RE:RE:RE:US storm could push oil over $100… And Biden screwed up SPR.Emergencies like runaway inflation?
Did he use it for mid-terms? Sure. Did it help with the other thing? Yup.
He can help the American people and be self serving at the same time.
Actually, if you're doing the job right, they go hand in hand.
Most of the SPR that was released was sour crude and can easily be replaced with WCS.
Turns out that the USA is going to get a deal on some Russian crude which according to the US Treasury Department is A okay until April 1 2023.
As far as VET is concerned it is all moot. Oil price is going up regardless. NG prices will go up regardless. Price caps are not only high but moveable based on supply shortages.
The only thing VET has to worry about navigating are the windfall taxes and having multiple operating jurisdictions with variable cap-ex budgets will help them sidestep most of those in the future and maybe even the past.
GLTA
Trunorth2019 wrote: Looking at the absolute SPR volumes is misleading due to the type of oil in the inventory and what is preferred by refiners. They dont like the high "sour" grades with high sulphor content which makes up a significant amount. I think the SPR is in worse shape than they say.
I think bidens move to use the SPR was short sighted and I kinda hope he pays for it. I am not political by nature but the SPR creation was for emergencies and was not to be used to get reelected for midterms. Time will tell. Really all just depends on how sudden and severe the upcoming recession becomes.