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Biden announces historic oil reserve release, along with other steps, to reduce gas prices

The article stated “ask congress to…” which would not be necessary under the DPA (which is to be used for the “green” parts of his plan).

Alright, that's a fair point.

Apparently the Strategic Release is done by E.O., minerals are done by DPA, and permit penalties must be done by Congress.

Your point is salient & substantive, as I suspect it may not get through the Senate.
 
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I wonder if Senate Democrats are rethinking their decision to stop Trump from topping off the oil reserve with cheap oil in 2020 because they wanted to punish "Big Oil"?
 
The SPT exists to address disruptions in the supply of oil to America.

"The Strategic Petroleum Reserve is an important element of our Nation's energy security. To maximize long-term protection against oil supply disruptions, I am directing the Secretary of Energy to fill the SPR up to its 700 million barrels (110,000,000 m3) capacity."[14]
George W. Bush.

We are experiencing a disruption in supply so we use the SPT. What else is it there for?
 
I wonder if Senate Democrats are rethinking their decision to stop Trump from topping off the oil reserve with cheap oil in 2020 because they wanted to punish "Big Oil"?
The main cause of the recent decline in the reserves is due to the 2015 Congressional Bipartisan Budget Act which legislated sell-downs of the reserve over time. This was passed by both houses of Congress being controlled by Republicans.
 
That's exactly the idea; it's a strategic emergency order under the Defense Production Act.

Biden asked nicely, for quite awhile now. They didn't listen. He acted.

OK, but if congress/Biden imposes additional fees on the oil companies (raising their operating costs) they would simply increase their prices to transfer that cost to US consumers.
 
The SPT exists to address disruptions in the supply of oil to America.

"The Strategic Petroleum Reserve is an important element of our Nation's energy security. To maximize long-term protection against oil supply disruptions, I am directing the Secretary of Energy to fill the SPR up to its 700 million barrels (110,000,000 m3) capacity."[14]
George W. Bush.

We are experiencing a disruption in supply so we use the SPT. What else is it there for?
"Emergencies"
 
• Why is there a Strategic Petroleum Reserve?

Established in the aftermath of the 1973-74 oil embargo, the SPR was established to counter a disruption in commercial oil supplies which could threaten the U.S. economy. It is also the critical component for the United States to meet its International Energy Agency obligation to maintain emergency oil stocks.


Biden is using the Strategic Petroleum Reserve for exactly the purpose it was created. Doesn't the loony far right ever get tired of inventing, rationalizing, twisting, obfuscating and contorting to knock Biden only to be proven wrong? Everyone who criticized this initiative should be embarrassed and ashamed. Get a clue.
The bolded hasnt happened and your conclusion is moronic. Other than that, great post.
 
OK, but if congress/Biden imposes additional fees on the oil companies (raising their operating costs) they would simply increase their prices to transfer that cost to US consumers.
Oil is a global market. They can't just pass on the cost like that. And isn't this what republicans wanted? More drilling on federal lands? Now that he's pushing it you're whining?
 
The world is not at war and the reserve has to be replenished once Biden drains it.

There is a proxy war taking place in Ukraine, as I'm sure you're aware.

Regardless of your thoughts on the precise term, the war has caused oil prices to spike, and the oil fuels Putin's war. <-- see what I did there?

That will only prolong the high cost of fuel. And Im not sure how taxing oil companies translates into lower gas prices.

The tax is an incentive.

The idea is to not be taxed!
 
Gas prices...blame Biden, its his fault, he's not doing anything. Biden- does something to reduce prices and promote oil companies from drilling "this won't do anything"

Traitor trolls are funny
 
The bolded hasnt happened and your conclusion is moronic. Other than that, great post.

Gas prices...blame Biden, its his fault, he's not doing anything. Biden- does something to reduce prices and promote oil companies from drilling "this won't do anything"

Traitor trolls are funny
Seriously. If Biden came out and said he would not tap the SPR these same people would be jumping down his throat with equal fervor.
 
