SPR

termn8or3000

Speaking of which... Isn't it ironic how, before Trump took office the 1st time, in 2017, the previous Admin under Obama (and, in all fairness, possibly even to the admin of George H. Bush) had raided/used several million barrels of oil from our Strategic National Reserves, yet never replaced what they took out, even while oil prices were still relatively low/cheap on the world market. It took Trump coming to office to say, "Hey, we need to replace all those millions of barrels so that we'll have them in case of an emergency of some kind" and then he actually DID it. It was the SAME thing with all of our emergency reserves of medical supplies. Unknown to Trump, many of the PREVIOUS administrations had been raiding these medical reserves so that, when we got hit by COVID, and Trump was informed that we had a reserve of medical supplies and he ordered them to be used, turns out they were almost completely depleted. This out not only Trump behind the 8 ball in being able to respond quickly in getting these much needed supplies to medical providers around the country, but it also put the ENTIRE COUNTRY and, perhaps most importantly and dangerously, the lives of the very medical providers who we were counting on to be able to treat us as we became sick. So, even as the media unfairly crucified Trump for a problem that HE DIDN'T cause (Nor did that SAME media give him the CREDIT he deserved for quickly not only coming the WORLD for these supplies and then buying them up when they COULD be located/found, and regardless of their often jacked up prices, and getting them distributed as fast as possible TO the nations medical providers. Nor did that SAME media give him credit for re-establishing the manufacturing of many of these critically needed medical supplies right here at home AFTER he discovered that most of the making of these supplies had long ago been outsourced to OTHER countries so that when a national emergency struck (as with COVID) the United States suddenly found itself at the mercy OF these other countries) Trump tackled the problem anyway and got the job done. Now, as he prepared to take over the White House and to lead this great country for a 2nd time, he will do so with our Strategic Petroleum Reserves (or "SPR"...I, FINALLY, recalled what the "official" name for those reserves are called!! Please forgive me, I'm now an old man and my memory isn't what it used to be anymore 🤔😁) having been raided by Biden of several MILLIONS of barrels (and SOME of which he sold to, of all places, CHINA!!) JUST so he could artificially lower unacceptably high gas prices across the nation which HE and HIS administration had helped to cause due to their "war on fossil fuels". Biden had said he was going to "replace" all those barrels by buying them from the open market... While the price of oil ON those markets were high!! Biden then changed his mind and, to the best of my knowledge, anyway, he never has replaced ANY of them. Thus, this means that Trump, once again, will likely do so. Only HE will do so once oil prices are lower again AND HE will help to MAKE SURE THAT oil prices come down once again by, as he so eloquently has put it, ordering on his very FIRST day BACK in office to, "Drill, baby, DRILL !!!" And, while I know that the Pro Biden/Harris and Anti-Trump folks are going to immediately start hollering "But Biden/Harris issued even MORE drilling permits than Trump ever did his 1st time in office", let me try and stop y'all right there and say I'll AGREE WITH you on this. HOWEVER, Biden/Harris NEGATED ALL of those drilling permits by imposing such incredibly strict policies AROUND those permits that it made them simply too cost prohibited. And, thusly, no (or very few) newly discovered oil deposits were drilled or researched. Trump, once he's in office, and very likely on his 1st day IN office, will reauthorize those drilling permits AND will issue an executive order REMOVING all those policy restrictions. All of this will jump start American oil production once again. It will bring about literally tens of THOUSANDS of new jobs (not only in the immediate field of oil drilling itself, or even in oil refining, but also in all the MANY OTHER jobs that are down field such as all the "mom and pop" jobs that are needed to service all the workers who do the drilling/refining. The shops that make all the tools/parts/other equipment that makes it possible TO drill/refine, the restaurants and other eateries that supply all the food and drinks for all the oil workers and their families, the hotels and motels that provide places for them to sleep, the rental homes/Apts that they take for themselves and/or their families, etc All of these jobs will help kick the economy into an even higher gear, produce more taxes for the various local, state and federal governments. Trump says he plans on selling our oil to other nations and that he plans on our becoming the #1 oil exporter in the world and besting even Saudi Arabia. And I, for one, do not doubt him. Well, I didn't mean to go so deep into this and apologize most sincerely for having done so. I'll end with this.... I think that Trump will do for crypto, the same thing that he'll do for oil. And, if I'm correct, then we need to be ready to make more $$ than many of us ever dreamed of making. I'll end here because I'm SO tired that I keep falling asleep while trying to type all of this. My apologies, again, for any spelling errors and/or nonsensical statements I may have made. Thank you🙏🤗❤️

