Using the SPR for political gain is foolish

[dan_s]

SPR spills over. Politico.
Independent oil companies are protesting a possible sale of oil from the Strategic Petroleum Reserve that the Biden administration has floated as a response to high gasoline prices. “If the government regularly released SPR oil for sale each time domestic fuel prices rose, we could reduce our ability to address a situation with the potential to seriously injure the U.S. economy,” the Independent Petroleum Association of America said in a press release. Oil producers worry that adding supply to the market now would slow down companies who are still trying to restart the drills they stopped during the pandemic. If the Biden administration goes the SPR route, it will have the law on its side. Congress has twice in the last six years written mandatory SPR sales into budget law: The 2015 Bipartisan Budget Act requires the Department of Energy to release 8 million barrels of oil in 2022 while the 2018 Bipartisan Budget Act requires DOE to release 30 million barrels between next year and 2025.
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MY TAKE: It is like pissing on a forest fire. Our refineries process over 15 million barrels per day of crude oil. Releasing 8 to 10 million bpd of oil from the SPR won't have any impact on oil prices that are set by the global market. The SPR should only be used in an "emergency" / when the U.S. is cut off from supply. High gasoline prices is not an emergency.

Gasoline prices are high because demand for transportation fuels came roaring back in "Post-Pandemic" world. Thanks to travel restrictions being lifted, Jet Fuel demand is roaring back.

[Fraser921]

>It is like pissing on a forest fire

LOL

But it feels good!