Overseas buyers are depleting domestic oil reserves.
The World Can’t Get Enough U.S. Energy
The Wall Street Journal reports The World Can’t Get Enough U.S. Energy, Keeping Prices High for Americans
For now, the U.S. has been able to meet needs at home and replace some of the missing Gulf barrels. No nation in the world’s history has ever exported as much energy: It shipped 14.2 million barrels of crude and products a day late last month—the rough equivalent of one out of seven barrels consumed globally in ordinary times.
But trouble is brewing. U.S. oil producers are barely stepping up their output, refineries are running at full-throttle, and domestic stocks are getting depleted fast. The upshot: American consumers are set to keep paying more for fuel to stay inside the U.S.’s borders.
“This is all just going to end so badly,” said Matt Smith, director of commodity research at commodities- and shipping-data provider Kpler. “We have to essentially get squeezed to the point where prices move higher to stop the barrels leaving.”
The administration has said it wouldn’t impose a ban on energy exports. Energy Secretary Chris Wright said on CNBC last week that the U.S.’s economic future depends on selling its energy abroad and that this was a top item on the Trump agenda.
“We can’t be a major energy exporter to the world if we decide sometimes to stop exporting our energy,” he said.
The ports of New York, Philadelphia and Albany, N.Y., exported 174,000 barrels a day of gasoline, diesel and other petroleum products last month, according to Kpler. That is 10 times the volumes they shipped over the same period last year. Halfway through May, the pace of exports is even higher, well over 200,000 barrels a day—the highest monthly pace on Kpler’s records since 2017.
The red-hot exports from that region are a sign that refiners on the Gulf Coast are likely running out of dock capacity at loading terminals, said Brian Stetter, director of Americas fuels and refining at S&P Global. It appears companies are sending their barrels up the Colonial Pipeline, a major conduit that transports about 45% of all fuel consumed on the East Coast, he said.
Diesel has been in especially high demand. The U.S. exported some 1.86 million barrels at one point earlier this month, according to the Energy Information Administration, the highest volume ever. The swelling shipments have brought stocks of diesel and other fuels on the Gulf Coast down by nearly 19% from prewar levels, according to the EIA.
American refiners including Marathon Petroleum and Valero VLO say they are cranking out diesel to the hilt. Companies are shipping the fuel to countries that have typically relied on Asia for supplies, such as Australia, whose top supplier before the Iran war had been South Korea. That country can’t access nearly as much Middle Eastern crude to process into diesel as it did before.
It isn’t just transportation fuels that are bleeding out of the U.S. Tankers have swarmed the Gulf Coast to load up on crude. Commercial crude stocks excluding the Strategic Petroleum Reserve fell by 4.3 million barrels in the week ended May 8, according to the EIA. At Cushing, Okla., one of the world’s largest oil-storage facilities, where the U.S. benchmark for oil is set, stocks could fall to levels that complicate operations within the next two months, some analysts say.
If that happens, U.S. oil prices will have to jump to discourage more draws. Crucially, the oil benchmark would likely creep higher than global oil prices, which would discourage foreign buyers, depress exports and make more crude available to domestic markets.
“What you’re seeing is a liquidation of inventory,” said Andy Lipow, president of Lipow Oil Associates in Houston. “The world has been doing it for two months.”
Victory for Whom?
Is this a victory and if so for whom?
I do not support export controls. But nor do I support drawing down strategic oil reserves so that oil companies can have a bigger profit.
Where are all those folks that oil would be back down to $50-$60 2 months after the war started.
Question of the Day
Q: Where are all those folks that oil would be back down to $50-$60 2 months after the war started?
A: Cheering exports silly, because Trump says so.
A Bit of Reality
Clock Is Ticking
You Ain’t Seen Nothin Yet
If Trump resumes the war and Iran responds by hitting Mideast infrastructure, oil prices are going to surge.
The only thing that will cool things down is opening the strait.
I happen to have a musical tribute.
Meanwhile, please note Ground Beef Soars to $6.90 per Pound. Trump Has No Winning Actions
Trump has no winning actions on beef or oil.
The Affordability Meme Takes Over
At some point (hint – right now), it all breaks down.
