U.S. To Sell First 8 Million Barrels From Strategic Reserves

Oilprice.com ^ | 09-01-2017 | ZH

[Dalberg-Acton]

Political payoffs. I forget the details, but a young guy who was living with his mom, who just happened to be a friend of Jesse Jackson, was “fronted” $25 million worth of that bounty when Clinton was in charge.

[KosmicKitty]

Why?

[bgill]

I want 2-3 Congresscritters to explain this to We, the People.

[crusadersoldier]

Actually the salt domes are relatively impermeable hence their use in storing oil. The loss is minimal.

[Owen]

1-5%

[Organic Panic]

What a bunch of F’n morons. This is not the first time they sold reserves at low prices. Fire 95% of federal workers and we won’t even notice.

[Rannug]

on earth

[clearcarbon]

"So they want to sell off some inventory to maintain and replace aging infrastructure and the SPR...inventory that would then have to be replaced when the work is done...kind of short sited. The money has to be spent regardless of the source, and ultimately the taxpayers will pay anyway."

Seems better to expand the SPR, transfer existing stock to the expansion and then upgrade the original assets. I always liked the idea of also having a economic petroleum reserve separate from the strategic one to be used for economic emergencies. Even if none of our energy came from crude oil, America depends on a lot of petroleum based products.