A Recession on the Way?

So since our resident oil market experts are too busy in the meme threads to respond I’ll open up the floor.

Does anyone else see anything interesting at the end of the Reuters article?


The administration has a three-pronged strategy to help replenish the reserve that involves buying back oil, returning oil from previous exchanges, and working late last year to cancel congressionally mandated sales from the SPR of 140 million barrels from late 2023 through 2027.

"The Administration’s ongoing three-part replenishment strategy to get the best deal for taxpayers while increasing SPR stocks is working," said Secretary Jennifer Granholm.

Last year's 180-million-barrel-sale sank levels in the reserve to the lowest in 40 years, angering some Republicans who accused the administration of leaving the U.S. with a thin supply buffer to adequately respond to a future supply crisis. But Republicans in recent years had called for big sales from the reserve as domestic U.S. oil output has soared thanks to fracking and other drilling techniques.

It’s easier for Aunt Alice to be enraged over withdrawals than deposits. FF. You got me…

Oh, no. I'd just like us to be honest when we bring up the subject of oil production.

Maybe reading stuff in places where they cite actual numbers instead of listening to talk radio would help.

Wanna know one neat trick we can use to keep more of our oil here benefiting American refiners and consumers?

We could cancel the Keystone eXport Limited pipeline, whose sole purpose was getting more oil to the Port Arthur Export Terminal cutting out Cushing (American) refiners.

Biden should really look into that.

How so? By acknowledging that the US government is not in the business of oil exploration and production?

Oh gawd... I feel the recession happening
No wait, that might be my hairline

If you like I have a old boxcutter and a staple gun. I can just cut a good chunk of hair covered crotch, taint, and butt and staple them right to your head. I have been watching some Botched and I am pretty sure I can do it better than the doctors in mexico. Just rent us a boat and we just need to sail out a few miles to where everything is legal.

Don't worry, I was once a licensed cosmotologist, I swear.

That depends... the boxcutter and staples are rusty, right?

Yes, it makes them blend in more.

Okay. So this is a bit of a complex issue and as I am a bit FF’ed I will take lots of side tangents so make it more complicated.

But feel free to follow along.

Four times now I have asked FF and UA what the purpose of the Strategic Petroleum Reserve (SPR) was.

Haven’t gotten a response.

Short answer is it keeps the United States compliant with the International Energy Agreement (IEA).

(Not to be confused with the International Energy Agency [unfortunatley also IEA] which was established by and ensures compliance with [the first] IEA.)

So yeah. 70s. Oil Embargo. Not good.

Afterwords the US gathered up our fellow industrialized importer countries and asked ‘Okay, that legit fucking sucked. What do we do to both try and prevent that from happening again and if needed mitigate the impact if it does?’

What came out was the IEA.

All countries partner to the agreement would build and maintain a 90 day supply of net oil imports.

READ THAT AGAIN.

90 day supply of NET IMPORTS.

That is not the same thing as a 90 day supply of oil.

Not even close.

Unfortunately a lot of smooth brains can’t seem to grasp the difference so I have been forced to emphasize it.

Anyway. So in 1975…. Okay. This is now a part one. Friend came over sore and in need of a massage.

Okay. So that is the origin of the SPR. It was created due to the Oil Embargo, required to maintain a 90 day supply of net imports when not in a crisis and tasked with preventing and mitigating oil market shocks.

Fast forward to fracking and our decline in imports (and now a net exporter) and even going back to the Bush years Republicans start thinking about all the tax cuts for billionaires that are just sitting there in salt caverns. Wasted.

This got put into law in the 2015 a House Republicans ‘cut the deficit’ by selling 140m barrels in the future.

These kinds of budget gimmicks are common with Republicans… and gotta run so at least a three parter.

Apparently selling 140m barrels as a budget gimmick is fine as long as it Republicans pushing it but a Dem selling 180m barrels to moderate an oil price shock THE ACTUAL MISSION OF THE SPR is THE WORST THING IN THE WORLD.

Oh, btw, I noticed that the Biden admin announcing an additional 3m barrel buy yesterday was somehow missed by our VERY CONCERNED SPR hawks.

https://www.reuters.com/markets/com...ion-barrels-oil-strategic-reserve-2023-12-26/

I know, I know… just a drop in the barrel. But now that the drops in the barrel of the last few months have added up to 20m purchased or returned of the 180m sold, I have to wonder when the drops in a barrel will actually mean something to these VERY CONCERNED AND TOTALLY SERIOUS people.

As long as Biden as president, never.

I want to make sure that I emphasize this part:

The 2023 economic story will be remembered as one of a resilient US consumer as people opened their wallets more than economists had projected. That occurred largely because Americans entered the year with more money than many realized, backed by trillions of dollars sent into the economy during the pandemic.



So it seems that A LOT of people out here crying about the state of the economy seem to be doing better than they want us to believe. I know it's a politically dangerous thing to campaign on, but I can't help but be happy about this news. I like it when this country does well.

"The economy is terrible!! Fuck you, Biden!! ".

*Trips over pile of Amazon boxes on the way to make another triple-decker turkey sandwich*

Dark Brandon is at it AGAIN!

The economy is doing so good.

Democrats really need to stop trying to gaslight people.
https://www.rasmussenreports.com/pu...ess/41_say_their_financial_situation_is_worse

Oh wow…

How was your Christmas?

Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor.

You do realize that presenting facts instead of vibes is the opposite of gas lighting yes?

My bank account says I earned more this year than last year, but Joe Biden is president so I feel poorer.

LOL at any conservative trying to use the word "gaslight."

The only trick the right-wing media really has.....

RWM- *Robs a guy*

Left wing media- Hey, wait a minute...

RWM- ...no you're the robber.

LWM- But I have you on tape...

RWM- You're the robber.

LWM- But I have all this evidence, and your police records of all these other robberies you did, and you pleading guilty, and....

RWM- You're the robber.

FF- Yep, they sure are. I'm going to post it 1000 times in the meme thread.

LWM-

As Paul Harvey used to say: “No known connection” but that 41% is about the percentage of Americans I suspect are Trumpistas.

I feel my salary has increased 500 sub sandwiches a month.

You want examples of Biden's fascist ways? Where's my five dollar foot longs? Why does Subway serve shitty Coke products? Why won't that cute girl with the piercings at Subway talk to me?

It's 11.5 inches. Biden's fault.

Coke is superior to Pepsi. Also Biden's fault.

She's a he. Biden's fault.

That poll is on feelings, not on facts. A person may be doing better financially, yet feel they are doing worse based on many factors including the need to be a victim of the democrat president. a poll should not be what is used when you could collect real financial data.

Feelings do directly influence votes, so I won't ignore it altogether... but I would like some objective data to back it up.


So, @Steal Your Face I ask again, how was your Christmas?

Was Santa good to you? Were you a good Santa to the people you love? Did you have to delay any major purchases because you couldn't make ends meet? Dip into your savings? Anything that could back up this claim?

Of course, I don't expect you to share any of this with us, but I just want you to think about your particular situation and see if it can relate back to the Rassmussen poll you shared.