He sells oil from the SPR (announced at the dead high of $120) getting an average price in the 90's. Now the US government is replenishing the SPR at significantly lower prices. That's a nice profitable trade for the US taxpayer.
Even the Biden-hating moderator might find something nice to say.
I will go first. I see nothing nice to say about a leader who gets the energy situation in such a mess he is forced to sell our energy reserve. That is set up for the small things like national defense, emergencies etc. If you really think its a good idea to put our country even more at risk than this dangerous administration already has you are wrong. And I am sure you did not really think this silly ass administration "traded" this oil on purpose. That is a sick joke much like the Afghan withdrawl was....no humor what so ever.
Thanks, Joj!
I was unaware that Biden had bought back a small fraction of what he sold. Much appreciated you showing he did.
however, this is a great example of why people should fact check things they want to believe from a source that clearly is not honest.
“As promised, we have secured the 180 million barrels back to the Strategic Petroleum Reserve released in response to Putin’s war in Ukraine – and we accomplished this while getting a good deal for taxpayers and maintaining the readiness of the world’s largest Strategic Petroleum Reserve.”
This is NOT true:
1. Biden sold off 291 million which was almost half of the 638 million that was in the SPR when he took office.
2. Biden stopped selling SPR oil in July 2023 when storage was at 347 million barrels of oil.
3. Since then, Biden bought back around 31 million barrels of SPR crude. The current SPR in storage is now still 260 million barrels lower than when Biden took office. Now at 378 million barrels on the last report.
4. It's impossible to know, because of the falsehoods/misleading statements whether the 43.25 million barrels they tell us about that was bought includes that 31 million or not. If it's in addition, then that takes us back up to 421 million barrels of crude oil in the SPR
5. Biden started with 638 million and with a total addition of 73.25 of buy backs, will end up with 421 million in the SPR. So -217 million barrels in the SPR while Biden was in office.
cancelling sales did NOT add oil, which is their Dishonest math. It only stopped Biden from selling EVEN MORE!
if I steal $200 from you, instead of stealing $380, I did not give you back $180 i still stole $200….thats crazy math!
The oncoming global and US recession cutting demand for crude and OPEC INCREASING PRODUCTION TO HELP HARRIS GET ELECTED are benefiting everybody right now, including Biden’s buy back of 43 of the 290 million barrels he sold.
Yes, Biden got a great deal and profit on those 43 million barrels(possibly as much as 74 million if we try to maximize the amount).
This still leaves the SPR with 217 million barrels LESS THAN WHEN HE TOOK OFFICE.
I’ll show the REAL numbers to you from the actual SPR when back home later today.
Sure doesn't look like the SPR is close to being replenished to me.
If Biden adds another 43 millions barrels by the end of the year, that will still leave us with the LOWEST SPR stocks by far since July 1984, near the end of President Reagan's first term.
He will have sold off 217 million barrels of SPR energy security that other presidents built up.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCSSTUS1&f=W
.png)
+++++++++++++++++++++++++
Crude oil stocks under the Biden/Harris watch fell from 485 million barrels to 425 million barrels. So an additional loss of 60 million barrels of energy security. Added to the drop of crude oil in the SPR of 217 million barrels means that Biden/Harris lost a total of 277 million barrels of energy security during their 4 years. Unprecedented for any administration. In fact, eroding a significant portion of our energy security built up by previous administrations!!!
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCESTUS1&f=W
.png)
Total Crude stocks in the United States from all sources are at the lowest in almost 4 decades!!!
This matters too to our energy security! During the Biden/Harris administration, especially because of the SPR drop, we saw the greatest drawdown in history. The chart below doesn't lie.
Biden/HARRIS started with a total from ALL SOURCES OF CRUDE OF 1,100 million barrels. The last storage report shows just 803 million barrels. So we lost 297 million barrels of crude oil energy security during the Biden/HARRIS administration.
The current level of TOTAL crude stocks is the lowest since February, 1986 during Reagan's filling up of the SPR during his 2 terms as president.........building our crude oil energy security.....to be frittered away for political reasons by Biden/HARRIS..........who now, insanely are trying to twist and lie about it and pretend they did good WITH FAKE SPR NUMBERS. NOT!!!!
