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VyrPlan t1_j0jr1wt wrote

just woke up and my idiot brain thought "when did 3m start selling oil to governments?"

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saxxy_assassin t1_j0jtxxy wrote

To be fair, I'm on the opposite end of the timeline and I throught the exact same thing.

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Jerrnjizzim t1_j0kpswo wrote

3m makes an impressive amount of products so its not an absurd thought

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peter-doubt t1_j0jt5jg wrote

For a Net Profit of about $20-25 /bbl.

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safely_beyond_redemp t1_j0jujzq wrote

A barrel is a volume. For some reason, I always think of actual barrels full of oil. Like, there must be a better way of transporting oil than filling barrels one at a time.

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ronnymexico7 t1_j0jy6uo wrote

Had same thought. Like damn. A million barrels a day. EVERYDAY! And my brain pictures workers working feverishly to fill some rust color barrels and moving on to the next

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Bluestreak2005 t1_j0lmuun wrote

We used to ship it by barrels in the early days, that's where the term came from.

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Photoguppy t1_j0pmmbs wrote

Just make sure you keep it high up in the cargo holds because of the fumes. Just like they used to do with manure.

The crates of manure would be labeled appropriately to ensure they weren't stored low in the holds.

Store High In Transit - S.H.I.T.

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fred1445 t1_j0k0mig wrote

when they say barrel my mind goes to a 55 gal steel drum instead of the old wooden 42 gal barrel!

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Actual_Dinner_5977 t1_j0joead wrote

The Shell station 3 miles from my house by the Subway has the cheapest gas around here. I'd recommend we start their. Everybody got their gas cans?

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[deleted] t1_j0jp6xg wrote

[deleted]

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NormalChannel t1_j0jus6g wrote

I hope gas is not this cheap because it's coming from the National Reserves.

Edit: It's not. The Strategic Reserves contains crude - not refined - oil, so it would need to be processed, which would require foreign/extra refineries to do so in sufficient time.

Addendum (from u/Dr0110111001101111) - It’s not about getting it refined in time. It’s that oil is traded on an international market. So it doesn’t matter who buys our oil. It just matters that is being added to the global supply, which drives prices down globally. We can’t do much to influence gas prices domestically without those actions having similar impacts globally.

The benefit of this is that we can sell it to the highest bidder even if they are purchasing it overseas, and it will still benefit us at the pump locally

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kmelby33 t1_j0lh1cg wrote

It's not.

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NormalChannel t1_j0m54oj wrote

This may state otherwise. This was in October and was intended to have an effect around now, but of course, the President can't just do one thing and-BAM-prices stablize. Markets and Production Cycles etc.

https://www.npr.org/2022/10/18/1129788081/biden-to-release-another-15m-barrels-from-strategic-reserve

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kmelby33 t1_j0m5xt0 wrote

Lol. That's a tiny amount compared to what we consume per day. Gas is falling because of increased supply and lower demand worldwide.

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NormalChannel t1_j0m8f5b wrote

Yeah, you're right.

Though what is lowering demand? Could a part of it be China's zero covid policy?

Because it would be interesting to know.

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Dr0110111001101111 t1_j0lzd6d wrote

There’s no national reserve of gasoline. It’s crude oil and it is sold to the highest bidder on an international market.

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NormalChannel t1_j0m4il4 wrote

Well, there's this - https://en.m.wikipedia.org/wiki/Strategic_Petroleum_Reserve_(United_States)

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Dr0110111001101111 t1_j0m57yx wrote

Yes, that is oil, not gasoline. They can’t just sell that to your local gas station.

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NormalChannel t1_j0m7xl3 wrote

True. I stand corrected. I'll edit my parent post

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Dr0110111001101111 t1_j0ma47m wrote

Re: your edit- It’s not about getting it refined in time. It’s that oil is traded on an international market. So it doesn’t matter who buys our oil. It just matters that is being added to the global supply, which drives prices down globally. We can’t do much to influence gas prices domestically without those actions having similar impacts globally.

The benefit of this is that we can sell it to the highest bidder even if they are purchasing it overseas, and it will still benefit us at the pump locally

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Garstnepor t1_j0pf20p wrote

I gotta throw more Bidens a traitor and a moron stuff out there I am loving these comments.

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Al_Jazzera t1_j0k13ee wrote

We shouldn't have to replenish the strategic reserves. In the current era of oil instability, it might be a good idea to have that bad boy topped off. Why we went and burned off a nice chunk of it is as baffling as it is infuriating. Why are we buying stuff we already had?