The prices of everything that includes steel, aluminum, electronics, and beef becomes more than a “small price to pay”.
Consumers get fed up. They blame politicians. Then politicians do what they always do.
Q: What’s that?
A: Blame the other political party, blame price gouging, insist that they know what they are doing, and claim it’s all temporary.
Stupidest War in History
This is one of the stupidest wars in history. Trump did it at the request of Benjamin Netanyahu, Israel’s prime minister, and warmongers like Ted Cruz and Lindsey Graham.
Instead of blaming himself, or Cruz, or Netanyahu, Trump repeats his meme of “small price to pay”.
“I’d make it again,” said Trump when asked about starting the war.
That statement hits every person of common sense in the United States, including farmers. Many farmers now realize Trump sold them a bill of goods over exports, fertilizer, and diesel.
Unfortunately, we ain’t seen nothin yet.
All of this shared prosperity is starting to get on my nerve. Yes nerve as in singular. Times are so great I only have one nerve left.
I made a comment a few days ago that it finally dawned on me that this had to be part of the “plan” all along. To get the world to buy oil from the U.S. instead of the Middle East.
The U.S. knew the Strait of Hormuz would be closed if they attacked Iran, yet they seemingly made no plans to counter that. It looked like sheer incompetence. It only makes sense if they actually wanted the Strait closed to force the world to buy from the U.S.
The whole Ukraine/Russia war played out in a similar way as well, to the point it appears it was actually planned. Europe was buying cheap gas from Russia before the war. The Nord Stream pipeline was blown up. Now Europe is buying LNG from the U.S. (at a much higher cost).
This war is a huge benefit to US farmers. Yes their diesel and fertiliser costs more, but that also applies to their competitors. End result is that crop production by your competitors will fall and farmers will get higher prices[
As for fuel exports; it’s a free market and the producers are under no socialist obligation to provide at a lower price to US consumers when other buyers are offering a higher price. As a side benefit those same producers will be paying a lot more tax to be wasted on your socialist welfare system of your free shit army
“ This war is a huge benefit to US farmers.”
Nope.
From a google search
U.S. farm bankruptcies continue to rise in 2026, building on the previous year’s 46% surge as agricultural lenders report that fewer than half of U.S. farm borrowers are expected to be profitable this year. A compounding “generational downturn” driven by massive cumulative crop losses, dropping commodity prices, and record-high overall debt is pushing more family operations into financial distress.The crisis has triggered warning alarms across rural America, with experts indicating that Chapter 12 filings—which lag underlying economic conditions—reflect years of built-up financial erosion.
Mounting Financial Pressures in 2026Severe Net Income Loss:
Projections from the North Dakota State University Agricultural Risk Policy Center indicate that American growers face roughly $44 billion in net cash income losses across their 2025 and 2026 crops combined.
And since a moderate percentage of farmers can afford to hedge their fuel and fertilizer purchases, they will survive this year with profits intact. Next year is a different story.
Not so sure John Deere will have good guidance when earnings come out.
That must explain the increase in farm bankruptcies – they just don’t know what to do with all the free money!
Those bankruptcies are not due to the past 2 months but due to decades of past events. Grain prices are up, in part due to your current dry conditions and in part due to expected lower worldwide grain production due to the current conflict.
I did graduate from an agricultural college many decades ago so I do understand the vagaries of agriculture. No sure why your farmers seem to have so many problems but in my countries (Australia and Egypt) farmers are getting good prices and returns. Plus Australian farmers operate with no government subsidies like yours and unlike your farmers my relatives have no import quotas protecting them.
So by your own admission, you have no knowledge of US farming conditions, yet you are sure that those bankruptcies are caused by something other than Trump and his murderous policies?
Hint: since March, diesel prices have risen higher in the US than in any other G7 country.
Trump just announced that he has canceled the planned attack on Iran scheduled for Tuesday, giving negotiators some more time!
If only the Iranians were negotiating!
Lol! How many more times are you going to fall for these Trump social media military threats?
How many threats does this make now since the ceasefire began? 8, 10, 12?
You can be sure that Iran doesn’t fall for them.
As I suggested would happen; the US has again extended its waiver on sanctioned Russian oil. No formal news yet on a waiver for Iran.
