In an amazing coincidence the release started as oil prices were hovering around $100 a barrel and were threatening to go higher due to Russia's oil and them invading Ukraine.

The oil left quicker than it was intended to. There was legislation already passed, as far back as 2015, that would lower the SPR to around 300m barrels by 2032. The money from the sales would be used to service the debt.

I don't see the need to refill it and in any case, when they do it will surely be for less than they got selling it.

[quote=CCTX]So what is the consensus magic number that makes everybody happy?

If it gets any higher I’ll need to learn to walk sooner than I had planned-

I've always heard the $65 is the sweet spot.

Now that I'm out of O&G, I don't follow it much any more.

In an amazing coincidence the release started as oil prices were hovering around $100 a barrel and were threatening to go higher due to Russia's oil and them invading Ukraine.

The oil left quicker than it was intended to. There was legislation already passed, as far back as 2015, that would lower the SPR to around 300m barrels by 2032. The money from the sales would be used to service the debt.

I don't see the need to refill it and in any case, when they do it will surely be for less than they got selling it.

I’m happy!

In an amazing coincidence the release started as oil prices were hovering around $100 a barrel and were threatening to go higher due to Russia's oil and them invading Ukraine.

The oil left quicker than it was intended to. There was legislation already passed, as far back as 2015, that would lower the SPR to around 300m barrels by 2032. The money from the sales would be used to service the debt.

I don't see the need to refill it and in any case, when they do it will surely be for less than they got selling it.

The SPR isn't there for Presidents to sell it for profit. It's there for emergencies, to be used in case of a disruption in supply. Democrats possibly losing an election because their own policies caused fuel prices to go sky high isn't an emergency for anyone other than them.

But thanks for the regurgitated CNN/MSNBC talking point.

Notice of Sale to meet its obligation to Congress to sell 26 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) in Fiscal Year 2023. This sale will fulfill the congressional mandate set forth in section 403 of the Bipartisan Budget Act of 2015 and section 32204 of the Fixing America’s Surface Transportation Act. The deliveries will take place from April 1 through June 30.

In accordance with the laws, DOE will release up to 26 million barrels of sweet crude oil from two SPR storage sites, with deliveries beginning as early as April 1, 2023. DOE must receive bids for this notice no later than 10:00 a.m. Central Time on February 28, 2023. Contracts will be awarded to successful offerors no later than March 8, 2023. 

Was it an emergency when Biden told oil companies, including American companies, that he was going to take away their ability to drill? How about when he suspended drilling leases?

He did everything he could to chill production and push fuel prices higher, all designed to push EVs upon people, then realized his idiotic and destructive policies may be about to lose an election. That's when he decided to screw with national security to try to temporarily lower prices, at least until the election.