The Price of Gas Has Been Going Down (at least here in upstate New York)

$2.83 yesterday at one of my favorite stations.
 

Biden tapped the strategic petroleum reserves in the U.S. before the midterm elections.
I would sure be surprised if that isn’t what is lowering fuel costs again!! Just before the election again.
Irresponsible yes!
Those reserves are supposed to be used as an uninterrupted supply of petroleum for national security in times of crisis.
 
Last edited:
GP44 said:
Biden tapped the strategic petroleum reserves in the U.S. before the midterm elections.
I would sure be surprised if that isn’t what is lowering fuel costs again!! Just before the election again.
Irresponsible yes!
Those reserves are supposed to be used as an uninterrupted supply of petroleum for national security in times of crisis.
Click to expand...
While the SPR was dramatically reduced beginning in 2021, it is currently being slowly replaced. As far as the status of the SPR goes, it was originally put in place as we were importing far more than we used and was a national security issue. However, we currently produce more than we use, so the necessity is somewhat in question, imho.
Weekly U.S. Ending Stocks of Crude Oil in SPR (Thousand Barrels)
 
GP44 said:
Biden tapped the strategic petroleum reserves in the U.S. before the midterm elections.
I would sure be surprised if that isn’t what is lowering fuel costs again!! Just before the election again.
Irresponsible yes!
Those reserves are supposed to be used as an uninterrupted supply of petroleum for national security in times of crisis.
Click to expand...
Agreed. It's really sad when .gov uses OUR resources for OUR own good. I'd much rather be paying a buck or 2 more to big oil and in turn support price levels that help Russia and and the middle east oil suppliers.
 
Back in my other life long ago in a country far far away…i learned a bit about oil. At the time us exploration was not profitable unless oil was above 60 a barrel. OPEC responds to U S exploration by increasing supply. There is a government website dedicated to tracking all types of energy. Interesting to look at rig counts year after year. Refineries have been decreasing also. We could talk about the clause in the offshore drilling contracts that mysteriously disappeared during the Bush administration…but that is politics.
 
Harry Le Hermit said:
While the SPR was dramatically reduced beginning in 2021, it is currently being slowly replaced. As far as the status of the SPR goes, it was originally put in place as we were importing far more than we used and was a national security issue. However, we currently produce more than we use, so the necessity is somewhat in question, imho.
Weekly U.S. Ending Stocks of Crude Oil in SPR (Thousand Barrels)
Click to expand...
If we currently produce more than what we use then why is Biden wasting the SPR? It is obvious that he does it just to lower the price of gasoline just before the election.
Be a shame if people fall for that after they paid $4.50 a gallon a couple of years ago.
 
againstthegrain said:
Agreed. It's really sad when .gov uses OUR resources for OUR own good. I'd much rather be paying a buck or 2 more to big oil and in turn support price levels that help Russia and and the middle east oil suppliers.
Click to expand...
I don’t understand how using our critical petroleum reserves is helping Americans.
If the Democrats hadn’t started a war against domestic fuel the prices would have never gone high in the first place
I have a picture of the price of gasoline being less than $2 a gallon when Trump was in office. We have seen double that under Biden.
 
GP44 said:
If we currently produce more than what we use then why is Biden wasting the SPR? It is obvious that he does it just to lower the price of gasoline just before the election.
Be a shame if people fall for that after they paid $4.50 a gallon a couple of years ago.
Click to expand...
Did you forget Russia invading Ukraine and the "west" cutting off those resources. Here is the surplus exports since then...
US energy crude surplus exports.jpg
Oddly, those resources once blockaded, have somehow made its way back into the system.
 
againstthegrain said:
You must be ignorant and/or blinded by your political outlook.
Click to expand...
I don’t know how you can make those kind of statements if you lived in the United States for the last 8 years.
I certainly wouldn’t call you names but I can see that you ignore what is very obvious and also very TRUE!
It would be different if I were lying but all you have to do is look at what Biden did to try to influence the midterm elections and that was that he sacrificed our SPR for his parties gains. AND THAT IS A FACT YOU CAN LOOK UP.
 
againstthegrain said:
My comment regards one posters opinions, which are devoid of any understanding of economics, and the interplay of world events which I'm pretty sure you recognized based on your post above.
Click to expand...
Harry Le Hermit said:
Did you forget Russia invading Ukraine and the "west" cutting off those resources. Here is the surplus exports since then...
View attachment 371188
Oddly, those resources once blockaded, have somehow made its way back into the
Click to expand...
Your explanation still doesn’t explain why Biden drew a millions of barrels of oil from the SPR just ahead of the midterm elections.
ALL YOU HAVE TO DO IS SEARCH THE WEB AND IT TELLS EXACTLY WHAT BIDEN DID AND WHY.
 
GP44 said:
I don’t know how you can make those kind of statements if you lived in the United States for the last 8 years.
I certainly wouldn’t call you names but I can see that you ignore what is very obvious and also very TRUE!
It would be different if I were lying but all you have to do is look at what Biden did to try to influence the midterm elections and that was that he sacrificed our SPR for his parties gains. AND THAT IS A FACT YOU CAN LOOK UP.
Click to expand...
You are arguing against your own economic well being. Why?

You don't gave any idea what using that oil did to the SPR or what risk was involved. Why are you panicked about it? (It was probably a money maker selling oil at inflated prices and then filling it back up after market weakened.)

It's outrageous that you think it would have been BETTER for Americans to pay more for fuel rather than using a tool to help the average American, especially in face of serious inflation.

Politicians are supposed to help people. Then people keep them in office because they have earned their vote.
 

You must log in or register to reply here.

Back
Top