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Topic: In other news ...

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longhorn320

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Re: In other news ...
« Reply #15162 on: April 01, 2022, 02:45:42 AM »
looks like 1M barrels per day for 30 days or 30M barrels 

same question as before

the us uses over 18M barrels a day so the 30M would not even be 2 days worth

but would represent 5% of our oil reserve

its all a show with no real benefit
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Cincydawg

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Re: In other news ...
« Reply #15163 on: April 01, 2022, 06:27:36 AM »
Some folks claimed 0.83 million bpd from Keystone XL would make a difference.

And that oil from Canada is still getting shipped and used, just by rail (mostly).
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Temp430

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Re: In other news ...
« Reply #15164 on: April 01, 2022, 07:00:01 AM »
The Biden Administration will use the Defense Production Act to increase battery production for electric vehicles.  Energy problem solved and no further need for the Strategic Petroleum Reserve.
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Cincydawg

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Re: In other news ...
« Reply #15165 on: April 01, 2022, 07:17:21 AM »
In politics, one has to be seen as "doing something", even if the somethings are trivial in reality.

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MrNubbz

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Re: In other news ...
« Reply #15166 on: April 01, 2022, 07:18:57 AM »
Quote from: OrangeAfroMan on March 31, 2022, 09:28:36 PM
Biden isn't going to destroy our country.
Obama didn't.
Clinton didn't.
Quote from: Mdot21 on March 31, 2022, 11:21:34 PM
they kinda did. throw Bush II in the lot with 'em as awful. All three of them were unmitigated disasters, and their policies lead us to the place were at right now and their failures, mistakes, and lies are precisely why we got Trump. I think you have to go back to Bush I to find a competent President. So of course he was voted out of office after only one term.
I don't pretend to know whose policies led to what.An Old family friend in his 70s now whose father was some type of engineer for TRW back in the day.Worked & designed I believe landing gear & such for air craft before/during/after WWII.Anyway he was a life long Democrat - FDR,Truman,Kennedy - a party he wouldn't recognize today. He used to tell his son "I don't care who Kennedy is screwing - he isn't screwing me".That's how I felt about Clinton,I'm convinced his wife is Satan's sister and the man himself is a lying,condescending whoor. But during Clinton's Presidency this country was humming financially, I recall the '90s as being very good economically for the middle class - which I am firmly entrenched. 911 is when the worm started turning - DOWN, IMHO when there were signs recovery following then the housing market collapsed that some folks are still feeling the sting.There were the two Wars that Cheney certainly beneffitted from maybe Dubya also.Of course during that all conected members of congress sold stocks and were outed for it.They were slapped on the wrist and laws were passed(supposedly). Unfortunately as covid situation unfoded- Finestein,maybe Pelosi and a few others sold their portfolios and SHIT was done to them.Also the Russian War seems to ensure an ongoing tailspin that just might change this country forever. Every God Damned policy put into law by Lobbyists should be scratched & out lawed. That benefit both parties.
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Cincydawg

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Re: In other news ...
« Reply #15167 on: April 01, 2022, 07:22:10 AM »
The 1990s were good in large part because of the Peace Dividend.  Good economies often are the result of policies instituted years before.  And of course the decade ended with a mildish recession, the dot com bubble burst.

No President is going to "destroy the country", that is foolishness, political folderol, some Presidents can make poor decisions and choices that cause harm.

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MrNubbz

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Re: In other news ...
« Reply #15168 on: April 01, 2022, 07:39:18 AM »
Forgot about the Dot-Com bubble.My brother in law who is a shameless morally bankrupt hack & worked for one of the big investment houses knowingly sold those. Cindy being just the opposite of him only sees him at Funerals sadly. He tried selling his dying mother life insurance policies - she couldn't afford.And sold his aunt just north of 100k in Dot.Coms that went south but she could afford the hit. I asked for proof he invested in them which of course he hemmed and hawed and couldn't provide. I wouldn't be too upset if he was penciled in for a visit from the Grim Reaper
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Cincydawg

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Re: In other news ...
« Reply #15169 on: April 01, 2022, 07:44:55 AM »
At the time, circa 1999, I was reading investment stories about how "this time it's different" when valuations got ridiculous.  That was my warning.

