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groundloop

(13,380 posts)
Sun Jan 8, 2023, 02:11 PM Jan 2023

U.S. Department of Energy rejects initial bids to resupply oil stockpile

Source: Reuters

The U.S. Department of Energy has rejected the first batch of bids from oil companies to resupply a small amount of oil to the nation’s emergency crude oil stockpile in February, according to a DOE spokesperson.

The DOE last month had said it would purchase up to 3 million barrels for delivery to the Strategic Petroleum Reserve in February, the first buy since last year’s record 180-million-barrel release to tame U.S. pump prices.

“Following review of the initial submission, DOE will not be making any award selections for the February delivery window,” the spokesperson said in an emailed statement.

“DOE will only select bids that meet the required crude specifications and that are at a price that is a good deal for taxpayers,” the spokesperson said.

Read more: https://www.reuters.com/business/energy/us-department-energy-says-rejects-initial-bids-resupply-oil-stockpile-2023-01-08/

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dweller

(27,382 posts)
4. Yeh, wasn't there talk of rising prices recently ?
Sun Jan 8, 2023, 02:37 PM
Jan 2023

The holdout stations in my area took forever to come down from $3.49 when other stations were at $3.19 … then everyone settled to $3.09.
One station went up again to $3.19 right after I filled up at $3.09, then within a few days fell back to $3.09 and there they’ve all stayed.

✌🏻

louis-t

(24,499 posts)
12. We went from $2.69 to $3.29 in one day.
Mon Jan 9, 2023, 12:33 PM
Jan 2023

My old saying was "Someone must have farted in Nigeria" when we got most of our oil from them.

BumRushDaShow

(161,994 posts)
6. Well lookie here... The OP triggered me do one of my periodic checks
Sun Jan 8, 2023, 03:01 PM
Jan 2023


(from here pulled today 1/8/23, with close price on 1/6/23 - https://www.marketwatch.com/investing/future/cl.1)

Haven't seen it down that low in a long time. Should have been a harbinger as to why the media stopped talking about it. It hasn't been at or below $70/bbl since the end of 2021 -



(from here - https://www.cnbc.com/2022/11/28/crude-oil-prices-erased-most-of-their-2022-gains-and-could-head-lower.html)

Backseat Driver

(4,671 posts)
7. Yup, good on Joe, the nation's oil "energy aggregator." bunny. Also, likely as not to give mixed
Sun Jan 8, 2023, 03:06 PM
Jan 2023

messages to greedy BigOil profiteering that would not meet the Fed's curb to inflation via their interest rate increases until, for sure, the bigwigs make equal national sacrifices which they can well afford without cutting payroll numbers and that, despite bad-winter weather transportation issues to the local distributors for Americans' tanks. (Gasoline here today, per GasBuddy, between: $3.139 and $3.499 - most $3.299).

8. The big oil companies never allow the price to stay low for long
Sun Jan 8, 2023, 04:29 PM
Jan 2023

They always contrive a way to create an artificial shortage that drives the price up again.

Hortensis

(58,785 posts)
9. Continued short supply from the pandemic adjustments and Russia
Sun Jan 8, 2023, 04:47 PM
Jan 2023

and the Ukraine invasion, including sanctions on Russian oil and gas, mean this is a period of higher prices globally anyway. It's already lead to civil unrest and demonstrations in nations around the planet, and it's going to get worse over the coming winter months.

Btw, energy supply problems, including Europe's due to lack of Russian gas, are predicted to be significantly worse NEXT winter. Energy production overall is still going to be lower than needed, and many nations are still in serious economic trouble from the pandemic and can't take care of their people as well as ours.

republianmushroom

(21,697 posts)
11. it is only a little price gouging and not to much at that.
Sun Jan 8, 2023, 09:03 PM
Jan 2023

Libs don't want us to make money. Were capitalist for god sake's and we make as much as we can when we can

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