There was a slight dip to this level in 2001, before the SPR was built up even more by Bush, then non SPR stocks continued to build under Obama(soaring higher at his end and Trumps start) to the total PEAKED AT 1,228 in early 2017, which was the peak for ALL CRUDE STOCKS.
Now we are at just 803 million barrels of total crude, down 425 million barrels of crude from the early 2017 peak with almost all the drawdown under Biden/HARRIS.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRSTUS1&f=W
.png)
The absurd thing is that this source is trying to trick us into believing Biden/Harris did the complete opposite of what they really did with our crude oil energy security!!! I thank joj for sending it here to be fact checked and DEBUNKED!
I would be interested in who passed this blarney on to you, joj or where did you see it posted? No doubt millions of other liberals that read it.......BELIEVED IT and passed it on like you did!
Here's that source that you used again, joj!
Since this was a bogus article meant to mislead about what Biden REALLY DID and in fact COVER IT UP, I wouldn't trust that source on anything!
Just for fun, I took their quiz on climate change:
https://www.energy.gov/articles/quiz-test-your-climate-change-iq
5. How much have carbon dioxide emissions changed in the United States since 2006?
Increased 560 million metric tons
Dropped 480 million metric tons
Increased 230 million metric tons
Dropped 120 million metric tons
+++++++++++++++++
Their image of pollution above has "something" coming out of 3 emissions streams at a power plant.
The question is about CO2 so it must be CO2.
WRONG! CO2 is invisible. We're looking at water vapor/steam which is H2O.
+++++++++++++++++
That gives me an idea. I can do a quiz just like this on US agriculture.
Question 1: What was the total orange production in the US last year? Here's the image of apples to go with the question on oranges.
+++++++++++++++++++++++++++
6. Which of these is considered a critical threshold for carbon dioxide levels in the atmosphere?
123 parts per million
250 parts per million
685 parts per million
400 parts per million
In May 2013 -- and for the first time in recorded history -- the daily average concentration of carbon dioxide in the atmosphere reached more than 400 parts per million
at several Global Atmosphere Watch Stations around the world, including Mauna Loa Observatory in Hawaii. This means in one million pounds of air there are more than 400 pounds of heat-trapping carbon dioxide.
+++++++++++++
Here it is. September 2024 and CO2 is up to 425 ppm, 25 ppm over the critical threshold. Let's look at some of the bad GOOD things that have happened because of this.
https://www.nasa.gov/technology/carbon-dioxide-fertilization-greening-earth-study-finds/
Yields have doubled in the last 40 years:
https://www.nass.usda.gov/Charts_and_Maps/Field_Crops/soyyld.php
They state that 400 ppm was the critical level for CO2, that we passed up numerous years ago.
The authentic science tells us indisputably that the optimal level of CO2 for most life on this planet is 900 ppm!!
This is not metmike's chosen level............LIFE picked it!
Optimal CO2 for life more than double current level
26 responses |
Started by metmike - Dec. 15, 2020, 8:03 p.m.
https://www.marketforum.com/forum/topic/62784/
+++++++++++++
joj, you really know how to pick your sources, obviously the ones that tell you what you wish was true.
You know what they say............AND ITS TRUE HERE TOO!
https://en.wikipedia.org/wiki/Garbage_in,_garbage_out
In , garbage in, garbage out (GIGO) is the concept that flawed, biased or poor quality ("garbage") information or input produces a result or output of similar ("garbage") quality. The adage points to the need to improve data quality in, for example, programming. Rubbish in, rubbish out (RIRO) is an alternate wording
After spending some time back home, early this morning, I was able to make corrections to my previous math and verbiage in the initial posts above. It's possible that I may still be off slightly on another calculation that was overlooked but other than that, this should be SOLID math.
https://www.marketforum.com/forum/topic/107174/#107181
https://www.marketforum.com/forum/topic/107174/#107186
+++++++++++++++++
Even the Biden-hating moderator might find something nice to say.
joj,
I did mention the positive to all of this. The small portion that Biden/HARRIS bought back was at a profit compared to the selling price!
