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Economy

Donald Trump authorizes Strategic Petroleum Reserve to release oil

2019-09-16

[Jpost] U.S. President Donald Trump

...His ancestors didn't own any slaves...
said on Sunday he authorized the release of oil from the U.S. Strategic Petroleum Reserve (SPR) if needed in a quantity to be determined because of Saturday's attack on Soddy Arabia
...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face...
's oil facilities.

"Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount sufficient to keep the markets well-supplied," Trump said on Twitter.

"I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States."

Posted by:trailing wife

#8 Sell the $25/bbl reserves for $60/bbl.

Are we sure it wasn’t acquired when oil was $100/bbl? But it probably is a good idea to draw down reserves anyway, given we can just ramp up production at need — reduce maintenance spending at a time when the budget contains entirely too many unnecessary running costs.

Posted by: trailing wife 2019-09-16 16:56

#7 Not sure it'll be needed, Don

Arbitrage.
Sell the $25/bbl reserves for $60/bbl.
Lock in customers that the Saudis turn away due to reduced production.

Posted by: Skidmark 2019-09-16 11:56

#6 Not sure it'll be needed, Don, but the statement should help calm the markets. Theoretically.

Posted by: Bobby 2019-09-16 08:37

#5 Fine. Get expensive imported oil out and refill with cheaper domestic oil, prop up fracking industry at the same time. All good.

Posted by: M. Murcek 2019-09-16 07:35

#4 We endeavor to serve

Posted by: g(r)omgoru PB 2019-09-16 04:12

#3 ^ Thanks for last, best laugh of long, long day.

Posted by: Snomolet Dingle1191 2019-09-16 03:21

#2 "I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States."

He, he, he

Posted by: g(r)omgoru 2019-09-16 02:55

#1 645m barrels. At 5m barrels a day, 129 days' worth. At 1m barrels a day, 645 days' worth.

Posted by: Zhang Fei 2019-09-16 02:53

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