SPR

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

**Your submission has been removed because 1 submission with a similar title has been posted on the subreddit in the past.** **OP:** /u/PotentialBid5 **Date:** 2021-06-14 16:14:46 **Duplicates:** N | User | Date | Posted... | Similarity | Title :-:|:-:|:-:|:-:|:-:|:-:|:-: 1| [/u/PotentialBid5](https://www.reddit.com/user/PotentialBid5) | 2021-06-13 13:53:45 | 1 day 2 hours 21 minutes before | [100%](https://www.reddit.com/r/CryptoMoonShots/comments/nywtk7/safepresale_spr_antirug_bsc_project_trusted_dev/) | [💎 $SafePresale (SPR) - anti-rug BSC project - trusted DEV [refunded 50 BNB]...](https://redd.it/nywtk7) I am a bot. If you believe this was sent in error, reply to this comment and a moderator will review your post. **Do not delete your post or moderators won't be able to review it.**

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+