Suncor Energy Inc. T.SU

Biden announces new SPR release: Oil goes Up

[MigraineCall]

The Energy Department approved additional exchanges of 13.4mb crude from the SPR. awarded to Shell Trading US Company Trafigura Trading LLC Phillips 66 Company Macquarie Commodities Trading Chevron U.S.A. Inc, ExxonMobil Oil Corporation BP Products North America

LOL. WTI presently up $1.29 after the announcement.

Biden's feeble attempt fails to lower oil prices by releasing SPR crude, a type that refineries don't really want, which must be repaid (replenished) at a later date.

Most likely it will be shipped out and used in other countries like the last time.

The companies awarded just go to the futures market to buy contracts at a fixed price in the future to cover the replacement, along with the interest.

Like moving money from one pocket to the other.

[Experienced]

Good points!! I am actually surprised that Biden is doing this. Typically politicans make announcements to shore up political support from the general electorate but are usually careful in what they announce in that the effects can't be easily tracked.  That way they get the political points but the oppositon can say it didn't work. Biden released oil before from the SPR saying it

[mrbb]

that is the sign of government incompetency, repeating their actions and keep expecting a different result. All they hear are the sound of the mobs and looking for quickie way to quench the short term noise. Same goes for the covid mandates. When there is enough mobs that remain blind to the situation, gov't will repeat the same old.