Gear Energy Ltd T.GXE

Sleepy Joe dumps another 1.8MM from SPR

[lovehockey]

Some people want us to believe that there is an abundance of oil. But the writing is on the wall! Every week Biden has to dump a lot of oil in order still control the markets, why else? 

The Strategic Petroleum Reserve (SPR), the world's largest supply of emergency crude oil was established primarily to reduce the impact of disruptions in supplies of petroleum products and to carry out obligations of the United States under the international energy program.

[navajojoe]

You do realise that 1.8 million barrels is a drop in the bucket, and has no real effect on the market?

[lovehockey]

LOL, is it now drop in the bucket? Perhaps it is, however the point is they still somehow HAVE TO dump this oil. I already posted what dumping SPR means. It means that ther are some kind of disruptions and there is no oil abundance as you and Biden's media is trying to portray. Yes, US is doing the best they can to grow the production and they do succeed, however they are still short of

[navajojoe]

I don't think you understand what is actually happening. A lot of SPR releases were mandated years ago, so if you don't know if these were from those years, or can pin them on Biden, you may be making bad assumptions.

[lovehockey]

I guess not, enilghten me please - when and why did they mandated to get rid of 250MM of their reserves. 

[masfortuna]

There was a 26 million spr release approved by congress during Obama's administration.  that's about it.

[navajojoe]

Better check your facts.

[masfortuna]

Are there any SPR approved by congress PRIOR to Trump that have yet to be released?  I see nothing else pending release.

[Roscoe747]

Probably 4-5 mln barrels left to sell on the last 25 mln barrel authorisation. But, there appears to be resolve to release more SPR oil to keep US gas price down.

[navajojoe]

Doesn't much matter, as it doesn't look like even the latest Saudi move will get oil prices up high enough to make GXE's dividend sustainable. JMO

[CountryBoy69]

That seems to be a common factor in regards to that post.After inferring l was lying about a conversation with our mutual CEO he as of now has not retracted his statement or denied or even acknowledged it. That really does say alot about his sense of integrity as well as other things. It's a shame that 2 shareholders are going at it , when as a nonowner you provide more than enough drama and