The question is.
Do Americans have more energy security in the form of crude oil stocks in September 2024 compared to January 2021?
Was suffering the loss of 297 million barrels of crude oil security(from 1,100 million to 803 million) a drop of 27%, the biggest one in history for any administration, worth it to pay less for these smaller buy backs which will still leave a deficit of 27% at the end of Biden/Harris?
Since you used this to tout Biden as a good commodity trader, as a commodity trader for 32 years, let me comment on that.
The main metric in this case is how much energy security that we have in our crude oil reserves that include the SPR.
If my trading account size over a 4 year period dropped from 1,100 million to 803 million is my account growing or shrinking?
Especially if I might NEED THAT MONEY IN CASE OF AN EMERGENCY!
I can say, at the end of the 4 years............looky, looky everybody, I bought back 43 million cheaper than what I sold it for on a trade from a couple of year ago, so it doesn't matter that my account dropped by 297 million.
Oh yes it does matter!!!
SPR = Strategic Petroleum Reserve
Providing Energy Security for America
https://www.energy.gov/ceser/articles/fact-sheet-strategic-petroleum-reserve
Congressionally-mandated drawdowns are required by law and require the SPR to sell crude oil in a competitive auction to the highest bidder. Funds from Congressionally-mandated sales either go to the Treasury to help fund other government programs or to the SPR Modernization Program to repair aging equipment. Once the crude oil is sold from a mandated sale, the SPR does not replenish the oil sold.
In 2015, with the passing of the Consolidated Appropriations Act, U.S. Congress repealed the crude oil export ban,
allowing the United States to export crude oil along with refined products. The lifting of the export ban means that
U.S. companies are permitted to place bids on SPR crude oil and the DOE cannot dictate what selected bidders will do
with the SPR crude oil after it is delivered from the reserve. Since oil is a globally-traded commodity, the release of SPR crude oil has an effect on global crude oil prices. It is estimated a vast majority of crude oil withdrawn from the
SPR is used domestically.
++++++++++
With OPEC increasing production to help elect Harris, the opportunity to continue to refill the SPR even more at cheap prices (downside break out in crude prices) could remain for awhile. Hopefully, President Harris will do the complete opposite of what her/Biden did their first 2.5 year and she maximizes this opportunity and REFILLS the SPR that they just drained. Chances of that? Very slim based on everything that she stands for and her track record........but it could happen.
On a positive note, joj.
My initial thoughts were that the release of some of the SPR oil was justified but only right after the Ukrainian war resulted in supply disruptions.
At that early date, right after the war had started I had not done much research on the true dynamics of the war which was an intentional strategy by Biden/NATO. When all they needed to do was agree to not make Ukraine part of the continued NATO expansion in order to surround and destroy Russia.
In hindsight, appreciating that Biden CAUSED THE WAR, his release of SPR oil was a response to his CATASTROPHICALLY BAD FOREIGN POLICY.
He called it "Putins price hike"
Putin didn't take his oil and other products off the market, NATO/BIDEN DID.
It was Biden/NATO's price hike ...........and China/India and other countries price cut in crude oil they bought from Russia.
It took just 4 days for the SPR scheme to blow up
19 responses |
Started by metmike - April 4, 2022, 4:26 p.m.
https://www.marketforum.com/forum/topic/83006/
++++++++++
EIA liquid energies-draining the SPR!!
13 responses |
Started by metmike - June 29, 2022, 2:28 p.m.
https://www.marketforum.com/forum/topic/86482/
+++++++++++++++++++
Re: Re: Re: Re: Kerry wants to push back hard on energy infrastructre.
By metmike - July 8, 2022, 7:08 p.m.
Draining the SPR for self serving politics-NTR
Started by metmike - Oct. 19, 2022, 2 a.m.
https://www.marketforum.com/forum/topic/89811/
++++++++++
By later in 2022, after much more research/understanding, the authentic picture became more clear.
