Suncor Energy Inc T.SU

Why is the Biden administration not refilling the SPR

[Obscure1]

The DEMS have a PR opportunity that boggles the mind.  Refilling the SPR now with the price of WTI at $67 would accomplish a number of goals that governments never get:

1) keeping a promise....when Biden announced they were going to tap into the SPR, he set a target price to buy back in the range of $67 to $72 and they can fulfill that promise now

2) slowing down inflation by reducing transportation costs by reducing oil prices through SPR sales

3) making a profit.....when was the last time a government actually made a good business decision

The only two possible reasons that I can think of for not buying back oil at current prices are:

1) they think prices will go lower

2) they don't intend to refill the SPR as they believe it is no longer necessary

Comments?

[meritmat]

  Machines of war run on oil.  The military complex will have that filled or the guy in charge of filling it will be replaced 

[Experienced]

Couple of thoughts.. 1...Purchases to refill the SPR required Congressional approval and the money has to be appropriated by The House which is now controlled by the Republicans.  I haven't been able to find anywhere such approval has been given.  perhaps it exits but I haven't found it. 2....when Trump wanted to buy oil for the SPR he was turned down by the Democrats who

[MigraineCall]

There are many reasons for the US not filling the SPR. First, times have changed since the1973 embargo, and the inception of the SPR. This is due to shale oil, and the Canadian oilsands. They now do not need an SPR of light sweet WTI, the kind that America produces in the shale basins, in volumes near double the amount that they can possibly refine themselves as their refineries are geared up to

[Hightowntrader]

We all know how easy it is to sabotage a  pipeline... I don't think the US is in any hurry to refill the SPR either, but it could become a costly decision in "anything" happened.

[Experienced]

Migraine...you have talked about this before in terms of the fact that "oil is not just oil".  I agree with everything you say about that.  It is rationale and common sense. You present a reasoned rationale explanation as to why it doesn't make sense for the US to fill the SPR with light oil but frankly I don't give the Biden Administration that much credit for

[mrmomo]

"The only two possible reasons that I can think of for not buying back oil at current prices are: 1) they think prices will go lower 2) they don't intend to refill the SPR as they believe it is no longer necessary" It's NOT one of those reasons and only MigraineCall "lightly" touched upon the REAL reasons behind the SPR not being refilled.....at this time. I think

[GingerEnergy111]

Russia is definitely not complying with the global agenda.  There is significant value in all of what the "west" and Europe are doing to them along the big picture.   While quietly, the most populous nations which supply most of the worlds goods look on in silence.

[Experienced]

It is a well known fact that sanctions on a country don't work.  There is a long list of countries over the years/centuries that have sucessfully withstood sanctions and Russia is no exception. The best way to test whether sanctions are working or not is to "follow the money".  The best and simplest way to do this is to look at the relative exchange rate of the country

[pooltec]

I think a few of us forgot the blackmarketeers where thriving during the soviet era.  Many are still alive.  We should not have been surprised by the dark fleet.   Same people, more profits this time.