Oil is a global market. They can't just pass on the cost like that. And isn't this what republicans wanted? More drilling on federal lands? Now that he's pushing it you're whining?

You act is if the oil companies sold only crude oil and no refined petroleum products.
 
There is a proxy war taking place in Ukraine, as I'm sure you're aware.

Regardless of your thoughts on the precise term, the war has caused oil prices to spike, and the oil fuels Putin's war. <-- see what I did there?



The tax is an incentive.

The idea is to not be taxed!
Why would an oil company sit on a lease when they can get $100 per barrel if they utilize it?
 
That depends. There is an Australian company that has gone into prototyping a graphne alumium battery. If it lives up to anywhere near it's hype, it will pretty much be a drop in replacement for lithium ion batteries that do not use any of the rare earths. It literally is two very common substances, Graphene and aluminum.
They have built the coin type battery prototype factory, and have delivered prototypes to customers for evaluation, and are working on getting the pouch type (which ev cars could use) protogype factory built



If I can fully charge my cell phone in only a minute or two, I'm in! (y)
 
Seriously. If Biden came out and said he would not tap the SPR these same people would be jumping down his throat with equal fervor.
Thats false and stupid. How do we know? No one has been 'jumping down his throat' for not doing so. Try to make an honest argument.
 
Thats false and stupid. How do we know? No one has been 'jumping down his throat' for not doing so. Try to make an honest argument.
The bolded hasnt happened and your conclusion is moronic. Other than that, great post.
This one is drowning in the Kool Aid.
 
Why would an oil company sit on a lease when they can get $100 per barrel if they utilize it?

There is no guarantee that a given lease has accessible oil or that they can secure permits to connect it to a pipeline. The idea that they are simply refusing to increase production (like the Saudi’s?) is nonsense.
 
The main cause of the recent decline in the reserves is due to the 2015 Congressional Bipartisan Budget Act which legislated sell-downs of the reserve over time. This was passed by both houses of Congress being controlled by Republicans.
Which makes the decision on the part of Democrats not to refill it at historically low prices all the more puzzling.
 
There is no guarantee that a given lease has accessible oil or that they can secure permits to connect it to a pipeline. The idea that they are simply refusing to increase production (like the Saudi’s?) is nonsense.
So any company not exploiting a lease likely believes there is nothing there or not worth the cost of extraction. Which means Bidens tax punishment will simply be reflected at the pump.
 
If I can fully charge my cell phone in only a minute or two, I'm in! (y)
And potentially last 3 times longer.

What I like about it is that it can charge up an EV 70 times faster, give a longer range, and potentially last 300K, instead of 100K for the current batteries.

The other issue is 'power generation'. WIth our current set up, a lot of people charging their cars all at once will put too much of a strain on the power grid. I can see items like stationary fuel cells, or intermediate onsite batteries at the charging stations.
 
OK, but if congress/Biden imposes additional fees on the oil companies (raising their operating costs) they would simply increase their prices to transfer that cost to US consumers.

I'll take a try at shooting the bolded down.

You're assumption would apply to a uniform application of the penalties across all oil producers. But only a segment of producers will be taxed. Those taxed producers will face a choice - raise prices to the customers, or produce more product. Free-market theory would seem to preclude them raising prices higher than their market competitors. So, that would seem to indicate they will either produce or lose market share.
 





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It looks like Joe Biden has a substantive and actionable plan to lower gas prices:

1] Six months of historic strategic reserve releases
2] Penalties for Oil companies that are not using their drilling licenses.


In addition, he also is implementing an emergency Defense Production Act order to re-classify & produce more critical minerals, which will also assist in our transition to clean energy.

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I applaud:

1] Taxing Oil Companies that sit on their licenses without producing. This will produce both more oil and more tax revenue. A double win!

2] Making us both more sufficient in critical minerals, thereby moving forward the transition to cleaner energy.
Short sighted-may increase people driving defeating carbon reduction.
Food prices and rents are a bigger dollar problem.
 
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