OFFICIAL LRC President Donald Trump SECOND TERM Thread

Ivyguy wrote:

king999 wrote:

Biden and company left SPR below 45% , when they drained it for sale to China...they said they would replenish at price of Crudeat $72 or below, it has been there over ten times since then 10 times, not one refill. LNG alone , seriously could bail us out of a huge hole, and we have a ton of that beyond belief.

Some context from S&P Global, 11/8/24:

The administration of US President Joe Biden has completed what it called its "final" purchase of crude oil in its efforts to refill the Strategic Petroleum Reserve, the US Department of Energy announced.
The purchase of 2.4 million barrels not only completes DOE's most recent solicitation, DOE said in its release, but ends the administration's attempts to replace the 180 million barrels of crude it released into the market in 2022.
"With the awarding of these contracts, DOE has fully utilized all funding allocated for crude oil purchases following the sale of 180 million barrels in response to the Russian invasion of Ukraine and secured 20 million more barrels at a good price for taxpayers," US Secretary of Energy Jennifer Granholm said in a statement. "This milestone cements President Biden and Vice President [Harris's] commitment of putting the economic and energy security of the American people first with actions that steadied prices at the pump, provided certainty to industry, and maintained the SPR as the world's largest supply of emergency crude oil."
To date, the DOE has directly purchased 59 million barrels of oil at an average price of $76/b. Alongside the cancellation of congressionally mandated sales of 140 million barrels, DOE has now accounted for more barrels than it sold in 2022. DOE said the 200 million barrels delivered were contracted at an average price of $74.75/b.
That 2022 sale -- taken in response to global energy price spikes in the wake of Russia's invasion of Ukraine -- was made at an average cost of $95/b. The Biden administration has consistently touted its buyback strategy as a "good deal for taxpayers."
Analysis from US Treasury Department has argued that the US' releases, alongside those of international partners, reduced gasoline prices by as much as 40 c/gallon. Republicans on Capitol Hill have criticized the Biden administration for reducing US emergency energy security and politicizing the US strategic reserve, while US Secretary of Energy Jennifer Granholm has noted that the US stockpile remains the world's largest.
According to the US Energy Information Administration, the SPR held 387.2 million barrels as of Nov. 1. When Biden was inaugurated in January 2021, the SPR held 638 million barrels. [That is, the stock on 11/1/24 was 61%, not 45%, of what it was on 1/20/21.]
While DOE's announcement marked the end of Biden's crude trading efforts, SPR purchases could resume in 2025. President-elect Donald Trump criticized the Biden administration's strategy and vowed to "immediately refill" the SPR if he was elected to a second term. [All emphases mine.]

Link:www.spglobal.com/commodity-insights/en...

- The pre-election promise of US President Donald Trump to refill the US Strategic Petroleum Reserve is facing a myriad of challenges, needing to add 320 million barrels to make good on the vow to ‘fill it to the very top’.
- Any large-scale refilling spree would mean immediate upward pressure for oil prices, which would stand in contrast with Trump’s pledge to lower energy costs, with the Biden Administration aiding oil with some 59 million barrels of purchases in 2024.
- Moreover, congressionally mandated sales prescribe further drawdowns of 99.6 million barrels and as of now, there is no budget allocated for SPR replenishments so Trump would need to wait for Congress to approve additional expenses in the next budget reconciliation process.
- The fastest that SPR has been filled up historically was 365,000 b/d in the COVID-stricken month of June 2020, suggesting that the highest monthly purchases that Trump could carry out would be around 10 million barrels.[Emphases mine.]

Link:oilprice.com/Energy/Energy-General/Can...

In other words, it would seem that POTUS--any POTUS--has Congressional limitations on how fast s/he could refill the SPR, especially at a decent price. Reasonable people couldn't expect President Trump to do more than start the refilling upon inauguration, rather than topping it off on Day One. But he did, while campaigning, repeatedly use the word "immediately"; has the process even begun? That's a serious question whose answer I don't know. Is the current administration's DOE working with Congress to get the funding to refill the SPR?

king999 wrote:

Ivyguy wrote:

Some context from S&P Global, 11/8/24:

