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The government does sell reserves from the SPR.
Just like EVERYTHING ELSE, they can't resist sticking their hand into the cookie jar. They steal from social security, they steal from general funds, they steal from the SPR. Is nothing more than a piggy bank for them. But they make up interesting new names for it because they don't like calling is stealing. Names like MODERNIZATION. Quote:
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BTW you know that "21st Century Cures Act" referred to above?
It was passed in 2016. The money from the sale of all that oil goes to: National Institutes of Health (NIH) Food and Drug Administration (FDA) Department of Health and Human Services But it's for opioid abuse and has nothing to do with covid ;) Public Law No: 114-255 (12/13/2016) |
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Both parties are worse than the other one too imo .... they both suck :(. |
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Of those, nonemergency releases, most of the are passed by one side of the aisle and the amounts are relatively small (often used to update the SPR). From the list above, small amounts (9.85M, 4.2M, 10.87M, 14.17M, 4.74M) while the current Administration committed to releasing a record 180M barrels this time (and has implied they may release more this year). That hardly compares to the small releases in previous years. Of course, the proceeds have to be directed to go somewhere when the government sells anything...hence the listed uses of the funds. The money would have likely come from somewhere else in the appropriations bill for the same things. Just how well was that approximately $4B sent in proceeds from the SPR sales (without replacing the oil) this past year? The last Administration (Trump Administration) actually tried to purchase 77 million barrels of oil (price of Brent crude was $32.01 per barrel) in March 2020 https://www.energy.gov/articles/department-energy-executes-direction-president-trump-announces-solicitation-purchase-crude to fill the SPR to its maximum capacity, but Congressional Democrats stupidly blocked the measure, calling it an “estimated $3 billion bailout for big oil.” These are the nonemergency sales listed above (now below) Non-Emergency Sales FY 2020 MANDATED SALES The Consolidated Appropriations Act of 2018 (Trump Administration) directs the Secretary of Energy to draw down and sell a total of 10 million barrels of SPR crude oil in the years 2020 and 2021. Of this amount, DOE is selling up to 5 million barrels in FY 2020. Section 403 of the Bipartisan Budget Act of 2015 (Obama Administration) requires the Secretary of Energy to draw down and sell a total of 58 million barrels of crude oil from the SPR, over 8 consecutive FYs, commencing in FY 2018. Of this amount, DOE is selling 5 million barrels in FY 2020. A total of 9.85 million barrels of crude oil was delivered in October and November 2019, raising a total of $566.6 million in revenue for the U.S. Treasury, for an average of nearly $57.52 per barrel. FY 2019 SPR MODERNIZATION SALE Section 404 of the Bipartisan Budget Act of 2015 (Obama Administration) authorizes the Secretary of Energy to draw down and sell up to $2 billion of SPR crude oil, for fiscal years (FY) 2017 through 2020, to carry out an SPR modernization program. The FY 2019 Appropriations for the Strategic Petroleum Reserve, enacted on October 1, 2018, included a provision to allow DOE to sell up to $300 million worth of crude oil from the SPR, to carry out the SPR Life Extension Phase II project—a component of the SPR modernization program. The proceeds from this sale were deposited into DOE’s Energy Security and Infrastructure Modernization Fund during fiscal year 2019. A total of 4.2 million barrels, raising $300 million, was delivered in April and May 2019. FY 2019 MANDATED SALES Under Section 5010 of the 21st Century Cures Act (Obama Admisration), the Secretary of Energy is directed to draw down and sell a total of 25 million barrels of crude oil from the SPR, over 3 consecutive fiscal years, beginning in FY 2017. Of this amount, DOE is selling 6 million barrels in FY 2019. Under Section 403 of the Bipartisan Budget Act of 2015 (Obama Administration), the Secretary of Energy is directed to draw down and sell a total of 58 million barrels of crude oil from the SPR, over 8 consecutive FYs, commencing in FY 2018. Of this amount, DOE is selling 5 million barrels in FY 2019. A total of 10.87 million barrels of crude oil was mostly delivered in October and November 2018 (with the final deliveries taking place in December 2018), raising a total of $745.7 million in revenue for the U.S. Treasury, for an average of nearly $69 per barrel. FY 2018 SPR MODERNIZATION SALE Section 404 of the Bipartisan Budget Act of 2015 (Obama Administration) authorizes the Secretary of Energy to draw down and sell up to $2 billion of SPR crude oil, for fiscal