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Accomplished_Worth t1_isx2tp3 wrote

Government should have bought a billion barrels when it was it 20 bucks. That is what governments should do. Everything is cyclical. The government ended up making money on TARP

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Jeremycycles t1_isxaibv wrote

Ahem, there was a plan to refill the reserve at an extremely cheap price. But one part of the government pulled it from the bill saying they didn't want to "bail out the oil industry"

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[deleted] t1_isxmevm wrote

[removed]

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Jeremycycles t1_isxmikb wrote

We weren't stocked up at the time. The plan was specifically to bring the oil reserves to capacity because oil was at decades low prices

Edit - It was over 120 million barrels below capacity

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itslikewoow t1_isxotsh wrote

Why did Trump say it was at 100% then?

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Jeremycycles t1_isxq57d wrote

Does anyone actually listen to what Trump says? The oil reserve never got over 640 million barrels under his administration. Why did you delete your previous comment?

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itslikewoow t1_isxsnn1 wrote

>Does anyone actually listen to what Trump says

He was literally our president...so yes?

>Why did you delete your last comment?

I didn't delete anything, not sure what your talking about. I added an edit to my previous comment though.

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karibear909 t1_iszwjn1 wrote

Your original comment was removed for some reason.

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Agent_Angelo_Pappas t1_isxve6y wrote

"refill"

They wanted to bring the reserve back to 2008 levels, where the Bush administration had it. The same Bush administration that was so deep in Big Oil's pocket they falsified the existence of WMD's in order to start a war over oil.

We never needed reserves that large which was why we reduced them and kept them lower when a saner administration entered office. If our 2020 reserves weren't sufficient we'd be wiped out right now, but we're still sitting on 400 million barrels and don't need to rush to bring that up.

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Dultsboi t1_iszlymm wrote

>the same bush administration that was so deep in big oil’s pocket

The Bush family is big oil. Bush Sr was an oil baron in the 60’s. People always forget that.

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MyCollector t1_isx7mzb wrote

They should hedge and learn from Southwest Airlines. But that requires thinking beyond 2 year house terms and political cycles, something our government completely fails at.

If a Democrat or Republican is going to conceivably “get credit” for the other party’s shrewd calculus, it won’t ever be done.

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Logistocrate t1_isxbn4z wrote

Storage concerns probably. Also, bear in mind, America produced, on average, 18.6 million barrels of oil every day in 2021. We consumed about 19.8 million barrels a day during the same period while also exporting around 8.5 million barrels a day.

For a variety of reasons, like refinery setups and taking part in the global economy around import/export, we have chosen to leave ourselves susceptible to OPECs rigging of the global market prices...I'm sure its also just a coincidence that petroleum companies just happen to make record profits when costs are high. Almost as if they don't just raise the pump price to cover increased cost.

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