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Originally Posted by 493rd
And why is this happening? Because they’re trying to speed up refilling the SPR
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Quote:
Originally Posted by 493rd
Just speaking facts bro. And selling oil from the SPR to China had nothing to do with driving down prices. You wanna debate a guy who worked on the floor of the Merc about commodities pricing and supply/demand?
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Wait, wut?
So selling oil from the SPR to China drove prices down?
But now, the Feds desire to fill the SPR is causing a surge in production that is also driving prices down?
I guess the Feds should continually fill and drain the SPR?
Only three years after U.S. oil production collapsed during the pandemic, energy companies are cranking out a record 13.2 million barrels a day, more than Russia or Saudi Arabia. The flow of oil has grown by roughly 800,000 barrels a day since early 2022 and analysts expect the industry to add another 500,000 barrels a day next year.
The surge in output has helped push down gasoline prices