years (FY) 2017 through 2020, to carry out an SPR modernization program. On February 9, 2018, a Continuing Resolution was passed that included a provision to allow DOE to sell up to $350 million worth of crude oil from the SPR, to carry out the SPR Life Extension Phase II project—a component of the SPR modernization program. The proceeds from this sale will be deposited into DOE’s Energy Security and Infrastructure Modernization Fund during fiscal year 2018. A total of 4.74 million barrels, raising $347.8 million, was delivered in April and May 2018, with the final delivering taking place in early June 2018. FY 2018 MANDATED SALES Under Section 5010 of the 21st Century Cures Act (Obama Administration), the Secretary of Energy is directed to draw down and sell a total of 25 million barrels of crude oil from the SPR, over three consecutive fiscal years, beginning in FY 2017. Of this amount, DOE offered 9 million barrels as required for FY 2018. Under Section 403 of the Bipartisan Budget Act of 2015 (Obama Administration), the Secretary of Energy is directed to draw down and sell a total of 58 million barrels of crude oil from the SPR, over eight consecutive FYs, commencing in FY 2018. Of this amount, DOE offered 5 million barrels as required for FY 2018. A total of 14.17 million barrels of crude oil was mostly delivered in October and November 2017 (with the final deliveries taking place in May 2018), raising a total of $824.8 million in revenue for the U.S. Treasury, for an average of more than $58 per barrel. FY 2017 MANDATED SALES Under Section 5010 of the 21st Century Cures Act (Obama Administration), the Secretary of Energy is directed to draw down and sell a total of 25 million barrels of crude oil from the SPR, over three consecutive fiscal years, beginning in FY 2017. Of this amount, DOE offered 10 million barrels as required for FY 2017. A total of 9.89 million barrels of crude oil was delivered in May and June 2017 (with the last delivery taking place in early July), raising a total of $449.2 million in revenue for the U.S. Treasury, for an average of more than $45 per barrel. FY 2017 SPR MODERNIZATION SALE Section 404 of the Bipartisan Budget Act of 2015 (Obama Administration) authorizes the Secretary of Energy to draw down and sell up to $2 billion of SPR crude oil, for fiscal years 2017 through 2020, to carry out an SPR modernization program. On December 10, 2016, a Continuing Resolution (Obama Administration) was passed that included a provision to allow DOE to sell up to $375.4 million worth of crude oil from the SPR in Fiscal Year 2017, to carry out the SPR Life Extension Phase II project—a component of the SPR modernization program. The proceeds from this sale will be deposited into DOE’s Energy Security and Infrastructure Modernization Fund during fiscal year 2017. A total of 6.28 million barrels, raising $323.2 million, was delivered in February, March, and April 2017. |
Reg dropped 20 cents here to $3.06 today.
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I just check the former low cost Sheetz I've posted about.... it's history for me.... .30 higher than others .... they are below 3 now.
Because they can.... |
^^^ They're trying to recoup all the money they lost to you.:D
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That was my goto station ever since Sheetz appeared here years ago .... having watched their blatent manipulation .... I will never go there again ;).
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BP in my hood is $3.09 today.
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Priced here haven't budged in two weeks. Reg at $3.37..
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Down to $2.99 for reg here today.
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I've been going up. A dime over the last week and up about 40 cents the last month. $2.80 about the norm for regular.
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My former Sheetz station (that I've quoted throughout this thread) has quit even pretending to be a low cost station in this area .... reg is now 3.49 and prem at 4.09.
When they charge more than Steve and Vinny pay .... something ain't right :(. It'll be a while before I find my "new" low cost station tho'... It's not just them ... there were 4-5 stations within a couple of miles in that area that have charged the same forever .... none of them are low now and they've always priced in unison .... way before GB appeared. Collusion & gouging... yep... It's .25 lower in former "high cost" stations closer to me. Because they can..... |
It is all up about 40 cents here (as predicted). Sheetz is up a little more, but it and WaWa were always the higher priced of the local stations...yet they were always packed. I guess a lot of folks here eat at the gas station (I never have) and are willing to pay more to combine the trip. Murphy Express was the cheapest here for many years and that has returned to normal.
