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Brandon and China
RayR Offline
#51 Posted:
Joined: 07-20-2020
Posts: 8,796
The oil auction was prolly rigged so the Chicoms would have the highest bid. You know how that Biden Crime Family works don't you?
It's pretty stupid to think that that little bit of oil released from the strategic reserve was going to lower the price of gasoline at the pump, but you lefties will believe anything...that's why you voted for that douche weasel Joey B.
HockeyDad Offline
#52 Posted:
Joined: 09-20-2000
Posts: 46,065
“Excess reserve oil”. I hate when that happens!
bgz Offline
#53 Posted:
Joined: 07-29-2014
Posts: 13,023
RayR wrote:
The oil auction was prolly rigged so the Chicoms would have the highest bid. You know how that Biden Crime Family works don't you?
It's pretty stupid to think that that little bit of oil released from the strategic reserve was going to lower the price of gasoline at the pump, but you lefties will believe anything...that's why you voted for that douche weasel Joey B.



Use of almost all rules here... 2, 3, 4, 5, 6...

Trying to pump up his disciples to hopefully bring in rules 7 and 8 to pump his lies presented with rule 4.

RayRay can get a rally going if DMV, Mike and MACS show up to really push the pedal to the metal on the absurdities.

On another note... I'm wondering if they're more likely to get dementia later in life... I'm guessing that's prolly true.
HockeyDad Offline
#54 Posted:
Joined: 09-20-2000
Posts: 46,065
So we went from there’s no way we sold oil from the Strategic Petroleum Reserve to a Chinese company to we had to do it under US law so this is a glorious thing?

…and orange lips?
RayR Offline
#55 Posted:
Joined: 07-20-2020
Posts: 8,796
HockeyDad wrote:
“Excess reserve oil”. I hate when that happens!


Ya, and you know what happens? The Dem Congress will pay more than the Chicoms paid to replace it. Well, it ain't their money so they don't care. They only care about "CHANGING PEOPLES' LIVES!"
BuckyB93 Offline
#56 Posted:
Joined: 07-16-2004
Posts: 14,111
delta1 wrote:
and now...for the rest of the story...

https://www.politifact.com/article/2022/jul/11/why-us-selling-stockpiled-oil-china-we-have-answer/


The Biden administration wanted to release some barrels of reserve oil to meet supply shortages that have resulted in higher gas prices...

the US has to sell excess reserve oil, by law, to the highest bidder...

The Chinese company was the highest bidder


The US does not have to sell "excess" oil by law. The US can still hold onto it. It's not like it's going to grow mold and be worthless. It was a political move from the Biden administration to pretend they are tying to fix things but it didn't pan out. Gas prices have been coming down a bit lately but not because of the release of the oil on the open market but because people are looking and preparing for the impending recession.

I agree that if you offer our oil up for sale, it's best to sell it to the highest bidder. Then what? You have to replenish the reserves. We sell it off today, and buy it back later at a higher price. Biden, in day one, stomped on the US's ability to pump our own so we'll have to buy it from someone else.

If you have "excess" food in your freezer and your family is hungry do you sell the food to the highest bidder or hold onto it and use it to feed your family along the way?

Currently the US refineries are running at nearly 100% capacity. Why can't we increase capacity? Why did we sell it off to other countries to process it (other than a political show that Biden was tying to pretend he was doing something)? Our government's energy policy doesn't make economical sense for oil companies to increase capacity or build new refineries or fire up ones that have been shuttered down during COVID. Here is one source on the topic.

https://www.instituteforenergyresearch.org/fossil-fuels/gas-and-oil/will-any-new-refineries-be-built-in-the-united-states/

"No investor will finance a new refinery when its output is expected to shrink because of federal policy dictated by President Biden."

Agreed, it's just one source with one point of view but Biden has been trying to rage war against fossil fuels from day one.

Who would want to play with him when his goal is to put you out of business? OPEC won't even answer the phone when Biden calls them to beg them to produce more.

