Trump taps emergency U.S. oil reserve after Harvey

[the game]

The Trump administration has tapped an emergency stockpile of crude oil in response to the major refinery outages in the U.S. Gulf Coast caused by Hurricane Harvey.
Energy Secretary Rick Perry announced Thursday that he authorized 500,000 barrels of crude oil to be drawn down from the Strategic Petroleum Reserve. The reserve is made up of a complex of tanks and deeper underground storage caverns.
The move is aimed at shielding Americans from gasoline prices, which have begun to rise sharply due to a shortage of gasoline caused by refinery shutdowns. Port closures have also left refineries still operating with less access to crude oil shipments.
The oil will be delivered by pipeline to the Phillips 66 (PSX) refinery in Lake Charles, Louisiana, which has not been shut down by Hurricane Harvey.
The Energy Department said it will "continue to provide assistance as deemed necessary," including more potential drawdowns from the emergency reserve.

Historic flooding caused by Harvey has knocked one-fifth of the nation's refining capacity offline, according to S&P Global Platts. Thirteen oil refineries in Texas have been shut down or are in the process of closing, while others are operating at reduced rates.
The Colonial Pipeline, which carries huge amounts of gasoline and other fuel between Houston and the East Coast, is also shutting down.
The widespread disruption in the U.S. Gulf Coast has lifted the average price of a gallon of gasoline by 10 cents to $2.449 on Thursday, according to AAA.

Good. Maybe this will help bring down gas prices until refineries become operational again. Trump is doing the right thing here. Though I'm sure the liberals will find something to complain about.

http://money.cnn.com/2017/08/31/inve...ump/index.html

[Kujako]

Trump did nothing. The energy secretary did their job.

[Draco-Onis]

Good. Maybe this will help bring down gas prices until refineries become operational again. Trump is doing the right thing here. Though I'm sure the liberals will find something to complain about.

http://money.cnn.com/2017/08/31/inve...ump/index.html

Not complaining but gas prices are already low and margins are a problem forcing oil companies to cut jobs, if you want to create jobs lowering prices is the last thing that should be done.

[Breccia]

Well, that's kind of what it's for. At least he appointed someone who is doing their job.

Of course...kind of kills his plan to sell it off, so that's gotta sting.

[Breccia]

I doubt 500,000 barrels will kill off his plan when reserves sit at 688 million barrels.

No, but it's just as politically dangerous as cutting FEMA budget and rolling back flood rules for infrastructure.

[Vertigo X]

I doubt 500,000 barrels will kill off his plan when reserves sit at 688 million barrels.

Bakken also has over 2 billion barrels recoverable. 500k is less than a drop in the bucket.

[Hobb]

Good. Maybe this will help bring down gas prices until refineries become operational again. Trump is doing the right thing here. Though I'm sure the liberals will find something to complain about.

http://money.cnn.com/2017/08/31/inve...ump/index.html

Doing one good thing doesn't make up for his past misconducts.

Besides Texas is a republican state, if he failed to help it out then it could flip in retaliation the next election like it did during Bill Clinton's first election against George H Bush.

Actually it's also a pretty slow reaction. Living in Texas myself the DFW area is pretty much out of gas as of now. Several stations are shutdown and those that still have gas its a 30 minute wait to reach the pump. So a faster response could of helped prevent this situation from happening.

[Felya]

There's your 5%...

[Crissi]

This isn't meant to fix gas prices. It's because we're having complete gas outages. All the ones in my area are out.

I'll take expensive gas over no gas plz

[Belize]

This isn't meant to fix gas prices. It's because we're having complete gas outages. All the ones in my area are out.

I'll take expensive gas over no gas plz

At least you have water and power :v
No shower until Monday will be rough...

[Breccia]

At least you have water and power

We all knew it was coming, but that doesn't make it any better. Hundreds of thousands without both.

Stay strong, Texas.

[Crissi]

At least you have water and power :v
No shower until Monday will be rough...

Ewww, you stinky

I know who I won't be in for awhile :x

[Deleted]

Wonder, who will get liberated to replace those stockpiles?

[Milchshake]

No shower until Monday will be rough...

Just imagine you're at Burning Man. But with fewer drugs and sex tents.

[Kujako]

Just imagine you're at Burning Man. But with fewer drugs and sex tents.

I don't know... I got a tent I could use.

[Breccia]

I know who I won't be in for awhile

Well this thread just got a lot less sexy.

[Zan15]

Good. Maybe this will help bring down gas prices until refineries become operational again. Trump is doing the right thing here. Though I'm sure the liberals will find something to complain about.

http://money.cnn.com/2017/08/31/inve...ump/index.html

They are releasing unrefined oil.
how will it bring down gas prices if there is no where left to refine the oil into gasoline?

its really just showboating to stop any kind of panic but that won't stop the speculators and profit makers from moving in

today's 22 cent gain on spot gas prices (12%) is proof of that

even other refineries and overseas shippers are moving fast to profit on the short term bump in prices.

- - - Updated - - -

Not complaining but gas prices are already low and margins are a problem forcing oil companies to cut jobs, if you want to create jobs lowering prices is the last thing that should be done.

for 46 dollars a barrel margins are actually at a good place for refiners they are making good profits.

[Milchshake]

I don't know... I got a tent I could use.

Then you just need some possums and a jar of peanut butter, then you got a party brother.

[dvaz]

Wonder, who will get liberated to replace those stockpiles?

VENEZUELA! Biggest crude deposits in the world, in a middle of a revolution. Prime for the taking

[Tijuana]

Trump did nothing. The energy secretary did their job.

LOL

If Trump cured cancer, you people would bemoan the jobs lost in oncology.

- - - Updated - - -

VENEZUELA! Biggest crude deposits in the world, in a middle of a revolution. Prime for the taking

So, in your mind, a war zone is a good place to pump flammable liquids out of the earth? I don't think you thought that through....