Gear Energy Ltd T.GXE

SPR refill

[scienceguy36]

https://boereport.com/2024/03/18/u-s-to-return-emergency-oil-reserve-to-prior-levels-by-year-end/

[jleer42]

Hahahahahahahahaha....I had to check if it was April 1st. They are only going to add back a couple million here and there. They are couting barrels they won't remove and to be fair those were previously legislated. End of the day the SPR will still be about the same level it is now.

[Roscoe747]

That is not what the BOE Report. Article states. They will refill the SPR to 632 mmbbl from its present 362mmbbl by year end 2024, cancelling the 140mmbbl congressionally mandates 140 mmbbl sale. The $US79/bbl cap is also under discussion as well as future sales mandates.

[jleer42]

I know what the report says, I don't believe it for a minute.  To me refilling the SPR means putting more oil in and canceling previous mandates does not count. It's not like you are able to withdraw an additional 140mmbbl from the SPR. As for the other needed 130mmbbl the administration has promised to fill the SPR previously and not done it. Doing it now when it will drive up

[Roscoe747]

Maybe. Given the geopolitical environment, there may be an impetus to fill the SPR but, as always, political self-preservation trumps sound policy.