If you have a problem with gas prices, heating oil prices... your first stop should be at the steps of your government not the oil companies.
BuckyB93 Offline
#57 Posted:
Joined: 07-16-2004
Posts: 14,111
delta1 wrote:
and now...for the rest of the story...

https://www.politifact.com/article/2022/jul/11/why-us-selling-stockpiled-oil-china-we-have-answer/


The Biden administration wanted to release some barrels of reserve oil to meet supply shortages that have resulted in higher gas prices...

the US has to sell excess reserve oil, by law, to the highest bidder...

The Chinese company was the highest bidder


This is a franking lame excuse (let's not even mention the connections that POTUS and his son are knee deep in suspicious business connections with the People's Republic of China).

I had a car for sale and the highest bidder was some dude that wants to kill me... but hey... he was the highest bidder so money is money.
DrMaddVibe Offline
#58 Posted:
Joined: 10-21-2000
Posts: 55,301
BuckyB93 wrote:
The US does not have to sell "excess" oil by law. The US can still hold onto it. It's not like it's going to grow mold and be worthless. It was a political move from the Biden administration to pretend they are tying to fix things but it didn't pan out.


Post of the Week Candidate!
Speyside2 Online
#59 Posted:
Joined: 11-11-2021
Posts: 2,304
So the guy who keeps dissing me sees an post with an accurate answer, lights that person up, and offers a lame analogy. Tool Time!!! You go girl!!!!
DrMaddVibe Offline
#60 Posted:
Joined: 10-21-2000
Posts: 55,301
U.S. oil was sent to the Chinese gas giant Hunter Biden’s firm previously ‘bought a $1.7 billion stake’



On Wednesday of last week Reuters revealed the bombshell that of the oil from the U.S. emergency reserves that President Joe Biden promised were to “ease the pain that families are feeling” in the United States, more than 5 million barrels of oil were sent overseas. Part of that release from the nation’s Strategic Petroleum Reserves (SPR) was sent to China. The Chinese recipient of that oil has ties to President Biden’s son, Hunter Biden.


On Thursday, the Washington Free Beacon published specific details: “The Biden administration sold roughly one million barrels from the Strategic Petroleum Reserve to a Chinese state-controlled gas giant that continues to purchase Russian oil, a move the Energy Department said would ‘support American consumers’ and combat ‘Putin’s price hike.’”

The Chinese state-controlled gas giant, together with the President’s son, have engaged in “years of potentially criminal business activity embroiling the Biden White House in scandal since the 2020 campaign” reports The Federalist.

The Federalist writes:

“Biden’s Energy Department in April announced the sale of 950,000 Strategic Petroleum Reserve barrels to Unipec, the trading arm of the China Petrochemical Corporation. That company, which is commonly known as Sinopec, is wholly owned by the Chinese government.”
freestar

Sinopec is also tied to Hunter Biden, whose private equity firm, BHR Partners, bought a $1.7 billion stake in the company seven years ago.

Hunter Biden’s lawyer told the New York Times in November that the president’s son, “no longer holds any interest, directly or indirectly, in either BHR or Skaneateles.”

According to the Washington Examiner, however, Hunter Biden remained listed as a part-owner of the firm as late as March.

“Business records from China’s National Credit Information Publicity System accessed Tuesday continue to identify Skaneateles as a 10% owner in BHR, and Washington, D.C., business records continue to list Biden as the only beneficial owner of Skaneateles,” the paper reported. “The White House has routinely deflected questions about Biden’s business dealings to his attorneys, who have remained largely mum.”


“It’s possible that China’s business registry hasn’t yet been updated to reflect a potential transfer or sale of Skaneateles’s 10% stake in BHR to another party,” the Examiner added.

Biden’s Energy Department has thus far refused compliance with requests under the Freedom of Information Act probing the administration’s improper use of the nation’s strategic oil reserves maintained for emergencies.

“Last week, the Functional Government Initiative, a nonprofit government watchdog, filed a lawsuit to compel records concerning administration officials’ decision to tap the oil reserves in the absence of a sudden disruption in supply such as a hurricane or cyberattack” reports The Federalist.