Yabutsk

Would be more effective if it wasn't just talk. Trump had his chance in gov and only meaningful legislation was to give a $Trillion tax cut to billionaires. Meanwhile energy extraction is at an all-time high under Biden/Harris, while also creating legislation to jump start a long term green plan to kickstart energy projects. Biden also was able to gain independence from MBS and OPEC by using the SPR to keep fuel prices down and make a cool $20 Billion in the transaction when they restocked reserves. Trump had to literally bribe MBS with arms to get any price concessions.

DeFiBandit

No reason to think inflation will bounce dramatically. Biden deserves more credit for using the SPR to break oil prices. It was a ballsy move that has worked so far

EquitiesFIRE

Like SPR releases

wealth4good

They should be more concerned with runaway inflation. Food prices are exploding. Gas is now going back up in Cali, over $5 bucks a gallon heading towards $6. And trying to control gas prices by draining the Strategic Petroleum Reserve (SPR) gambit has utterly failed. And they're worried about crypto...?!!

dirtsmurf

I can’t comment on Lumber but gas only came down because Biden was pumping out of our SPR. That is over, hence number go up. Beef never came back down. Have you seen the price of butter? Is that because of the chicken flu too? There’s always a “reason” when the real reason is someone fell asleep with their finger on the print button.

bittabet

This guy...his bills literally did nothing but introduce more inflationary pressure and he's trying to take credit for everything the Fed did. Only thing he can take credit for is the artificially cheap oil prices the last quarter from them using the SPR, but that also means that when energy prices go back up everyone is gonna blame him.

SigSalvadore

Yea, oil below 90 and the SPR not releasing 3M a day would be good. But they've been bleeding it dry this year.

Trylks

The CPI was kept artificially not-as-high with the SPR. Now shit is about to get real. If the FED continues pushing relentlessly with “whatever it takes”, the “soft landing chances” will disappear (arguably, there are none) and the recession will get harder (arguably, it is going to be extremely painful as things are now). That pain will take everything to the bottom, and it is going to be a painful landing. Let's see who survives 2023…

schloopys

Lol @Yolo2005p, the 17yo about to be olive drab pilled by SPR.

JustCryptastic

All good; we’d be in deep shit if the SPR went to zero. Pretty sure the US would resort to oil rationing before then as the war machine would need fuel (***I am assuming in this scenario at least one superpower would put some kind of military pressure on the US on the world stage**)

JustCryptastic

This is simply not true. US SPR at it’s height was ~727 million barrels. It’s still above 400 million barrels left, even with the huge release of oil from the SPR in 2021 to today There has been a steep decline, but the SPR was established precisely for the economic and foreign war scenarios unfolding [Business Insider: US strategic oil reserves have hit their lowest level since 1985 after Joe Biden's record sales](https://markets.businessinsider.com/news/commodities/us-strategic-oil-reserves-lowest-since-1985-joe-biden-releases-2022-8?amp)

SigSalvadore

Gas is only cheaper because we've been tapping the SPR like a crack head going after the microscopic crystals in the bottom of the bag. We may see some relief, but with everything else starting to crumble, long term it's not good.

SpacePanda2176

i may be misunderstanding your comment. But selling out of our SPR including to other countries like china, for some “profit” is not the same as shutting down domestic oil production while sanctioning one of the worlds largest oil producers, then when prices are sky high selling us our own reserve which had already been bought with taxpayer dollars is not the same as a miner who made investment and sold when the he could profit. one scenario is engineered the other is market participation.

