Re: $6.00 gas?
Posted: Jun 12th, '22, 09:21
Try something less biasedAmerica Last Sleepy, sent 5,000,000 barrels of oil from our strategic reserves to Europe and parts of Asia. WTF?
https://news.yahoo.com/oil-u-reserves-h ... 38513.html
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Try to make sense, Craven. Other news sources have the same story. Bottom line: Biden is an idiot.
Yes, cousin of Hugh Jorgan, Pat McCrotch, and Phil McCraken. Not to be confused with Dick Hertz from Holden.
Pot meet kettle. Humpty.
Critics, including conservative media outlets, attacked President Joe Biden for selling oil from the Strategic Petroleum Reserve to a Chinese-owned company. Some of the coverage implies a connection between the sales and Chinese investments linked to Biden’s son, Hunter.
Experts in the international oil markets, however, told PolitiFact that the sales were governed by U.S. law, and they see no way that the Biden family could have influenced or benefited from the sales.
"It’s a political talking point, and a ridiculous one," said Patrick De Haan, a vice president with GasBuddy, which tracks gasoline prices.
https://www.politifact.com/article/2022 ... ve-answer/Experts said it’s reasonable to ask why, if the U.S. is trying to lower prices at the pump back home, it would sell oil to overseas companies. But these experts offered a straightforward answer: That’s the law, and that’s how the international oil market works.
De Haan compared the longstanding Strategic Petroleum Reserve process to an "eBay auction for crude oil."
When an administration orders the release of oil from the Strategic Petroleum Reserve, "the Department of Energy puts out a notice of sale that alerts companies that oil will be made available for purchase," said Hugh Daigle, a professor in the University of Texas-Austin Department of Petroleum and Geosystems Engineering. "Companies then bid competitively on the oil, and the winning bidders receive the oil and the bid price." The winning company works out with the Energy Department when and how it will take possession of the oil.
Sometimes the winning bidders may be U.S. refiners, Daigle said, in which case the oil quickly boosts U.S. gasoline supplies. But in other cases, he said, foreign companies win the bid. This increases the supply of global crude oil and, eventually, helps lower prices in the United States.
I'll preface this by saying I know very little about oil/gas or energy policy.easyrider16 wrote: ↑Jul 12th, '22, 07:57TL;DR version: The right wing media is spinning yet another yarn, this time accusing Biden of selling strategic oil to a Hunter-linked firm in China. But apparently Hunter has been ousted from the company for years now, the company involved won an open bid, and no one sees how Biden's family could have caused the company to be the winning bidder or benefited from the sale.
Certainly not by the constant release of fuel from the strategic reserves. How much do we have left?easyrider16 wrote: ↑Aug 9th, '22, 20:48 Paid under $4 a gallon for gas today. If Biden was responsible for rising prices, is he responsible for falling prices?