Oil prices fell this morning on rumours of the Iran waiver. Oil prices rising now as no news on Iran waiver yet.
Apparently, good news for the oil companies where taco is trying to regain favor with mid-terms in sight.
Follow the money!
Trump & Republicans received $450 million from Big Oil and more untold mllions in Dark Money…
they must surrender https://imgur.com/a/zPBmuRi
Seen BTO open for Van Halen in the 80s . $20 floor ticket. “The good Ole days may not return” Tom Petty.
By that point, they were Bachman Turner Overweight.
Kathleen Turner Overdrive
The War On The American Consumer
One fact I doubt is being factored into all the tactical thinking about oil is US production is roughly half from shale reservoirs and they deplete fast, requiring continuous drilling news wells to replace legacy wells with mediocre production rates. The US rig count has been low for some time therefore it is not a stretch to conclude we are not only depleting the SPR, but also our ability to domestically produce at current rates. Exporting US domestic crude and or refined products at world saving rates cannot and will not be supported for long. Did not Trump tell Carney of Canada we did not need their oil? I guess the art of the deal is to destroy life blood elements of our domestic economy.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus2&f=m
I cannot fathom the stupidity of this administration, nor can I comprehend how fast and low our collective standard of living can sink as a result.
Since Trump will not personally suffer, he could not care less.
He point blank said so.
The day Trump was elected, regular gas at my local station was $2.65. Most of the local refined products are from Canadian crude. Today that same gallon of regular is $4.99 and likely to go up again this week with WTI crude at $107.
Al because of Trumps insane war against a nation that did not have nuclear weapons or the feedstock to make them.
This is a religious war on behalf of Israel to support Israels aggression and expansion.
Clearly prohibited by the first amendment.
Any questions?
The price should be the least of ya worries, whether you can get it at all will soon be the overriding factor.
Expect “gasquitos” to start showing up at your nearest car. When a full tank of gas is worth $120+, it’s better to steal gas from a car/truck than go stripping wire for copper.
“Gasquitos”, good one!
I’m checking with local suppliers to install new and much larger fuel tanks to store what I have pre-paid for 2026 usage in case of a force majeure.
My price for farm grade diesel was $3.19 and I do to want to be the guy that does not get delivery when harvest time comes.
Imagine American farmers not being able to get fuel or lubricants to bring in their crops while China buys crude at a discount from our SPR!
Trump is that stupid…
You are way ahead of the curve but just make sure you secure those fuel purchases, invest in a security cam or two. It’s a foregone conclusion that oil related products are going to go through the roof.
In two weeks, the real chaos will begin…two weeks and oil will spike if no resolution.
I hope there is enough to go around for all farmers because we will need the food given that the harvest may be smaller than normal anyway due to a hotter summer and fertilizer shortages.
In truth, if you pre-paid 3.19 and there is a shortage I’d expect you to be a victim of rehypothecation by suppliers as they keep your pre-paid money and give any/all fuel they get to anyone paying market rate. After all that gives them the most profit and puts you at the end of the line for delivery under the guise that they only have ‘so much’ to give out.
I am SICK of hearing about this Iranian nuclear threat. With neighbors like Israel and their expansionate plans why wouldn’t you want nukes!
Iran was foolish not to have gotten The Bomb when they could have.
Thugs like the US And Israel understand only force.
The greater mistake was the US letting the Shah fall and allowing a cancer to take root. All this could have been averted in 1979-80
“Then politicians do what they always do.
Q: What’s that?
A: Blame the other political party, blame price gouging, insist that they know what they are doing, and claim it’s all temporary.”
Worse. They craft bailout legislation, stimulus checks, tax holidays to offset the chicanery. Adding to the debt, likely watching yields and interest on that debt rise, but also enriching those that own assets and locking in the inflation far longer than would otherwise occur if demand destruction and recession were allowed to clear the excess.
Whether a pandemic, financial irresponsibility, housing mismanagement, dot com/y2k doomers/euphoria, terror attacks, disasters in areas that are guranteed to have constant future disasters….all have triggered moral hazard, backstopping the known-to-be-poor allocation of resources.
