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good grief this guy cannot do anything right,

Scorpio

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Biden Releases Sour Crude That’s Out of Favor With U.S. Refiners​

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Biden Releases Sour Crude That’s Out of Favor With U.S. Refiners
Sheela Tobben and Devika Krishna Kumar
Tue, November 23, 2021, 11:03 AM

(Bloomberg) -- President Joe Biden’s move to unleash supplies from U.S. petroleum reserves will flood the market with sour crude that refiners are currently shunning.

Sour crudes are heavy in sulfur content, requiring additional refining that typically needs natural gas, which has doubled in price this year. If the crude is not used, it could end up being stored in oil tanks or exported away and may not have the intended effect of reducing gasoline prices. Already, a record volume of crude from the Strategic Petroleum Reserve was exported in October.

The Department of Energy is offering 32 million barrels of oil in an exchange that will need to be returned to the SPR during 2022, 2023, and 2024. It will also offer 18 million barrels of SPR crude oil after Dec. 17. Both tranches will be of sour crude, the DOE said in response to questions.
The supplies will also not be restricted for domestic use.
“The SPR does not have authority or control over exports of crude oil exchanged or sold from the SPR. There are no restrictions on the export of U.S. crude oil,” according to an email from the DOE. Foreign companies will also be permitted to participate in the two offers, “except countries that are not allowed to do business with the United States.”
©2021 Bloomberg L.P

 

the_shootist

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Sabotage!!!
 

the_shootist

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Get rid of the bad stuff first.
Why do we even have 'bad stuff'? Who's idea was that? For the prices we, the taxpayer, pay we should only have the 'great stuff'!
 

AurumAg

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Goldhedge

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I heard he was giving it to refiners to refine and sell back to the people.


So we paid for it once, and now we're gonna buy back our own fuel...
 

AurumAg

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Meh. 50 million barrels. We use around 18 million barrels every day. He has released 2 1/2 days worth of oil.
Not enough to make a difference of any sort.

50 million here, 50 million there, and before long, we will have no strategic oil reserves.
 

Goldbrix

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“The SPR does not have authority or control over exports of crude oil exchanged or sold from the SPR. There are no restrictions on the export of U.S. crude oil,” according to an email from the DOE. Foreign companies will also be permitted to participate in the two offers, “except countries that are not allowed to do business with the United States.”
So that is why China is buy SPR as a Favored Nation. They get Sour from Iran, The Chinks are Pollution Driven so they don't care their refineries have no problem with sour.
And the world will keep their mouths shut.
 

Goldbrix

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50 million here, 50 million there, and before long, we will have no strategic oil reserves.
But what Bidet is releasing Nobody wants here. Exports Oil (Sour) to China who don't care what it is or where it comes from.
I bet " The Big Guy" gets a cut of that too.
 

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LOL ---> He will end up crushing some big hedge funds that are way long, they will blow up thier banks and bingo! Contagion.

LOL.

Yes, he is that good at this!
 

Zed

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Third it's about 2-3 days worth of US consumption... so yeah.
 

Scorpio

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First, it wasn't "his" idea. Second, whomever came up with that idea has other intentions and this act is to their benefit.

IMO, nailed it, and goes along with what I have been stating all along,

el presidente' isn't in charge of chit
 

<SLV>

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"Strategic." Exectly what is the strategy being employed?
 

Scorpio

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"Strategic." Exectly what is the strategy being employed?

I am quite dismayed that you do not understand strategery

our refiners are pretty much set up to run sweet crude,
with the demise of Venezuela, a sour, a transition occurred to sweet,
prior to Vene going down, we had some capability to run sours.

releasing sour out of inventory instead of sweet actually sends a notice to the market, and also puts some 'oil' into the supply chain.

the only real kicker is that it was not done to help the persons here, but to change the world supply profile
wouldn't surprise me if this was put straight into the export markets.

EO or another might be able to confirm or change this to a more accurate assessment
 

Goldbrix

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First, it wasn't "his" idea. Second, whomever came up with that idea has other intentions and this act is to their benefit.
"...AS WELL".
There IFIFY
"The Big Guy" is in the payola line somewhere probably up front.
 

ZZZZZ

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Meh. 50 million barrels. We use around 18 million barrels every day. He has released 2 1/2 days worth of oil.
Not enough to make a difference of any sort.
Beyond being brain-dead, Hairy Legs Biden is a career politician. He must "do something" to fix the problem (that he created) so that he looks good.
.
.
 
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Goldbrix

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the_shootist

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the_shootist

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Beyond being brain-dead, Hairy Legs Biden is a career politician. He must "do something" to fix the problem that he created so that he looks good.
.
.
Career politicians are LITERALLY killing us all
 

Fatrat

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Look good, feel good bullshit...
 

D-FENZ

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It's all window dressing, and a poor job of that. It was a year and a half ago that the same group of morons wouldn't authorize the funds so Trump could top off the reserves when oil was in the sub $20 a barrel range.
 

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the_shootist

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It's all window dressing, and a poor job of that. It was a year and a half ago that the same group of morons wouldn't authorize the funds so Trump could top off the reserves when oil was in the sub $20 a barrel range.
I'm not sure why anyone questions these moves any more. The reason for closing the oil pipelines, stopping the drilling, mandates which choke off the economy is that their intentions are solely meant to destroy America, not help it.
 

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Goldbrix

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BigJim#1-8

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Rollie Free

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all 81 million of them, right?
81,283,098 to be exact. Don't forget about those other 283,098 fully registered, America loving, fully qualified voters. The most votes ever attained in any election in U.S. history.
It's clear us Americans love us some Biden. It's about the trust man. Even though he didn't campaign much and when he did no one showed up (we respected social distancing), and despite not really saying anything we voted for him in droves because we trust the man. You see the corruption in Washington and then there is this beacon of light shining through all that, Mr. Biden. He gives us hope.

And then to top it off he picks this thoroughly black woman to be his running mate. Brilliant move because she was polling at about 1 percent as a candidate herself. By doing this she pulled in a monstrous number of people, the unrepresented. A small number mathematically but an irresistible tidal wave of voters emotionally.

The man's a genius.
 

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If all else fails, nothing like a little Covid variant fearmongering to drop the price of oil...


OilPrice.com - OilPrice Blend Flag
Futures & IndexesLastChange% ChangeLast Updated
WTI Crude68.15-10.24-13.06%(8 Hours Delay)
Brent Crude72.72-9.50-11.55%

If it is your thing, this could be a buyable dip in the oil major stocks...
 

Scorpio

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this one is a major big deal, as that is a massive decline for black gold

and of course 'el presidente' will take full credit for it due to his obvious market savvy and timing

the guy is a genius

he is for the workin' man don't ya know