Suncor Energy Inc. T.SU

Alternate Symbol(s): SU

Energy Oil & Gas Integrated

Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading, offshore oil and gas production, petroleum refining in Canada and the United States and its Petro-Canada retail and wholesale distribution networks, including Canada’s Electric Highway, a coast-to-coast network of fast-charging electric vehicles (EV) stations. Petro-Canada has a network of over 1,800 retail and wholesale locations across Canada, providing customers with a wide variety of fuel and service offerings including low-carbon fuel options. It is developing petroleum resources while advancing the transition to a low-emissions future through investment in power and renewable fuels. It also wholly owns the Fort Hills Project, which is located in Alberta's Athabasca region, approximately 90 kilometers north of Fort McMurray.

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Suncor Energy Inc. > Biden announces new SPR release: Oil goes Up

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Comment by mrbbon Jan 25, 2022 4:39pm

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Post# 34359737

RE:RE:Biden announces new SPR release: Oil goes Up

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.

Experienced wrote:

MigraineCall wrote: 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.

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 would lower energy prices and it didn't and people can measure that quickly just going to the gas station. With that as background it is silly from a political point of view to do it again (thinking of the famous quote of Einstein's).

In terms of The Ukraine, it seems that the military industrial complex that Eisenhower spoke of is in full swing in both political parties. They want a war to sell more weapons and then get contracts to rebuild the infrastructure after the war.