The administration of US President Joe Biden has completed what it called its "final" purchase of crude oil in its efforts to refill the Strategic Petroleum Reserve, the US Department of Energy announced.
The purchase of 2.4 million barrels not only completes DOE's most recent solicitation, DOE said in its release, but ends the administration's attempts to replace the 180 million barrels of crude it released into the market in 2022.
"With the awarding of these contracts, DOE has fully utilized all funding allocated for crude oil purchases following the sale of 180 million barrels in response to the Russian invasion of Ukraine and secured 20 million more barrels at a good price for taxpayers," US Secretary of Energy Jennifer Granholm said in a statement. "This milestone cements President Biden and Vice President [Harris's] commitment of putting the economic and energy security of the American people first with actions that steadied prices at the pump, provided certainty to industry, and maintained the SPR as the world's largest supply of emergency crude oil."
To date, the DOE has directly purchased 59 million barrels of oil at an average price of $76/b. Alongside the cancellation of congressionally mandated sales of 140 million barrels, DOE has now accounted for more barrels than it sold in 2022. DOE said the 200 million barrels delivered were contracted at an average price of $74.75/b.
That 2022 sale -- taken in response to global energy price spikes in the wake of Russia's invasion of Ukraine -- was made at an average cost of $95/b. The Biden administration has consistently touted its buyback strategy as a "good deal for taxpayers."
Analysis from US Treasury Department has argued that the US' releases, alongside those of international partners, reduced gasoline prices by as much as 40 c/gallon. Republicans on Capitol Hill have criticized the Biden administration for reducing US emergency energy security and politicizing the US strategic reserve, while US Secretary of Energy Jennifer Granholm has noted that the US stockpile remains the world's largest.
According to the US Energy Information Administration, the SPR held 387.2 million barrels as of Nov. 1. When Biden was inaugurated in January 2021, the SPR held 638 million barrels. [That is, the stock on 11/1/24 was 61%, not 45%, of what it was on 1/20/21.]
While DOE's announcement marked the end of Biden's crude trading efforts, SPR purchases could resume in 2025. President-elect Donald Trump criticized the Biden administration's strategy and vowed to "immediately refill" the SPR if he was elected to a second term. [All emphases mine.]

Link:www.spglobal.com/commodity-insights/en...

- The pre-election promise of US President Donald Trump to refill the US Strategic Petroleum Reserve is facing a myriad of challenges, needing to add 320 million barrels to make good on the vow to ‘fill it to the very top’.
- Any large-scale refilling spree would mean immediate upward pressure for oil prices, which would stand in contrast with Trump’s pledge to lower energy costs, with the Biden Administration aiding oil with some 59 million barrels of purchases in 2024.
- Moreover, congressionally mandated sales prescribe further drawdowns of 99.6 million barrels and as of now, there is no budget allocated for SPR replenishments so Trump would need to wait for Congress to approve additional expenses in the next budget reconciliation process.
- The fastest that SPR has been filled up historically was 365,000 b/d in the COVID-stricken month of June 2020, suggesting that the highest monthly purchases that Trump could carry out would be around 10 million barrels.[Emphases mine.]

Link:oilprice.com/Energy/Energy-General/Can...

In other words, it would seem that POTUS--any POTUS--has Congressional limitations on how fast s/he could refill the SPR, especially at a decent price. Reasonable people couldn't expect President Trump to do more than start the refilling upon inauguration, rather than topping it off on Day One. But he did, while campaigning, repeatedly use the word "immediately"; has the process even begun? That's a serious question whose answer I don't know. Is the current administration's DOE working with Congress to get the funding to refill the SPR?

Essentially it is down over 250M barrels on Biden watch, that is the Net/ Net, also does the $631M Barrels represent 100% of full or less than that, therefore the $387M may be 61% of that total, inherited but not of 100%. Whatever it is, it was not left with enough, it is net down $250M barrels which is a big number, like I said, and they bought at way too high price levels. It is way net down from what he started with and that was not what was sold to the public when he release that huge draw down. That is the fact, I believe??

Jeff Wigand wrote:

trump2028 1 wrote:

So true!

The 14th Amendment Right of American Citizenship never had anything to do with modern day "gate crashers," illegal immigrants who break the Law by being in our Country, it had everything to do with giving Citizenship to former slaves. Our Founding Fathers are "spinning in their graves" at the idea that our Country can be taken away from us. No Nation in the World has anything like this. Our lawyers and Judges have to be tough, and protect America!

There’s a very straightforward solution to this: amend the Constitution. Because the illegal immigrants and people here on visitor visas are clearly subject to the jurisdiction of our government, otherwise they couldn’t be prosecuted when they commit crimes.

And when the senate debated this amendment, it was noted that it would apply to the children of Chinese immigrants in California. They knew what they were voting for.

Ivyguy wrote:

king999 wrote:

Ivy..English please..at the end of the day, it is way down, correct, or not, way too much for me to wade through.

Yeah, I'm not interested in putting together another jeremiad like that one! Cliff Notes version:

When President Trump left office, the SPR was substantially below full capacity; when Biden left, it was even lower.

Your post gave me the impression that Joe hadn't done any refilling; that was false. And the refilling that he did do was at good prices.

Congress allocates $ for buying oil to refill the SPR. Joe used all that they allocated. Presidents can't buy back oil unless Congress has budgeted the funds, and I was asking--because I don't know--whether the Trump administration and Congress were working to budget the (very substantial) funds that would be needed to fill the SPR to 100%.

Finally, while he was campaigning President Trump indicated that
a) filling the SPR to 100% was very important--in which case, why was it considerably less than full when he left office?--and
b) that he would set about refilling it immediately--his repeated word--upon inauguration. AFAIK no steps have been taken, and trying to fill it rapidly would jack oil prices sky-high.

Sorry to have been so long-winded. Thanks for your patience and civility.