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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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VyrPlan t1_j0jr1wt wrote

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

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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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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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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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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

Replying to Al_Jazzera (#951,577)

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

Replying to batman8390 (#951,794)

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

Replying to Al_Jazzera (#951,920)

... 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

Replying to XJ347 (#951,931)

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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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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kmelby33 t1_j0lhjpm wrote

Replying to Garstnepor (#953,740)

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_j0lidw6 wrote

Replying to Garstnepor (#954,063)

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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kmmontandon t1_j0lkduo wrote

Replying to Garstnepor (#954,063)

>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

Replying to kmmontandon (#954,179)

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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kmelby33 t1_j0ll8yu wrote

Replying to Garstnepor (#954,066)

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

Replying to kmelby33 (#954,243)

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

Replying to Garstnepor (#953,740)

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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thefugue t1_j0m3vr4 wrote

Replying to Al_Jazzera (#952,902)

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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Dr0110111001101111 t1_j0ma47m wrote

Replying to NormalChannel (#955,535)

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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captainhaddock t1_j0pc78q wrote

Replying to Al_Jazzera (#951,577)

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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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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Photoguppy t1_j0pmmbs wrote

Replying to Bluestreak2005 (#954,351)

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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Al_Jazzera t1_j0rnbcn wrote

Replying to captainhaddock (#961,040)

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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