Posted on 10/24/2022 4:30:47 AM PDT by EBH
After releasing the most oil ever from the U.S. emergency petroleum reserve, the Biden administration is signaling it will refill soon, a multibillion-dollar undertaking that it hopes will rouse sluggish domestic drilling activity.
The pitch is likely to be a hard sell for many domestic producers, say industry executives and analysts. “It’s a little bit more [complex] than this,” said Olivier Le Peuch, chief executive of oil-field services company Schlumberger Ltd.
On Wednesday, President Biden said for the first time that the Energy Department would begin purchasing oil to refill the U.S. Strategic Petroleum Reserve when oil prices are $67 to $72 a barrel, or less. Officials also said the department has made a final rule that would allow it to purchase crude at a fixed future price, which they hope would encourage producers to drill more.
(Excerpt) Read more at msn.com ...
A FIXED FUTURE PRICE???
There isn’t any company I know of that would sign on for that.
I am self- employed doing bookkeeping for small businesses & I WOULD NOT DO THAT.
Maybe someone should use this example to explain INFLATION to all the Dems.
“Where can I get some of that $2/gal gas he is talking about?” .......... First, build a time machine, then travel back to October 2020, about a week before the election.
LOL.
per the article Par Pacific will keep the refinery and the associated pipelines open for business.
Way to think outside the box chuckee. Kinda Trumpian! An idea so good it NEEDED, nay, DESERVED to be posted twice.
And anywhere else you can!
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