Blame and temporary, sure. But deficit-financed backstops, guarantees, good bank/bad bank, stimmy checks, suspension of rules or taxation…those are the ones that cost dearly and are bipartisan in nature.
Make America great again with 200 oil. Its genius
Not content with being buried in Afghanistan, the Usonian Empire wants to be buried in Persia two. Russia? If not once, maybe twice, but definitely three will be the charm!
In case you were still wondering about all the fabulous agreements arising from the Trump/Xi meeting
the Chinese readout of the meeting can be summarized as “talks are continuing”
So, nothing…
read for yourself
https://www.globaltimes.cn/page/202605/1361120.shtml
Or, read the Trump version
https://www.whitehouse.gov/fact-sheets/2026/05/fact-sheet-president-donald-j-trump-secures-historic-deals-with-china-delivering-for-american-workers-farmers-and-industry/
Mish has done a solid job of documenting the overwhelming number of lies and complete fabrications from this administration… There is no value in any of their statements since they are almost certainly lies or at best misleading half-truths. It’s barely remarkable at this point. Caustic and cynical yes, and destructive to our civil discourse, but just a normal day with these people.
“We know that they are lying, they know that they are lying, they even know that we know they are lying, we also know that they know we know they are lying too, they of course know that we certainly know they know we know they are lying too as well, but they are still lying. In our country, the lie has become not just moral category, but the pillar industry of this country.” Timely when Solzhenitsyn was quoted in The Observer in 1974. And timely now.
In every photo I’ve seen, Xi looks like hes giggling about having just teabagged Trumpstien.
New reports indicate that the US is about to pause sanctions on Iran. Oil prices drop as a result. Perhaps Iran can now increase their oil exports which will help lower prices.
On the other hand, the extended US pause on Russian oil sanctions ended last week. I wonder if we will again pause sanctions on Russian oil as well?
Still bowing to our enemies to keep oil prices lower.
This happens every Monday, a non existent deal materialises then evaporates into reality. They create these lies, dump massive amounts of oil reserves into the market & the sheeple fall for it buying stock on leverage & pushing down yields. Like clockwork this happens until all the reserves are to low. The only difference is the effect is diminished every time & the oil is depleting faster causing higher lows until prices go parabolic.
The trend is still rising prices, rising yields & eventual collapse.
Yep. I said the same in a post last night. This was merely confirmation.
Enemies? Are you that deluded, who the hell do you think you are, the US was given a gift by the world to be a guardian of a reserve currency & benefit from it massive advantage & you try use it as a weapon to enslave & blackmail the world. Well that’s over, the US is the enemy of the world not vice versa. Stop begging for money from the world & start producing things the world needs. Stop begging for money & using it to start wars & destroying the world so you’ll can get fat. Get over it, it’s happened to many a greedy empire & it’s happening to the US who learnt nothing from history. Get ready for 3rd world status & getting kicked out of every country in the globe.
Lol! Don’t have a heart attack!
Enemies. Adversaries. Opponents. Competitors. Take your pick.
I’m not having a heart attack but words matter, enemies is different to adversaries, adversaries are different to opponents & competitors.
This isn’t a competition, it’s a war of aggression which could lead to consequences for the whole globe like famine, financial collapse, world war & more.
I do acknowledge though your words were misplaced & ignorant rather than a belief in superiority. Happy now, choose ya words better next time.
Welcome abord Jack X!
Your thoughts are appreciated but being the “Word Police” not so much.
Americans are horrible at English, so we murder a good deal of our writing.
Although “If you can’t say what you mean, how can you mean what you say?”
Enjoy!
Which word is correct in your opinion?
Why should Jack be obligated to edit your posts?
Well in reality only competitors, maybe opponents cuz the US is always antagonistic. At the end of the day the US is collapsing like all empires do, overreach, illegality, greed, arrogance, hubris, the list is long. This has repeated throughout history & no doubt after the US collapse it’ll probably happen again. What can you do,most human beings like to believe they’re somehow better, special, only for history to prove their folly.
there has never been an ignorant word from PapaDave in any of his posts that ive seen.
maybe misplaced, or even wrong. Never ignorant.
Relax, Francis.
