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batman8390 t1_j0k5ueh wrote

Reply to comment by Al_Jazzera in US buying 3M barrels of oil to start replenishing reserves by B1gMay0

What type of strategic purpose do you want us to save it for other than increasing the supply of oil when prices are high?

The reserve apparently only holds enough oil to cover our imports for a month or two anyway, so it’s not like we can depend on it for long if we are cut off.

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Al_Jazzera t1_j0k94ub wrote

It's there for emergencies not knocking a few cents off fuel, the savings weren't drastic. We bought it cheap and we're replacing it at a higher price. I'd prefer a little bit of reserve than half of that.

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XJ347 t1_j0k9emc wrote

... That's the point of it. To sell off when prices are high to lower the price.

The price atm is actually reasonable so we can slowly refill the stockpile. Note we are BILLIONS of barrels down, we are slowly buying it back now that prices have dropped. If they drop any more we would buy even more.

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Al_Jazzera t1_j0k9tkb wrote

At a pretty small savings at the pump, add to which a war between Ukraine and Russia with a nutcase at the helm with nukes. Not a likely scenario, but a possibility. We really could use that if something really pops off, but hey 10 cents on a gallon of gas is a pretty sweet option too.

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hitman2218 t1_j0kesbm wrote

The impact doesn’t end at the gas pump. There’s a ripple effect throughout the economy.

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Al_Jazzera t1_j0ky8w4 wrote

Obviously, but it doesn't have that much effect.

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thefugue t1_j0m3vr4 wrote

Well by that argument there probably would never be a time you’d condone the reserve’s usage outside of war- which it isn’t usable for as it’s simply sold as crude on the open market for private refining. It is literally only used to impact prices.

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