Mike,
We cannot even agree on facts. So I see no point in trying to persuade.
Thanks, joj!
Why would you even be attempting to and what would you use to persuade, when the verified, indisputable statistics from the source of records, shows actual, weekly storage withdrawals and injections of crude oil........THAT PROFOUNDLY TRUMP THE FORK KEYBOARD WORDS FROM A DISHONEST SOURCE.
These are the facts that matter to objective, honest people.
I'm only trying to persuade you to join me as one of those people.
"The question is.
Do Americans have more energy security in the form of crude oil stocks in September 2024 compared to January 2021?"
That is YOUR question. Not mine. Not relevant to the title of the post.
He sold at high prices and we are now at lower prices. Maybe you can win an argument that I wasn't even making.
Or, might it just be your bias against Biden showing?
your theory is bogus and you know it. That would be exactly like saying you had a bunch of cows to feed but sold all your corn. They starved but you bought your corn back after they died at a lower price. Energy security is why we have a reserve not for some pol to act stupid.
"Not relevant to the title of the post.....Or, might it just be your bias against Biden showing?"
Thanks joj!
I showed ALL the relevant, completely objective facts using the actual buying, selling and storage data.
This included recognizing the significance of YOUR point(if you were actually reading it). I actually tried to MAXIMIZE this amount by giving the article a benefit of the doubt that it didn't deserve.
Re: Re: Biden is a good commodity trader.
By metmike - Sept. 4, 2024, 7 p.m.
Thanks, Joj!
I was unaware that Biden had bought back a small fraction of what he sold. Much appreciated you showing he did.
Yes, Biden got a great deal and profit on those 43 million barrels(possibly as much as 74 million if we try to maximize the amount).
++++++++++++
If you want to insist that this discussion should ONLY be about a small portion of the SPR oil that Biden bought back at a cheaper price so that now, his cheerleaders can manufacture stories like the one that you used to start this thread because it appeals to what you want to believe about Biden.........then accuse ME of having the Biden bias...........it's on you, man.
My opinions, no matter how I feel about the politician are ALWAYS based on the facts/evidence/data/observations.
I welcome any contradicting data/evidence that you have and promise you that I will immediately incorporate it into my interpretation and adjust that accordingly.
But accusing me of being biased against Biden for showing the truth that matters?
You're better than this.
This is a wonderful lesson for why people should FACT CHECK things that they WANT TO BELIEVE even more than the things they don't want to believe.
Everybody, including me struggles with that but the first step is TOO ACKNOWLEDGE that it's part of our human cognitive bias and, if we want to be objective/honest, know that there are AUTHENTIC ways to obtain that.
How relevant to this SPR discussion is the fact that the 2023 US crude oil production was the highest for any year on record not just for the U.S. but for ANY country? Thanks.
Extremely relevant, Larry thanks.
Ive also mentioned this numerous times.
https://www.eia.gov/todayinenergy/detail.php?id=61545
.png)
Same thing with them pumping out massive, record amounts of natural gas during this administration which is PART of the reason for why we have the lowest September natural gas price in almost 30 years.
https://www.marketforum.com/forum/topic/106573/#106996
The markets are doing this DESPITE Biden NOT because of Biden!
its part of the fake climate crisis, fake 0 emission, fake green, fairy tale they use to support political agenda, crony capitalism, dishonest media activism and misinformed but sincere environmentalism.
everybody that knows anything about authentic energy knows the truth, including many of the leaders like Biden, who pretend to be about green energy with their fork tongued words but are held accountable with their actions by the irrefutable laws of physics, energy and economics.
Energy transition is a hoax
46 responses |
Started by metmike - April 15, 2023, 5:50 p.m.
https://www.marketforum.com/forum/topic/94557/
There Is No Energy Transition, Just Energy Addition
https://wattsupwiththat.com/2023/03/12/there-is-no-energy-transition-just-energy-addition/
While wind and solar power are taking a larger piece out of a growing world primary energy pie, fossil fuels are expected to have more absolute growth through 2050.
Larry,
It's great that you brought this up!
