US speeds up purchasing for Strategic Petroleum Re
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Posted On: 06/08/2024 9:42:32 AM
US speeds up purchasing for Strategic Petroleum Reserve as oil prices dip
Source: Reuters
June 7, 2024 4:20 PM EDT Updated 12 hours ago
WASHINGTON, June 7 (Reuters) - President Joe Biden's administration said on Friday it has increased purchasing of crude oil to replenish the Strategic Petroleum Reserve following its historic sale from the stockpile in 2022.
The Department of Energy on Friday issued two solicitations to buy a combined 6 million barrels of crude for delivery to its Bayou Choctaw site in Louisiana from September through December. If those offers and previously announced ones are fulfilled, the department's purchasing rate would increase to about 4.5 million barrels per month for September, October and November from about 3 million barrels now.
Energy Secretary Jennifer Granholm said in an exclusive interview on Tuesday that the department could speed replenishment of the SPR this year.
The SPR is stored at four sites on the coasts of Texas and Louisiana, and two of those have been undergoing maintenance, slowing purchases. All four sites will be back up by the end of the year, so one could imagine that pace would pick up, depending on the market," Granholm said.
Read more: https://www.reuters.com/business/energy/us-se...024-06-07/
https://x.com/eileenvan55/status/179908834589...0143253559
https://www.democraticunderground.com/10143253559
4. Chris Hayes had an expert oil trader on his Wednesday
Sat Jun 8, 2024, 07:47 AM
or Thursday show for a discussion about Biden's strategic use of the SPR to stabilize the oil markets. He said when Biden went to the Saudi's about OPEC oil production cuts, MBS told Biden to get lost, in so many words. Biden devised a plan to release millions of gallons of oil from the SPR into the world oil market.
Traders freaked out and drove down the price of oil, but the US still sold the SPR oil at $100/bbl. Now the US is buying the oil back for $70 or so/bbl, meaning Biden has netted the US gov't a profit of $30/bbl so far. The price of oil has stabilized because the threat of the US releasing SPR oil into the market driving down prices again. It's really brilliant, especially for those of us who like the wonky details of government.
Sorry I don't have a link, but well worth watching. It's so good and easy to understand, the Biden campaign should make it a campaign ad. Unlike Trump, Biden's a smart businessman.
Source: Reuters
June 7, 2024 4:20 PM EDT Updated 12 hours ago
WASHINGTON, June 7 (Reuters) - President Joe Biden's administration said on Friday it has increased purchasing of crude oil to replenish the Strategic Petroleum Reserve following its historic sale from the stockpile in 2022.
The Department of Energy on Friday issued two solicitations to buy a combined 6 million barrels of crude for delivery to its Bayou Choctaw site in Louisiana from September through December. If those offers and previously announced ones are fulfilled, the department's purchasing rate would increase to about 4.5 million barrels per month for September, October and November from about 3 million barrels now.
Energy Secretary Jennifer Granholm said in an exclusive interview on Tuesday that the department could speed replenishment of the SPR this year.
The SPR is stored at four sites on the coasts of Texas and Louisiana, and two of those have been undergoing maintenance, slowing purchases. All four sites will be back up by the end of the year, so one could imagine that pace would pick up, depending on the market," Granholm said.
Read more: https://www.reuters.com/business/energy/us-se...024-06-07/
https://x.com/eileenvan55/status/179908834589...0143253559
https://www.democraticunderground.com/10143253559
4. Chris Hayes had an expert oil trader on his Wednesday
Sat Jun 8, 2024, 07:47 AM
or Thursday show for a discussion about Biden's strategic use of the SPR to stabilize the oil markets. He said when Biden went to the Saudi's about OPEC oil production cuts, MBS told Biden to get lost, in so many words. Biden devised a plan to release millions of gallons of oil from the SPR into the world oil market.
Traders freaked out and drove down the price of oil, but the US still sold the SPR oil at $100/bbl. Now the US is buying the oil back for $70 or so/bbl, meaning Biden has netted the US gov't a profit of $30/bbl so far. The price of oil has stabilized because the threat of the US releasing SPR oil into the market driving down prices again. It's really brilliant, especially for those of us who like the wonky details of government.
Sorry I don't have a link, but well worth watching. It's so good and easy to understand, the Biden campaign should make it a campaign ad. Unlike Trump, Biden's a smart businessman.
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