Gear Energy Ltd T.GXE

Biden's weekly SPR dump is 2.6MM

[lovehockey]

WTF Joe? I thought we are flooded with oil? I thought the demand was low? 

Current SPR sits at 355.4MM, that is less than a half of the peak in 727MM in 2011. 2022 started with 593MM but over that that time they managed to drain 238MM in 510 days. That is 500,000 bpd

[Reachme]

They will need to replenish the SPR.....oil only going higher

[navajojoe]

For those who understand the oil market, the SPR is meaningless. It was important back when the US depended on the Middle East for oil, but now that the country is energy independent, it isn't necessary.

[DonaldJ]

LOL - if you dont know what the SPR actually is thats OK but spreading nonsense makes you look questionable. 

[lovehockey]

SPR was established to protect US economy and strengthen national security during major oil supply disruptions.  So the reason why they are dumping SPR is exactly why it was established - they do believe that the there are supply disruptions and they are trying to protect US economy. The problem with this is that the SPR is already half drained, worl oil consumption is at all time high and

[Reachme]

They will have to replenish the reserve....oil only going higher 

[masfortuna]

Not according to Paul Sankey but then again you probably are more informed than he is on the importance of the SPR. Incidentally, last week the Feds announced they were open to bids to start replenishing the SPR...