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captainhaddock t1_j0pc78q wrote

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

Biden sold oil when it was expensive and the economy needed it. Now that the price has come down, he's buying more to replenish it. The US government actually made a profit. Fiscal conservatives should be ecstatic.

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Al_Jazzera t1_j0rnbcn wrote

We’ll see if we turned a profit when we buy back the oil that we used. Selling it made an impact, but not a significant one. We drew down in:

  • 1991 During the Gulf War

  • 2011 Supply disruptions in Libya and other countries.

  • 2005 In response to Hurricane Katrina

We are drawing down now because the economy is not on fire. It’s not going to be amazing all the time, but it’s not like we’re going into the Great Depression.Does it constitute an emergency? Like a critical one? Petroleum prices are high because a madman is trying to reinstate the Soviet Union and doing a pretty shit job of it, thankfully. Would the idiot use nukes? Wouldn’t even have to. Shit popping off in another territory triggering Article 5 sending oil prices into the stratosphere. Might be nice to have another 30 day supply of a critical-ass commodity. It didn’t happen, but if it dropped petroleum 15% and we racked in 15%, would it make sense to sell that commodity under the current conditions. It’s like selling a fairly new tire for a fairly worn tire and being excited that you could order some Taco Bell.

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