Well clearly it was ignorant, not being aware of certain use of words is ignorance. This is not a slur, he was receptive to correction & responded respectfully which I’m actually surprised at considering so many idiots comment on this blog. Study what ignorant means, I think ya not sufficiently aware of it’s meaning.
Iran and Russia are our “enemies” only because we make them so.
Iran & Russia are labelled enemies because they dare to declare their freedom & sovereignty, they refused to bow to an out of control country run by psychopaths. They also have the means to defend themselves which is always seen as a threat by a bully.
Yep.
Can’t wait for domestic diesel to hit $10/gallon. Wonder if any of those truckers will burn their MAGA hats or just say thank you can I have another?
They’ll forever be in denial, cultists would rather die than admit they’ve been bent over.
Maybe they all have humiliation kinks.
The Grifter in Chief says Iran is running out of time, NO, The US is running out of time, oil, weapons & money. In ancient times they used to say ” Those whom God wishes to destroy, he first makes mad”. That’s the the US.
Truth hurts huh…..
Trump’s Hormuz ship insurance facility has done $0 business
https://archive.ph/u771c#selection-1599.0-1599.59
Trump & insurance put together is an oxymoron. Who goes to a compulsive liar for insurance.
The victims of a protection racket.
“ Where are all those folks that oil would be back down to $50-$60 2 months after the war started?”
They are still out there. Two I can think of are Strongnu who comments here, and Mike McGlone, a technical analyst that I follow on X. Strong says $40 by year end. Mike says $50 because of reversion and because the US and Canada are still in a state of massive oversupply (I don’t know how he figures that).
Some rough oil numbers. Canada produces 6 mbpd, imports almost 1 mbpd and exports 5 mbpd. Most of those exports come to the US.
The US produces 13.5 mbpd, imports 7, and exports 4. Net we have 16.5 mbpd to refine.
From the 16.5, we refine 9 mbpd of gasoline and close to 5 mbpd of diesel. We normally net export 0.3 mbpd of gasoline and 1 mbpd of diesel.
Until recently, our exports of oil, gas, diesel, jet fuel etc were normally around 5.5 mbpd. This has now increased to around 8 mbpd as the world is desperate to make up for the 10+ mbpd that are no longer coming from the Persian Gulf. Our additional exports of 2.5 mbpd are making up around 20% of the global shortfall.
That extra 2.5 mbpd of exports is coming from storage, both commercial and SPR. As storage dwindles, it will force prices higher in the US.
At some point, storage runs out, in the US and globally. Prices then rise to the point that will reduce global demand by the 10+ mbpd that is no longer being produced. It is estimated that the required price to reduce demand that much is around $175 per barrel of oil.
This is good for oil company profits and their stock prices.
What can derail the oil stocks? Export controls, windfall profit taxes, or an end to the conflict and a complete reopening of the strait.
You get a Mishelin star for excellent comment.😊
Thanks!
Looking at your last sentence.
1) If we define a complete re-opening of the strait as resumption of oil to pre-war levels then given the destruction of facilities in the various countries we’d have to estimate that wouldn’t happen till sometime in 2027
2) Windfall profit taxes seem very unlikely in the USA. In Canada though where you have most of your investments it’s probably a lot more likely the longer the problem in Iran goes on. In Europe (the UK for example) they are already calling for those taxes.
3) Export Controls seem quite likely in the US. Right around the time the first gas line like what we had in the 70s appears. My guess is by the middle of summer in the height of the driving season we get export controls.
I suspect that Trump has been given billions in shares of the US based majors. Therefore, he gains by high prices and gains more by higher prices. I don’t think he gives a whit about Americans. He can’t run again, might as well use his position to make as much as possible. So no export controls. Plus, he’s untouchable.
Because there is no real way to connect the groveling and control Trump wants with the independent aspirations of Iran, (see Russia/Ukraine) this will become
another “forever war” where the US drillers will be confident enough in long term higher prices so they WILL begin to produce more in the newly inflated economy
After all, aren’t the ME countries happy living solely on oil?
Paging Doug78, paging Doug78, paging JoJo, paging JoJo, please return to the comment section for your response.