Ironically, Trump is the one that uses "drill baby drill" as part of this slogan, while Harris, just 5 years ago was a staunch supporter of the complete opposite, banning fracking.
We get much of our oil and gas from FRACKING!!! The idea of banning fracking is energy retardation. ......and Harris insisted on this policy, using it to define a huge part of her position on energy running for president BEFORE becoming VP.
Did Kamala Harris Support a Ban on Fracking Previously? | CountyOffice.org
https://www.youtube.com/watch?v=Tx-wdiu-Sto
+++++++++++++++
So the most interesting thing about this is the Biden/Harris administration clearly has the data to show us their record production of fossil fuels(natural gas and crude oil) but they HIDE FROM THIS INTENTIONALLY!
Because it contradicts the VERBIAGE of their disingenuous position on green energy and the climate bill(renamed to the fake inflation reduction act).
You can't be for all this green energy, and the fake carbon free, net zero emissions future........while being responsible for record crude oil and natural gas production. They aren't really responsible. They had no choice!!!!
The Biden/Harris administration or any other wasn't going to and won't be capable of sentencing our country to the energy poverty/retardation of the fake green, fake climate change donkey dung positions.
I totally believe that Harris is no longer for banning fracking. Of course she isn't!! It's pretty stupid of the Rs to keep insisting on something so absurd!
She could convince everybody if she just showed the stats about this administration having the greatest fossil fuel production from fracking in history.
Again, she doesn't want the greens in her party to know this secret/the truth!
https://www.eia.gov/dnav/ng/hist/n9070us2M.htm
.png)
Hey Mike,
Interesting political conundrum Harris is in.
But regardless, Trump’s drill, baby, drill (DBD) sounds empty to me based on the actual 2023, which of course Trump won’t reveal to the ignorant public.
Quiz: Do you know the origin of DBD?
Larry,
Is that supposed to be a retroactive question? I just posted the origin in the previous link to yours!
Biden is a good commodity trader.
By metmike - Sept. 8, 2024, 7:48 p.m.
You brought up energy security. That is a valid point to make IF I was posting about that. I wasn't.
If Biden buys back the balance of the SPR. north of $100, THEN you will have "authentic facts" to counter my point.
Not until then.
If You sold oil at $99 and then bought some back in the 70s and the market was trading at $69 I would say nice trade Mike.
Hence the title of the post. Honestly Mike. You are better than that.
Mike said when I asked if he knew origin of DBD:
Larry,
Is that supposed to be a retroactive question? I just posted the origin in the previous link to yours!
—————
Hey Mike,
I apologize for not reading the article you linked! I had carelessly assumed it was referring to Trump based on the headline when it correctly referred to Michael Steele in 2008. In the infamous words of SNL’s Gilda Radner’s character Emily Litella, “never mind”.
Actually, Larry it also shows that our objective, extremely analytical minds think in a similar way, which is a compliment to me!
"If Biden buys back the balance of the SPR. north of $100, THEN you will have "authentic facts" to counter my point.
Not until then"
Thanks a ton, joj!
What source are you holding back on that shows us that Biden is going to refill the SPR oil?
I busted the one you posted with the actual data and this graph below.
Your position is that if he buys any back cheaper, it counts the same as if he bought ALL of it back.
I already, fully recognized the entire amount he bought back and added a potential 43 million more in case that wasn't included in the amount so far. So I totally recognized the amount he replaced as a good deal, 3 times now.
I also searched long and hard, very objectively to try to find any source that shows he's going to buy back the rest.
Why do you find it so hard to recognize the rest of it, the vast majority that he HASN'T replaced?
It's possible that he still could buy back another 217+ million barrels of course but this last deal was thru December 2024, so the clock is rapidly running out. And if he does, hopefully, I'll be the first one to post and recognize it. And like the great deal he made on these smaller amounts, I'll recognize that too.
Even if he only buys back enough to get us back to, lets say 600 million barrels, I will totally congratulate him and take back everything stated above 100%.
