SG Talk

12 Jan 2023 | 21:08 UTC

Author Jasmin Melvin
Editor Benjamin Morse
Commodity Oil


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Currently, the US Department of Energy is obligated by law to accept the highest bids at SPR auctions, with exceptions to decline to sell crude only made for entities sanctioned by US authorities. As such, nearly 1 million barrels from the SPR were awarded last year to Unipec America, a subsidiary of the Chinese state-owned oil company Sinopec, drawing intense criticism from Republicans.

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Republicans have accused the Biden administration of draining the country's strategic oil reserves for political purposes following an unprecedented 180-million-barrel release over several months to combat energy price hikes spurred by Russia's invasion of Ukraine.

Crude volumes at the SPR stood at 371.58 million barrels the week ended Jan. 6, according to the Energy Information Administration, the lowest level since December 1983.

Efforts to replenish the SPR have yet to pan out.

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The politicization of the SPR is expected to remain a central focus of House Republicans


https://www.spglobal.com/commodityinsigh...th-unclear

Ban everything lor!

Let them do what they want. 
Now they are busy with classified documents. 
Trump and biden fighting each other. 
Own house not in order   still want to mind other's business.

Jin Funni leh...this is another e.g. of how not to play politics with basic economy common sense.

What is the point of that US Law when the Chinese already friend friend with Russia and Saudi - the Top 2 oil exporters...and are ready to accept RMB instead of USD for payment ?

(13-01-2023, 04:23 PM)Manthink Wrote: [ -> ]Jin Funni leh...this is another e.g. of how not to play politics with basic economy common sense.

What is the point of that US Law when the Chinese already friend friend with Russia and Saudi - the Top 2 oil exporters...and are ready to accept RMB instead of USD for payment ?

That is a danger when Saudi Arabia and Russia agree to trade for oil with China using the Yuan(RMB).............

(13-01-2023, 04:32 PM)debono Wrote: [ -> ]That is a danger when Saudi Arabia and Russia agree to trade for oil with China using the Yuan(RMB).............

What danger? Please clarify

(13-01-2023, 04:32 PM)debono Wrote: [ -> ]That is a danger when Saudi Arabia and Russia agree to trade for oil with China using the Yuan(RMB).............

Danger only to USA and its Dollar, what else ?

(13-01-2023, 04:35 PM)Niubee Wrote: [ -> ]What danger? Please clarify

Please forgive debono .. this poster is one of the most ignorant fool in SGtalk...

(13-01-2023, 09:26 AM)cityhantam Wrote: [ -> ]Ban everything lor!

World's only superpower can self-pawn until it can ban itself from the World's largest oil consumer...LOL!

Shooting itself in the foot by weaponising the USD

(13-01-2023, 05:08 PM)Manthink Wrote: [ -> ]Please forgive debono .. this poster is one of the most ignorant fool in SGtalk...

You can easily found this kind of stupid comment at ST, CNA, Today.... FB section 

Why would China want to buy oil from USA?

More likely USA will buy Russian oil via 3rd party India and China because of self imposed sanctions on Russia

(13-01-2023, 04:35 PM)Niubee Wrote: [ -> ]What danger? Please clarify

The danger is that the world may not use USD for trading oil........as it is in the past..........

(13-01-2023, 05:08 PM)Manthink Wrote: [ -> ]Please forgive debono .. this poster is one of the most ignorant fool in SGtalk...

Just because I am anti-CCP I get such remarks..........

(13-01-2023, 05:49 PM)debono Wrote: [ -> ]The danger is that the world may not use USD for trading oil........as it is in the past..........

So be it. I don't see danger. I see opportunity

(13-01-2023, 05:58 PM)debono Wrote: [ -> ]Just because I am anti-CCP I get such remarks..........

U finally admit your heart intent
Got u

Wayang lah!

(13-01-2023, 05:40 PM)Odessy Wrote: [ -> ]Why would China want to buy oil from USA?

More likely USA will buy Russian oil via 3rd party India and China because of self imposed sanctions on Russia

US strategic oil reserve is already depleting and enough for only 18.5 days of import-free usage (vs the initial 30 days).

But to reciprocate, China should also ban the export of its strategic rare earth elements.


After Depleting Oil Reserve, Biden’s Energy Department Refuses to Fill It Back Up
https://sputniknews.com/20230107/after-d...07621.html

(13-01-2023, 05:13 PM)Manthink Wrote: [ -> ]World's only superpower can self-pawn until it can ban itself from the World's largest oil consumer...LOL!

Shooting itself in the foot by weaponising the USD

Assmericunts gia lan kah tao........hosay liao

(13-01-2023, 06:02 PM)Niubee Wrote: [ -> ]U finally admit your heart intent 
Got u

Now I know who the pro-CCP are.............

very political tock k rule.
as if there any difference between the types of oil.
buy want oil who cares where it is from

That’s waicist against Communism!!!

(13-01-2023, 05:58 PM)debono Wrote: [ -> ]Just because I am anti-CCP I get such remarks..........

Your self admission is ironic.

Notice how US gov own "anti-CCP" attitude is similar to an ignorant fool with another self-ban law ?