Suncor Energy Inc T.SU

US preparing to halt 140mn bl of SPR crude sales

[MigraineCall]

The cancellation of almost all planned SPR releases over the next few years is rolled into the $1.7T US omnibus bill, being voted on this week.

As I understand, this still leaves about 26m bbl of SPR release scheduled by Sept 2023 yet to be cancelled. Dumb, if they are planning to refill it.

The end of the US using the SPR to flood the market is near, and tightening.

https://www.argusmedia.com/en/news/2402590-us-preparing-to-halt-140mn-bl-of-spr-crude-sales?backToResults=true

[Konaboy]

I might be inclined to call it a buyout of the previous legal obligation, versus a declaration that there will be no more sales.  A covering of the paper position, if you will. Would give the administration more power to time buys/sells for optimum benefit (as per their goals). Without a doubt, I would also call it Good News1

[Experienced]

I find all of this quite puzzling. While Biden has the authority to halt the already approved sales from the SPR, he needs Congressional approval to spend the money required to buy oil to refill it.  With the Republicans taking control of the House which is the spending authority under the US Constitution, it might be difficult to get this authority.  My US friends are telling me that