You know what I’m seeing? I’m seeing 2-star Mishelin award being granted on this post. I knew the recent shipment would be put to good use, by the way those empty oil tankers were bringing in those Mishelins, had to pay them a few bucks but it’s worth it.
If oil is leaving the country then that means prices (for everything) will go higher. How do you like them petrol apples MAGA? Enjoying the turd age yet?
Do worry, Trump will find a way to make things even worse.™
Still waiting to for Mish to says that Harris would not have been worse, I do not think anybody could have been worse. I would have preferred that the GOP would have rid themselves of this fool after the second impeachment, but here we are.
GOP is the party of fools now. He’s perfect for them.
No, not fools, but murderous ideologues when over ⅔ of them support the subjugation of sovereignty to another potentate in a frivolous war against Iran. In other words, they not only support raping girls but also bombing them.
This is all you need to know.
https://www.youtube.com/watch?v=rRndMiVIB-w
Why does it matter.
I voted for neither of them.
I can be and am proud of my vote, and I did vote.
And you?
I would not be proud of a Harris vote.
You keep making it abundantly clear that you didn’t vote for either of them. I wonder how many of your votes have been thrown away
This is a fucking lock: Harris would have been significantly BETTER.
Trump believes in an infinite pool of recoverable oil under the US
If that isn’t true, then there are other lands to seize for their oil
But fer gawds sake avoid all renewables
His anti-renewables strategy, combined with his ineptitude on oil, may turn out to help alt energy over time. Oh the irony that would be.
– nor do I support drawing down strategic oil reserves so that oil companies can have a bigger profit.
> I 100% agree, and am not sure how selling/giving away our oil will help us. I don’t mind helping, but let’s be serious here, if the U.S. runs out of oil, nobody is going to send there supply to us, are they. Small batches to assist, while they strongly preserve what they get from us. We end up where they are by being a savior, is silly stupid, when you consider where we will be left if we run out… In The Cold!!!
The US started this and caused the problem
Cause is debatable, but because of that, we should give away/sell our Countries “Strategic” PR? Help yes, abut not the SPR and during a war of all things. What if something occurs in Twain. Do we have enough to give away then?
The plan is to get Venezuelan oil. Remember they ‘owe’ us a lot for removing Maduro – LOL
Still wondering how he is going to pull that off, but for us. They have what we need in oil I believe.
I wonder what the price of gas is in Israel? Maybe Trump will help out with some free gasoline for our overlords.
google says
$ 2.86 / liter or $ 10.83 / gallon
https://www.globalpetrolprices.com/Israel/gasoline_prices/#:
I assume you are a robot.
You do know you can just type that question in Google and have the answer.
I guess sarcasm is above your pay grade.
$6.66 / soul
Bunch of family members are Trumpistas. And they all drive pickups and Jeeps ’cause they’re real Muricans! Should be fun to watch the cognitive dissonance when gas hits $8/gallon.
Secondly, suppose the oil majors quietly handed the Trump family a few $billion in shares. What types of actions would we expect Trump to take?
Imagine all the Europeans that are paying $8/gallon now hearing you whine about $5/gallon. Would like to meet your family, sound like fun people!
What??? Just $8/gallon? Not in the Netherlands.
Trump tries to do what Bush junior tried in 2000s. To get hold of global oil reserves under the disguise of supporting Israel and friendly Gulf monarchs.
How did the world look like in early 2003? Iraq was toast and ready to be conquered. Russia was not stable and Khodorkovski was becoming a major political force and his Yukos controlled 50% of Russian oil reserves. The US was in Afghanistan and had very good relationship with Pakistan. US was strong in Saudi, Kuwait, UAE, controlled their oil flows.
How did the plan likely look like?
1/ Conquere Iraq – done in spring 2003
2/ Oust Putin, Khodorkovski takes over Kremlin, Khorkovski sells Russian oil companies to Western oil majors (he secretly sold 50% of Yukos to BP and Exxon in 2001 or so)
3/ Attack Iran later.
Well, Khodorkovski went to jail, Yukos was dismantled and 2007 attempt to start war with Iran was quashed by US CENTCOM commander Admiral Fallon – his famous Not under my watch.