Yoloballsdeep

>we will have to buy that oil back eventually I don't think so. Biden will deplete the SPR and will never replete it again. It shouldn't have been used under these circumstances in the first place because it's only meant to be used during an emergency not to offset high prices caused by stupid Democrat policies

RDMvb6

Would it even have made a difference? I’m too lazy to look up the actual volume but I feel like trying to fill in the extra supply necessary to bring prices back down would take a whole lot more than we’ve got in the SPR. Especially since opec would then just cut supply by the same amount to keep prices high, and then we still have high prices and no more strategic reserve.

myironcity

September 2008 $4.05 highest gas price where I live. Now here we are again. Gas prices have always been a real metric when there are elections. I didn’t say anything about Obama and SPR. I’m using the fact gas prices look the same. Same administration, different face in the lead, some people expected something different, and that is the definition of insanity.

Intelligent_Aspect87

Alot of upvotes for alot of incorrect Information. During obamas 8 years the only significant reduction in the SPR was during 2011 where DOE, released 30 million barrels. SPr under Obama was basically flat. Under Trump the SPR was reduced by almost 60M barrels. It's true Biden has reduced the SPr by over 100M barrels but how else would you have himattempt to lower the price of gas?

Mas113m

Check out the EIA energy usage numbers. Gasoline usage is below 2020 levels, despite our non recession! That is some serious demand destruction that likely had more impact on gasoline prices than the SPR reserves. Also a bad sign for a supposedly healthy economy. And yeah, we have to buy all that SPR oil back at some point too.

ukulelecanadian

In March 2020, Trump did propose purchasing 77 million barrels of oil in order to fill the SPR to its maximum capacity, according to the DOE. But Congressional Democrats blocked the measure, calling it an “estimated $3 billion bailout for big oil.”

myironcity

July 29th 2022 oil reserve (SPR) was 469.9 million. Last September 618 million.1 million barrels a day for six months is another 180 million gone. No billions, millions, and I can read.

Mas113m

Even as a misleading MoM comparison, it was mainly due to gasoline prices that usually fall a bit after the July 4th holiday and maybe some from the SPR releases. Food and rent still increased for the month.

charvo

I agree. Biden is dumping the entire SPR oil reserve. The effect is obvious on oil prices. The stock and crypto market loves lower oil prices which should equate to a low CPI reading.

ADDpillz

-01/20/21 Biden cancels Keystone Pipeline -01/27/21 Biden Halts new Oil and Gas Leases -05/07/21 Biden takes 30% of land off available leases -06/01/21 Biden halts drilling in ANWR -10/07/21 Biden reverses Trump NEPA regulations -10/29/21 Interior begins "Social cost of Carbon" -11/15/21 Moratorium on drilling in Chaco Canyon -02/24/22 Russia invades Ukraine and Biden sanctions Russian oil -03/01/22 Biden releases oil from SPR again -03/21/22 SEC proposes Anti-Oil rule -03/12/22 Biden cancels remaining Lease sales To answer your question. YES, if Trump was president gas would be cheaper.

supersb360

January 20, 2021 - Biden inaugurated. Cancels keystone XL January 27, 2021 - Biden halts new oil and gas leases February 19, 2021 - Biden rejoins Paris climate agreement May 7, 2021 - Biden takes 30% of land off limits to oil and gas June 1, 2021 - Biden halts drilling in ANWR June 30, 2021 - congress reveres trump natural gas regs October 7, 2021 - Biden reverses Trump NEPA regs October 29, 2021 - Interior begins “Social Cost of Carbon" November 15, 2021 - Moratorium on oil drilling in Chaco Canyon March 1, 2022 - Biden releases oil from SPR again March 21, 2022 - SEC proposes Anti-oil rule May 12, 2022 - Biden cancels remaining lease sales

IHaventEvenGotADog

Is that the same as SPR? I had a bag in that but got rekt in Cryptopia

DuplicateDestroyer

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domasdom

The dev wallet owns **100.00%** of the [SPR/BNB LP Supply](https://bscscan.com/token/0xb4Cf7cA2df2b9FbF8f4dd79a6e02D07e699C3099#balances)

domasdom

The dev wallet owns **100.00%** of the [SPR/BNB LP Supply](https://bscscan.com/token/0xb4Cf7cA2df2b9FbF8f4dd79a6e02D07e699C3099#balances) SCAM

IHaventEvenGotADog

This shit is my jam. Lion Crypt XCM BETR ETN SETH BAR TBAR LINDA SPR All absolute crud and I fomo’d at least $50 into each of them. Sad thing is, this is just from memory. If I checked my tracker I could probably list 30+