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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.
Etc.

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)

Of course they do .... and it's both sides that do it too. I recall seeing the Commander of Camp Legeune on TV raising hell about the funds that had been diverted from "his" budget to repair the base from storm damage... that one was a presidential act not Congress tho.

Both parties are worse than the other one too imo .... they both suck :(.

Thanks for that link ... I've never read anything on GB but their prices before.

The actual facts are really not as complicated or obscure as you imply. As stated before, Presidents have only ordered an emergency release three other times due to supply disruptions. Operation Desert Storm (1991), Hurricane Katrina (2005), and the Arab Spring (2011) when oil stopped flowing from various countries in the ME. The ones listed above were done through the lawmaking process.

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.

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

That was my goto station ever since Sheetz appeared here years ago .... having watched their blatent manipulation .... I will never go there again ;).

BP in my hood is $3.09 today.

Priced here haven't budged in two weeks. Reg at $3.37..

.

Down to $2.99 for reg here today.

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.

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.

[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.

https://www.gasbuddy.com/gasprices/michigan

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