Will Trump do better than Bush junior? Probably not.
Even if – within a couple years – inflation can be tamed, the debt will have grown so much that it’s hard to imagine long term interest rates falling below current levels. And they could be much higher.
Trump seems to think being a Banana Petrostate is the definition of winning
Comes to mind….“They are an oil and gas company masquerading as a country.”
Question…. Who?
From his perspective (the only perspective that Trump cares about) – being head of a banana petrostate is “winning”
The American people have somehow selected a poseur, a con-man to rule them.
Is the American saviour a reflection of widespread derangements in their consciousness?
The only mode of thought Trump has ever displayed is that of counting money.
Does anyone ever point out anymore that “making money” has no substance, and is completely unlike making things or creating something?
If the American consumer can no longer afford energy, how do you think it is for consumers in Africa, India or the Philipines?
Simple stupidity explains it all.
The SPR is supposed to be for Americans, not profits for multinational oil companies.
Who does Trump work for?
Trump works for Bibi.
Hat tip for the BTO 👍
Meanwhile, selling off all our petroleum and petroleum products…umm….err….winning?
This is called ‘strength through exhaustion’. As in the faster we use up and sell all our oil the better off we’ll be.
It’s craziness.
The SPR is why he’s so anxious to declare a victory. He’s been dumping State oil for corporate benefits and he’ll do it again when he repurchases all that oil at elevated prices using State money.
If he can suck money out of it, he will. Feels like modern capitalism gone greedy.
tough to say, its still too early – although it does feel that way
He is pulling a Biden, and for the same reasons, and Biden got a lot of heat for the same thing.
I personally don’t care for doing this, or if we do, in much smaller amounts. It’s called the “Strategic Reserve” for a reason. That reason does not include giving our war time, or in time of need petroleum, AWAY! We best hope we don’t fall short, or we will be in trouble, as our enemies would use it against us in a second!
Biden sold high and bought low. Trump failed us on buying low, but is selling high. But no where near as high as it will be under his failed administration.
Also Biden didn’t start the damn war that caused the shortage to begin with! “Pulling a Biden” bullshit, Trump is uniquely stupid and inept
In regard to the SPR, technically the oil is not being sold. The SPR releases work as an exchange mechanism in which companies receive oil now, and then agree to return the oil (in physical barrels with extra “premium” barrels as interest) at some time in the future between Nov 2026 and Jul 2029. The US government receives no money at the moment. The premium varies depending on how quickly the company returns the oil (smaller premiums for faster returns). Whether the US is loaning out at a high price depends upon what the price of oil will be in the future when the barrels are returned to the SPR.
Given that the world is facing a massive supply shock, what is being done with the SPR seems appropriate. The alternative would be to keep the oil sitting in the SPR, and if that had happened, the global shortages and the price of oil would definitely be higher now. So while the war itself should not have happened, given how it played out, this is an appropriate use of the SPR in my opinion. However, it will of course only buy a limited amount of time, and Trump seems to be frittering that time away. That’s the problem.
Biden wasn’t this corrupt but thanks for playing.
It is curious how the GOP defines a democrat president selling SPR as a mistake, and a GOP president selling SPR as a glorious golden victory.
IOKIYAR
The day of the election regular gas was $2.65 at my local gas station.
Under the Trump regime? It is now $4.99…
All while Trumps family and friends line their pockets, lie constantly and are supported by their mega corporations.
All thanks to the MAGA faithful who could not admit they were voting for an evil, abusive pervert.
There’s a simple explanation: They’re morons.
H.L. Menchen predicted this over 100 years ago:
“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart’s desire at last and the White House will be adorned by a downright moron.”― H.L. Mencken, On Politics: A Carnival of Buncombe
A Democratic president could be personally responsible for free & unlimited energy and it would be rejected by the GOP.
A Republican president could shit on a platter, call it gourmet food and everyone would like up at the buffet.
I’m surprised they are still hiding behind blaming Biden when they really want to blame Obama. A lot of Republicans are still upset that America ever let a black man out of the cotton fields.
You mean his wife, as he had no pull. She ran things and wore the pants in that pair for sure. Not to mention she could take him, and he was fearful that might happen, so he stayed in line.