make sure that American consumers don't bear the brunt of high gas prices and value tile (I assume he said 'volatile') energy prices," Deese said.

[George K]

[Mik]

Nothing like consistency.

[George K]

@mik said in Using the Strategic Petroleum Reserve to make profit for the tax payers:

Nothing like consistency.

Same site.
Same author
Nine days

[George K]

[Jolly]

That's not the purpose of the reserve.

[Mik]

No, but similar things have been done.

[Copper]

Eventually all of savings will be gone

[George K]

Charles Lane (WSJ) said the biggest mistake of doing this is letting the people think that the president actually has some control over gasoline prices.

[Mik]

It’s just a Hail Mary going into midterms.

[George K]

@mik said in Using the Strategic Petroleum Reserve to make profit for the tax payers:

It’s just a Hail Mary going into midterms.

Who's going to remember it 9-10 months from now?

[Mik]

No one but he can claim he tried to lower prices and ignore all the stuff he has done to discourage domestic production.

[Mik]

..

[Jolly]

Folks, it's 2.5 days of energy...

[Renauda]

@mik said in Using the Strategic Petroleum Reserve to make profit for the tax payers:

No one but he can claim he tried to lower prices and ignore all the stuff he has done to discourage domestic production.

You realize that he will be soon fighting a 15 billion USD claim from TCPL under chapter 11 of NAFTA over the cancellation of Keystone XL. I suspect the Alberta Government will file also for and additional 1.5 billion in losses.

[Mik]

@renauda said in Using the Strategic Petroleum Reserve to make profit for the tax payers:

@mik said in Using the Strategic Petroleum Reserve to make profit for the tax payers:

No one but he can claim he tried to lower prices and ignore all the stuff he has done to discourage domestic production.

You realize that he will be soon fighting a 15 billion USD claim from TCPL under chapter 11 of NAFTA over the cancellation of Keystone XL. I suspect the Alberta Government will file also claim for and additional 1.5 billion in losses.

Good. Sops to your voters have consequences for the country.

[kluurs]

@mik said in Using the Strategic Petroleum Reserve to make profit for the tax payers:

and ignore all the stuff he has done to discourage domestic production.

https://www.npr.org/2021/11/17/1056713397/the-biden-administration-sold-oil-and-gas-leases-days-after-the-climate-summit