I was dollar cost averaging with more mundane investments for the long term, so it really didn't matter to me either.  The 2008-9 hit got me some because I was nearing retirement and had most of my savings locked where I couldn't do much with them.  I figured it meant I'd need to work another year or two.

The markets came back of course so I didn't need to, but could have.  After retirement, you can't just work another year or two.
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Cincydawg

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Re: In other news ...
« Reply #15170 on: April 01, 2022, 07:50:45 AM »
The Hubble was able to observe the star, called Earendel — yep, that is a "Lord of the Rings" term — because of a fortunate alignment behind a galaxy cluster, which generated a gravitational lens effect magnifying the very distant celestial entity. Light from the star was emitted 900 million years after the Big Bang and took 12.9 billion years to travel to Earth. That makes it on edge of space-time continuum according to Big Bang theory.

RECORD BROKEN: Hubble Space Telescope Captures Stunning Image Of 'A Star At The Edge Of Space-Time' (physics-astronomy.com)
RECORD BROKEN: Hubble Space Telescope Captures Stunning Image Of 'A Star At The Edge Of Space-Time' (physics-astronomy.com)
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Cincydawg

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Re: In other news ...
« Reply #15171 on: April 01, 2022, 07:56:53 AM »
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NorthernOhioBuckeye

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Re: In other news ...
« Reply #15172 on: April 01, 2022, 08:34:53 AM »
Quote from: Cincydawg on March 31, 2022, 04:31:33 PM
The White House also used Thursday’s announcement to criticize the domestic energy industry for “sitting on” more than 12 million acres of federal land and 9,000 unused but already approved permits for production.
Specifically, Biden implored lawmakers to impose fees on companies that aren’t using wells from their leases on acres of public lands.
“Companies that are producing from their leased acres and existing wells will not face higher fees,” the administration said. “But companies that continue to sit on non-producing acres will have to choose whether to start producing or pay a fee for each idled well and unused acre.”



Having a lease does not equate to being able to drill and transport oil. The Biden admin has made it hard to almost impossible to get a permit to drill or build roads/pipelines to transport that oil once the well is operational. Not to mention the pressure being applied to lenders to NOT lend to oil companies. Without the permits, the leases are useless.
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NorthernOhioBuckeye

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Re: In other news ...
« Reply #15173 on: April 01, 2022, 08:38:14 AM »
Quote from: longhorn320 on March 31, 2022, 07:22:52 PM
If the US uses over 19M barrels of oil each day what difference will 1M barrels from our reserve make but to just lower our reserve
His plan is to release this oil for 6 months in a hope to bring down oil prices. And what happens roughly around that time frame? Can anyone guess?

This is nothing but a political maneuver in an attempt to bring down gas prices in the short term so that Democrats are not slaughtered at the polls in Nov. That is NOT the pupose of the Stratigic Oil Reserve. 
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Cincydawg

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Re: In other news ...
« Reply #15174 on: April 01, 2022, 08:48:35 AM »
Nearly as I can tell, this may reduce oil prices by 3-5%, temporarily, maybe.  So, instead of paying $4.20, maybe you pay $4.  Suspending gas taxes does about the same price reduction, a bit more probably.  It's not enough to make a difference.

When COVID hit, we could have bought oil on the cheap to fill up the SPR but didn't.  That would have softened the blow to the oil markets some and government could sell some now to make a pretty penny.  Buy low sell high is not a governmental ability.
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utee94

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Re: In other news ...
« Reply #15175 on: April 01, 2022, 09:04:33 AM »
Gas at my Costco is now down to $3.57, so clearly this extra barrel or two of oil has done the trick.

As I recall it was $3.13 in the days before the Russian invasion, and something like $1.60 just before the November 2020 election.
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