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[QUOTE=KC911;11901146]My former Sheetz station (that I've quoted throughout this thread) has quit even pretending to be a low cost station in this area .... reg is now 3.49 and prem at 4.09.
When they charge more than Steve and Vinny pay .... something ain't right :(. It's about time ours was less...it's been more here for about a year now.:) I'll be happy when ours is lower than those Indians across the border.:D (no reason they should get such a lower price) |
Sams had 87 for $2.99 and 93 for $3.60 today.
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This Sucks! i’m paying $4.25 for 89. Kalifornia…
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^^^^ Because they can! Drove by my old Sheetz station yesterday .... busy as ever (a really high volume station) with cars waiting.... still at 3.49 for reg.... across the street it was .20 less. For years it was always .10 more.
Checked GB ... every Sheetz in this area is at 3.49 .... .20-.25 higher than stations they used to undercut by that amount. What Sheetz did with pricing prem less than reg a few weeks back, and now becoming a "high cost" leader is just confusing to me .... never seen anything like it .... ever. Their new business model I reckon .... should change the name to "Gouge 'N Go" :( |
Every Exxon station in this area is 15-20 cents high than everyone else. Has always been that way. We have one here in Lakewood that is 35 cents high than the Gulf across the corner, yet they are always packed with cars. Same with the others mentioned.
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Obviously stations vary in their prices based upon locations, business models, etc. It's just that Sheetz's pricing and patterns have radically changed this past year from how they have always operated. Mid/Prem priced less than regular .... unheard of .... ever ... by anyone. .50 overnight hikes when oil hasn't budged. The delta between Sheetz stations just a few miles apart was normal for years .... now they are all the same price and highest around... not the lowest ....
Cha-ching! I did read read where Sheetz was dropping their price on diesel by .50 during Jan. because prices were so high tho' .... .....all the way to the bank :( Sheetz has gone from 2.64 to 3.49 in just a few weeks .... oil hasn't moved that much. Because they can ... |
Good Grief...just back from paying $4.45/prem. :eek:
Reg was priced at $3.44 |
$3.04 for 87 at Sams today.
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Well...it's approx 200 miles for me to travel to Indian country to buy gas at 40 cents less per gallon.
I get 40 mpg....so...I'm not really sure if it is worth the drive?? I'll have to do some cyphering.:) (Do they do any trading down there?) |
Never did any trading for fuel but if you bring cash you need to hurry. Gas prices are going up every day.
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Back up 20 cents past two days...
.:mad:. . |
Big oil (the top 5) will post smashing record setting profits totalling 190 Billion for 2022 .... and it has also flowed downward and enriched the boyz at Sheetz, etc.
Manipulation, gouging, and just because they can imo. Of course the price of oil had some bearing on retail gas prices ... but follow the $$$ :(. 2023 is off to another great start for their bottom lines also.... |
Price in the Baltimore metro area,50cts up since the first of the the year. $3.59!
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Their prem is at 4.09 .... and to give customers a break on Diesel, Sheetz cut their prices in Jan. (only for the month) by .50 ... it's @ 4.12 and they are NOT selling it at a loss .... you can bet on that. Cha-ching! |
$4.29 for regular at Costco.
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^^^^ and oil is below $80.
