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NormalChannel t1_j0m4il4 wrote

Reply to comment by Dr0110111001101111 in US buying 3M barrels of oil to start replenishing reserves by B1gMay0

Well, there's this - https://en.m.wikipedia.org/wiki/Strategic_Petroleum_Reserve_(United_States)

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Dr0110111001101111 t1_j0m57yx wrote

Yes, that is oil, not gasoline. They can’t just sell that to your local gas station.

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NormalChannel t1_j0m7xl3 wrote

True. I stand corrected. I'll edit my parent post

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Dr0110111001101111 t1_j0ma47m wrote

Re: your edit- It’s not about getting it refined in time. It’s that oil is traded on an international market. So it doesn’t matter who buys our oil. It just matters that is being added to the global supply, which drives prices down globally. We can’t do much to influence gas prices domestically without those actions having similar impacts globally.

The benefit of this is that we can sell it to the highest bidder even if they are purchasing it overseas, and it will still benefit us at the pump locally

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