Yeh more co2, fuel them big ass SUVs
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Gas demand is not very price sensitive. This won't make people drive more.
Gas demand is absolutely price sensitive lol
Is not though.
People don't start joy riding like mad when the price goes down. The continue to just go to work, to the store, and all the normal stuff. Maybe a couple people road trip more when gas hits $2, but not a significant number.
People may actually drive more when gas prices go up. They might drive instead of flying to a vacation to save money.
Alright, if its pointless lets not release an extra million barrels of gasoline to be converted to co2
It costs a lot of money to store gasoline. Why would we keep paying for that when we could release it and pump a million less barrels out of the earth?
Tapping reserves means less pumping, not more burning.
I swear over the weekend i heard something about them buying. Apparently they have a target cost that they try to keep it to or at least try to prevent sudden changes.
From the Bloomberg article I read on this, 1 million barrels is a blip and won't meaningfully impact prices. The east coast consumes 3 million barrels PER DAY in the month of June.
Also, this action was mandated to happen by congress in a funding bill from March, mostly because the cost of maintaining gasoline reserves is much higher ($13/barrel/yr) than maintaining crude oil reserves ($0.30/barrel/yr).
Why is gasoline so much(!) more expensive to store?
Shelf life is short
Hm, that makes some sense. But rotating the fuel every 6 months or so causing that much cost is crazy. For that kind of money it could be actual barrels and I pump them around by hand.
It's really volatile and prone to evaporate
That does not make sense in a big storage tank.
This is not only politically smart and strategically sound, it's the right thing to do. The oil reserve should be used to moderate prices, and keep everyone from Chevron to MBS in check.
Thanks Uncle Joe and Uncle Sam.
This is 90 minutes of domestic use. It's a nothingburger story. I wouldn't get too far up Uncle Joe's ass.
This is the best summary I could come up with:
WASHINGTON (AP) — The Biden administration said Tuesday that it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.
“The Biden-Harris administration is laser-focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season,″ Energy Secretary Jennifer Granholm said in the statement.
“By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state (area) and Northeast at a time hardworking Americans need it the most.”
White House Press Secretary Karine Jean-Pierre said release of gas from the Northeast reserve builds on actions by President Joe Biden, a Democrat, “to lower gas and energy costs — including historic releases from the Strategic Petroleum Reserve and the largest-ever investment in clean energy.″
Biden significantly drained the Strategic Petroleum Reserve in 2022 following Russia’s invasion of Ukraine, dropping the stockpile to its lowest level since the 1980s.
The election year move helped stabilize gasoline prices that had been rising in the wake of the war in Europe but drew complaints from Republicans that the Democratic president was playing politics with a reserve meant for national emergencies.
The original article contains 442 words, the summary contains 209 words. Saved 53%. I'm a bot and I'm open source!