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Trump asks energy department to purchase oil for the strategic petroleum reserve

serfserf Member Posts: 9,217 ✭✭✭✭
in Politics
Can't elaborate other than a good move :)
                   serf
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Comments

  • mark christianmark christian Member Posts: 24,453 ✭✭✭✭
    edited March 2020
    I don't agree. Trump's announcement caused a $5 uptick in the price of crude, which had declined to around $27 per barrel. Making Uncle Sam the buyer of last resort is, in my way of thinking, giving a subsidy to the oil industry. 
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  • BobJudyBobJudy Member Posts: 6,630 ✭✭✭✭
    Mark I see your point. The positive aspect to it is the country is actually getting something of value with our tax dollars for a change. So I guess it is leaving me with conflicting opinions because I can see both good and bad. Bob
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  • mac10mac10 Member Posts: 2,701 ✭✭✭✭
    never say nuttin just buy on the sly
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  • BobJudyBobJudy Member Posts: 6,630 ✭✭✭✭
    us55840 said:
    Are the oil reserves low?
    Not any more!😀

    Seriously tho, I guess if the reserves had a little extra that could be gradually returned to the market when oil gets back over 50 bucks a barrel then I'd be OK with that. Bob
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  • mark christianmark christian Member Posts: 24,453 ✭✭✭✭
    edited March 2020
    us55840 said:
    Are the oil reserves low?

    The SPR is currently at around 88% capacity, so it is not as though there is a desperate need to refill the nation's tanks. As for topping off, I'm not even sure if it is possible to fill up to 100% capacity. The SPR has a history of being used for market manipulation, dating back to the First Gulf War.
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  • mark christianmark christian Member Posts: 24,453 ✭✭✭✭
    edited March 2020
    I'm rethinking my position on the issue. If Trump had not made the purchase and boosted the price of crude there may be shutdowns of oil fields which would cut the supply and lead to possible shortages of gasoline and diesel fuel. As far as I know, there are no fuel shortages, but in a nation where toilet paper has become the most sought after consumer item, a fuel shortage is certainly possible. serf, reasonable people can disagree, and reasonable people can change their thinking. 
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  • BobJudyBobJudy Member Posts: 6,630 ✭✭✭✭
    mark christian said:
    I'm rethinking my position on the issue. If Trump had not made the purchase and boosted the price of crude there may be shutdowns of oil fields which would cut the supply and lead to possible shortages of gasoline and diesel fuel. As far as I know, there are no fuel shortages, but in a nation where toilet paper has become the most sought after consumer item, a fuel shortage is certainly possible. serf, reasonable people can disagree, and reasonable people can change their thinking. 
    It's great when people actually give some thought to their positions. But you gotta stop. If you set a good example like that it will cause some of our posters heads to explode. 😁  Bob
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