Oil Industry Executive Warns of Another ‘Major’ Crisis in the Coming Weeks

HARK! · Dec 3, 2022

The head of the largest oil and natural gas trade association warned that failure to replenish the U.S. Strategic Petroleum Reserve (SPR) could trigger another oil crisis in the coming weeks.

“The Strategic Petroleum Reserve, unfortunately, has become the strategic political reserve. And we have grave concerns about how it has been so politicized. This is for emergency purposes, not to lower gasoline prices during a time during a political season,” American Petroleum Institute CEO Mike Sommers said in a Friday interview on Fox News.

Republicans and oil industry officials have said that Biden’s move to release oil from the SPR was designed to keep gas prices artificially low ahead of the Nov. 8 midterm elections. But they have argued that the long-term effects of the order may be devastating.

Oil Industry Executive Warns of Another ‘Major’ Crisis in the Coming Weeks

www.theepochtimes.com

disciple Clint · Dec 4, 2022

HARK! said:
The head of the largest oil and natural gas trade association warned that failure to replenish the U.S. Strategic Petroleum Reserve (SPR) could trigger another oil crisis in the coming weeks.

“The Strategic Petroleum Reserve, unfortunately, has become the strategic political reserve. And we have grave concerns about how it has been so politicized. This is for emergency purposes, not to lower gasoline prices during a time during a political season,” American Petroleum Institute CEO Mike Sommers said in a Friday interview on Fox News.

Republicans and oil industry officials have said that Biden’s move to release oil from the SPR was designed to keep gas prices artificially low ahead of the Nov. 8 midterm elections. But they have argued that the long-term effects of the order may be devastating.

Oil Industry Executive Warns of Another ‘Major’ Crisis in the Coming Weeks

www.theepochtimes.com

We have a very sophisticated and highly technical military it will not function very long without oil reserves. Ships do not belong in port, they need to be at sea.

Larniavc · Dec 4, 2022

I’d like to wait for someone NOT the head of oil industry to snuck confidence in such claims.

NxNW · Dec 4, 2022

HARK! said:
Republicans and oil industry officials have said that Biden’s move to release oil from the SPR was designed to keep gas prices artificially low ahead of the Nov. 8 midterm elections.

Others might say it offset the actions taken by Republicans and oil industry officials to keep gas prices artificially high ahead of the Nov. 8 midterm elections.

essentialsaltes · Dec 18, 2022

HARK! said:
The head of the largest oil and natural gas trade association warned that failure to replenish the U.S. Strategic Petroleum Reserve (SPR) could trigger another oil crisis in the coming weeks.

US buying 3M barrels of oil to start replenishing reserves

The Energy Department called the purchase "a good deal for American taxpayers'' since the price will be lower than the $96 per barrel average the U.S. oil was sold for.

NxNW · Dec 18, 2022

HARK! said:
Republicans and oil industry officials have said that Biden’s move to release oil from the SPR was designed to keep gas prices artificially low ahead of the Nov. 8 midterm elections.

And yet . . . gas prices continue to fall.

SimplyMe · Dec 18, 2022

disciple Clint said:
We have a very sophisticated and highly technical military it will not function very long without oil reserves. Ships do not belong in port, they need to be at sea.

The petroleum reserve is not used by the military -- it is, after all, a reserve. The military buys their oil from the free market.

Aryeh Jay · Dec 18, 2022

I'm still wondering how the country is still running since we ran out of diesel before Thanksgiving. Better turn on me some Fox News.

Always in His Presence · Dec 18, 2022

Buy 3 million after withdrawing 180 million. From whom?

Pommer · Dec 18, 2022

hislegacy said:
Buy 3 million after withdrawing 180 million. From whom?

The free market.
In the instant case it was “sell high, buy low(er)”, making a profit for our Nation.
I await the explanation of why this is “bad”.

Aryeh Jay · Dec 18, 2022

Pommer said:
The free market.
In the instant case it was “sell high, buy low(er)”, making a profit for our Nation.
I await the explanation why this is “bad”.

It was a Democrat? Capitalism is bad?

Always in His Presence · Dec 18, 2022

Pommer said:
The free market.
In the instant case it was “sell high, buy low(er)”, making a profit for our Nation.
I await the explanation why this is “bad”.

Instantly right after you tell me purchased from whom?

Pommer · Dec 18, 2022

hislegacy said:
Instantly right after you tell me purchased from whom?

Like, what “Joe’s (Pretty Good™️) West Texas Intermediate” or Canada?
They buy on the market, (imagine a very large oil tank that producers dump their product into, then people, corporations and governments buy the oil in the tank at a certain price.)

Always in His Presence · Dec 18, 2022

Pommer said:
Like, what “Joe’s (Pretty Good™️) West Texas Intermediate” or Canada?
They buy on the market, (imagine a very large oil tank that producers dump their product into, then people, corporations and governments buy the oil in the tank at a certain price.)

In other words, you don’t know.

Desk trauma · Dec 18, 2022

Pommer said:
The free market.
In the instant case it was “sell high, buy low(er)”, making a profit for our Nation.
I await the explanation of why this is “bad”.

Biden

Hans Blaster · Dec 18, 2022

hislegacy said:
In other words, you don’t know.

They're going to buy replacement oil the same place where they were selling during the "draw down" -- the open market. (The reserve itself is located in a salt mine in Louisiana.) Oil is fungible.

RocksInMyHead · Dec 18, 2022

hislegacy said:
In other words, you don’t know.

Do you?

Pommer · Dec 18, 2022

hislegacy said:
In other words, you don’t know.

When I go to the market to purchase onions I do not know which farm they came from, no.
I got them from the market.

Nithavela · Dec 19, 2022

hislegacy said:
In other words, you don’t know.

Which sources would you find agreeable and which would you find non-agreeable?

SeventhFisherofMen · Dec 19, 2022

i love the news, it's like right when i'm feeling good i read something like this and then i feel sad

Oil Industry Executive Warns of Another ‘Major’ Crisis in the Coming Weeks

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US buying 3M barrels of oil to start replenishing reserves​

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Replaced by a robot, just like Biden.

Jesus is the only Way

CoPacEtiC SkEpTic

Replaced by a robot, just like Biden.

Jesus is the only Way

CoPacEtiC SkEpTic

Jesus is the only Way

The pickles are up to something

On August Recess

God is innocent; Noah built on a floodplain!

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you're in charge you can do it just get louis

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