However, it's still dumb to use up our SPR oil, energy security to trade but IF he buys several times more than he has so far before the end of year(much lower crude price) , I will celebrate it with the same enthusiasm you expect from me!
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCSSTUS1&f=W
.png)
But PLEASE, instead of spinning and cherry picking, tell me why this graph and all the data is wrong?
With regards to you starting this thread with the title "Biden is a good commodity trader" and continuing to suggest repeatedly that other posters (metmike) are not following what should be discussed, no matter how relevant because its not meeting your specific very narrowly defined criteria that YOU tell us should be the ONLY focus of YOUR discussion.
That's complete nonsense. You don't get to do that. You don't have to respond if you don't want to or if you don't like where the open discussion is at any point but no poster tells everybody else how they should respond to their thread or any post that others make then, declares the response to be invalid because it didn't match THEIR cherry picked criteria.
This is an open forum, at an anti echo chamber and one of the best parts about that is the EXCHANGE OF IDEAS from everybody from BOTH parties(or independent like me), which often disagree but provides the optimal opportunity to learn something from people who disagree(if they want to learn and not just regurgitate what they think they know, then defend that, while ignoring anything that contradicts it).
This is not a place that only features people reinforcing other like minded people with comments that boost their egos and/or reaffirm flawed ideas that they think they know. ......which is ok too, if a person wants to be that way(not me).
++++++++
I thanked you from the get go for what I learned from the original article/post and you:
Re: Re: Biden is a good commodity trader.
By metmike - Sept. 4, 2024, 7 p.m.
Thanks, Joj!
I was unaware that Biden had bought back a small fraction of what he sold. Much appreciated you showing he did.
++++++++++++
I've also learned other things from you here, joj! It's totally your choice to comment how you want here, regardless of whether anybody agrees or not. You're a very smart man that contributes unique, often valuable thoughts that nobody else posts and I sincerely appreciate you.
Biden is not “waging war” on American energy. He’s boosting it.
by Nicole Narea
https://www.axios.com/2024/03/26/biden-oil-production-carbon-emissions
++++++++++++++++++++++
https://www.axios.com/2024/09/09/trump-cut-energy-prices
++++++++++++++
Trump is full of it!
They’d be shutting in 1.8 million barrels per day of production on the heels of having gutted the Strategic Petroleum Reserve…
The oil & gas industry will almost certainly prevail in this case, however there could very well be significant production disruptions this winter.
While the lamestream media incessantly tries to credit Biden for record US oil production, the fact is that his maladministration has routinely flouted the law in their treasonous war on the US oil & gas industry…
Biden: I Wanted ‘to Stop All Drilling’ on the Coasts and Gulf, Got Blocked by Courts
by IAN HANCHETT 8 Aug 2023
During an interview with The Weather Channel that is set to air on Wednesday, a portion of which aired on Tuesday, President Joe Biden said that he “wanted to stop all drilling on the East Coast and the West Coast and in the Gulf” but was blocked by the courts from doing so.
++++++++++++++
Let me add this graph below with TOTAL production that shows most of the increase in crude production is coming from SHALE oil, not GOM oil, where production increases have tapered off over the last 5 years. More on that on the next page.
+++++++++
With regards to the Biden quotes in this article. Biden will lie about anything and everything, whether it's energy, Ukraine, Gaza, Hunter.........there's just no believing anything that he says to mislead people for his political agenda, which so often contradicts his actions.
That's not news in politics but I'm just elaborating on the worthlessness of a quote from Biden telling people what he "wanted to do"........after the complete opposite happened under his watch.
By Alex Kimani - Apr 11, 2024, 7:00 PM CDT
++++++++++++++++
The oil rig count has been dropping a bit. Note the COVID demand loss reaction/drop, after the glut of crude resulted in floating barges, full of crude in the Spring of 2020 that had no home so they actually paid to get rid of it to stop the accumulating cost of the barges to store it.
https://ycharts.com/indicators/us_oil_rotary_rigs
This one is always mind boggling to show!
https://ycharts.com/indicators/us_oil_rotary_rigs
.png)
This is the reason for it: EFFICIENCY!