Equally infuriating, “by the end of Biden’s latest release from the emergency stockpile, the president will have depleted 260 million barrels from the nation’s reserves” adds The Federalist. “In May, the Department of Energy announced efforts to replenish only 60 million barrels of what’s been released, despite an authorized storage capacity of 714 million barrels. The Energy Information Administration reported that just more than 492,000 barrels remained in storage on July 1, exactly one month into the six-month hurricane season.”

https://saraacarter.com/american-oil-sent-to-the-chinese-gas-giant-hunter-bidens-firm-had-bought-a-1-7-billion-stake/
RayR Offline
#61 Posted:
Joined: 07-20-2020
Posts: 8,796
That crooked and traitorous Biden Crime Family needs to be LOCKED UP!
rfenst Offline
#62 Posted:
Joined: 06-23-2007
Posts: 39,100
Anyone know if we even still have sufficient refining capacity for les than benchmark quality oil?
rfenst Offline
#63 Posted:
Joined: 06-23-2007
Posts: 39,100
"Another section of the Bipartisan Budget Act (Section 403), enacted in 2015, mandates SPR crude oil sales for fiscal years 2018 through 2025 on a volumetric basis, rather than on a dollar basis, as specified in Section 404. The revenues from sales authorized under section 403 will be deposited into the general fund of the U.S. Department of the Treasury.[38]"

Wikipedia (Strategic Petroleum Reserve)

So, Congress is in on it too.
Speyside2 Online
#64 Posted:
Joined: 11-11-2021
Posts: 2,304
Robert, our refineries are running between 95% and 98%. Also we have no to little capacity to refine the oil sold off. The EU has significant capacity, that is the primary type of oil they have bought from Russia.
delta1 Offline
#65 Posted:
Joined: 11-23-2011
Posts: 28,754
I didn't say the US was legally required to sell excess reserve oil...I said if they do, the law requires it be sold to the highest bidder...


lotsa mental gymnastics by the right to be outraged by this...and yet when Trump signed a plan to offload billions of barrels over ten years in his 2018 budget...crickets...


OHHH...It's Brandon...
RayR Offline
#66 Posted:
Joined: 07-20-2020
Posts: 8,796
We don't have enough refinery capacity because that would require CAPITALISM, but Comrade Biden, leader of the LEFT-LIZARD PEOPLE has always agreed with the CHICOMS saying that capitalism is bad, it exploits the little people and causes CLIMATE CHANGE. So the only capitalism allowed must be STATE CAPITALISM that first and foremost must enrich the LEFT-LIZARD PEOPLE and for the little people...LET THEM EAT CAKE!
rfenst Offline
#67 Posted:
Joined: 06-23-2007
Posts: 39,100
How much oil is consumed in the United States per day?

In 2021, the United States consumed an average of about 19.78 million barrels of petroleum per day, or a total of about 7.22 billion barrels of petroleum. This was an increase in consumption of about 1.6 million barrels per day over consumption in 2020.Mar 9, 2022.

EIA https://www.eia.gov › tools › faqs › faq


If these figures are accurate and if the U.S. sold China 5 million barrels of oils, then that only represents 1/4th of a day's worth of oil used by the U.S.
delta1 Offline
#68 Posted:
Joined: 11-23-2011
Posts: 28,754
RayR wrote:
We don't have enough refinery capacity because that would require CAPITALISM, but Comrade Biden, leader of the LEFT-LIZARD PEOPLE has always agreed with the CHICOMS saying that capitalism is bad, it exploits the little people and causes CLIMATE CHANGE. So the only capitalism allowed must be STATE CAPITALISM that first and foremost must enrich the LEFT-LIZARD PEOPLE and for the little people...LET THEM EAT CAKE!



oil and petroleum policy in the US predates Biden
ZRX1200 Offline
#69 Posted:
Joined: 07-08-2007
Posts: 60,476
It does but there is the whole context of corporate interests and the use of administrative law in this convo as well.
rfenst Offline
#70 Posted:
Joined: 06-23-2007
Posts: 39,100


Reuters, June 21, 2002


"PLANT CLOSING
The biggest factor in the latest decline of refining capacity was closure of the 255,600-bpd Alliance, Louisiana, refinery, following extensive damage from last year's Hurricane Ida. That was only partially offset by capacity expansions at other refineries, the EIA said."
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