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batman8390 t1_j0k5ueh wrote

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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captainhaddock t1_j0pc78q wrote

Biden sold oil when it was expensive and the economy needed it. Now that the price has come down, he's buying more to replenish it. The US government actually made a profit. Fiscal conservatives should be ecstatic.

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Al_Jazzera t1_j0rnbcn wrote

We’ll see if we turned a profit when we buy back the oil that we used. Selling it made an impact, but not a significant one. We drew down in:

  • 1991 During the Gulf War

  • 2011 Supply disruptions in Libya and other countries.

  • 2005 In response to Hurricane Katrina

We are drawing down now because the economy is not on fire. It’s not going to be amazing all the time, but it’s not like we’re going into the Great Depression.Does it constitute an emergency? Like a critical one? Petroleum prices are high because a madman is trying to reinstate the Soviet Union and doing a pretty shit job of it, thankfully. Would the idiot use nukes? Wouldn’t even have to. Shit popping off in another territory triggering Article 5 sending oil prices into the stratosphere. Might be nice to have another 30 day supply of a critical-ass commodity. It didn’t happen, but if it dropped petroleum 15% and we racked in 15%, would it make sense to sell that commodity under the current conditions. It’s like selling a fairly new tire for a fairly worn tire and being excited that you could order some Taco Bell.

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Garstnepor t1_j0lciap wrote

Oh man, its almost like we now have to make up for the fact that Biden sold a ton of oil to China for his kid to profit. Man who could have seen this coming...

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kmmontandon t1_j0lhgmj wrote

> Biden sold a ton of oil to China for his kid to profit.

It's almost like that's completely made up.

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kmelby33 t1_j0lhjpm wrote

Lol. That never happened. It's hilarious that somehow Joe Biden has dementia and is sleepy Joe, while simultaneously being a corrupt global oil trader under the table. Also, most of these conspiracies supposedly happen when Biden isn't even in office. These stupid conspiracies work on really uneducated people.

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Garstnepor t1_j0li883 wrote

https://www.dailymail.co.uk/news/article-10997159/Biden-sold-Strategic-Petroleum-Reserve-Chinese-state-owned-firm-linked-Hunter-Biden.html

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kmmontandon t1_j0lkduo wrote

>Daily Mail

LMFAO. Linking to a British tabloid so notorious for making shit up, it's more commonly called the "Daily Fail." The word "linked" is doing a lot of heavy lifting there. Make sure to bring us some content from the Epoch Times and InfoWars next.

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Garstnepor t1_j0lkzpn wrote

First one I found because the article was a little while ago and I am not putting that much effort into trying to convince people who are obviously blind. Only when your non bias can you see the truth that both sides are terrible people.

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kmmontandon t1_j0lt862 wrote

… right, just a semi-coherent admission that you don’t have any facts.

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kmelby33 t1_j0lkmy5 wrote

Ah, the daily mail, literally the UK version of the national enquire. Great source pal.

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Garstnepor t1_j0lidw6 wrote

I dont believe in Coincidence or Government people saying "oh thats not true" just for it to come out later that it was.... Or do you guys think Russia is the only ones who control the media their citizens see to a point.

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kmelby33 t1_j0ll8yu wrote

The Trump administration sold oil to China too. Our oil has been sold abroad for decades. It seems like most right wing conspiracies are just people like you being super ignorant and uneducated, so when you hear something for the first time, you automatically assume it's a conspiracy. You're the perfect sheep.

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Garstnepor t1_j0lnl82 wrote

Obviously you cant read if you think I am pro Trump either. Like I said, both sides are terrible you fight for them your just as bad as them. Im done arguing, your right you win, you are super smart and no one can compare to your vast intellect.

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Dr0110111001101111 t1_j0lz1m4 wrote

Gasoline prices are largely determined by the price of crude oil. Crude oil is traded on an international market. It doesn’t matter where the crude goes. As long as it’s introduced to the market, it brings down the price. So it makes sense for the United States to simply sell it to the highest bidder, which is exactly what they did.

Keeping the oil “for ourselves” doesn’t mean anything unless we nationalize the entire American oil industry. I’m actually all for that, but I suspect you are not.

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Friendofthegarden t1_j0n1uzs wrote

>the fact that Biden sold a ton of oil to China for his kid to profit.

What echo chamber do you hail from?

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tjkrtjkr t1_j0p0kj1 wrote

You have an IQ of -45, congratulations.

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