'$plain it to me Lucy :(..... |
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Refineries still down. Refineries beginning to shutdown for annual maintenance that has been skipped over the last couple of years. Strategic reserve sales stopped added up to 40 cents. https://thehill.com/policy/energy-environment/3830365-gasoline-prices-jump-up-again-after-declines/ 1/25/2023 The price increase has been largely attributed to increased demand for oil, in light of China reopening its economy after years-long, strict pandemic controls. The International Energy Agency recently said that the country’s lifted restrictions were expected to fuel record oil demand. De Haan said that China’s move was “rather unexpected” and that it will “likely have a profound impact on oil consumption.” Domestically, the country’s refining capacity dropped off after a winter storm hit large parts of the country last month – playing a major role in the price. “We had a pre-Christmas freeze throughout the country that knocked out a lot of refining capacity,” said Andrew Lipow, president of Lipow Oil Associates. He noted that at a certain point, more than 20 percent of the country’s ability to refine oil went offline, “which means that we couldn’t make gasoline and diesel fuel … at a time of year when we would expect inventories to build.” While only about 15 percent was offline as of mid-January, refineries are also expected to begin seasonal maintenance, which could take more offline, the analysts said. Lipow predicted that in the next few weeks, prices could rise about 5 to 10 cents per gallon, and could go even higher in the spring and summer driving season. |
Good news on the refinery front...
https://www.reuters.com/business/energy/exxon-prepares-start-up-12-bln-texas-oil-refinery-expansion-sources-2023-01-13/ Jan 13 (Reuters) - Exxon Mobil Corp (XOM.N) in coming days will sharply boost gasoline and diesel production at its Beaumont, Texas, refinery, people familiar with the matter said, completing a $2 billion expansion first considered nine years ago. Initial startup of a 250,000 barrels per day (bpd) crude distillation unit (CDU) at the 369,000 bpd refinery is expected by Jan. 31, the sources said, making the Beaumont refinery the second largest in the United States. It is the first major expansion to U.S. oil processing in nearly a decade, adding the equivalent of a mid-sized refinery, |
And...
https://www.okenergytoday.com/2022/10/proposed-new-crude-oil-refinery-considered-at-cushing/ Already the home of the well-known Cushing Hub, the city of Cushing is in the running for a proposed $5.5 billion crude oil refinery planned by Prairie Energy Partners, a wholly owned Texas company of Southern Rock Energy Partners. The other possible site for the project, one that is close to being decided, is in Victoria County, Texas. Whoever wins the site will see a refinery with permanent employment of 423 workers. Once the decision is made on the site selection, construction is expected to begin in 2023 with commercial operations to start in 2025. Whether the choice is Cushing or Victoria, Texas, the local community will see an estimated economic benefit of $3 billion during construction and $150 million a year once the refinery is in operation. “By processing the light, shale crudes, the refinery design reduces capital and operating expenses, water consumption, the real estate footprint, and mostly importantly eliminates emissions including carbon dioxide, nitrogen oxide, and sulfur oxide.” The refinery complex will reduce and eliminate 95 percent of greenhouse gas emissions (carbon dioxide, carbon monoxide, methane, nitrogen oxide, and sulfur oxide); and reduce water production and consumption by 90 percent, with 80 percent further recycled and repurposed. It will also use a reduced footprint of only 400 acres while still producing approximately 91.25 million barrels, or 3.8325 billion gallons, annually of cleaner transportation fuels, including gasoline, diesel and jet fuel from crudes sourced domestically from the Eagle Ford, Permian, DJ and Bakken Basins. While most refineries consume natural gas in the process heating units, this proposed facility would instead combine pure oxygen with “blue” hydrogen (produced from refining off-gases) and “green” hydrogen (from electrolysis), with steam being the primary waste stream according to the company announcement. |
Thanks SOL ... is the "jist" of all of this refinery related stuff supposed to mean that gas at the pump doesn't track the price of oil anymore? Like it has for decades here.... and what the industry and retail stations have always maintained is that oil/bbl was the prime factor in gas prices.
Retail here .... I have several traditionally "high $$$" stations close to me .... their reg is at 3.49 as I drove by yesterday .... that seems to be the de facto price all of the stations are priced at (location doesn't matter... traditionally cheap or gougy stations .... most of them)... except a few that are .30 lower. I also noticed that Sam's club and another traditionally lower cost station haven't had their prices displayed lately..... on their signs or on GB .... they must be a$hamed of them :D The divergence from historical patterns is what I notice the most ... I just don't use enough for it to matter to me .... just interesting observations imo. |
Our Meijer gas station, was $3.54 this morning for reg.
It sure does go up fast. |
$3.19 for 87 and $3.79 for 93 at Sams today. Circle S had 87 for $3.45 and 93 for $4.25.
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