The White House trading desk did well this year:
Emergency releases from the U.S. Strategic Petroleum Reserve are slated to end this month, concluding an unusual attempt to lower gas prices after Russia’s invasion of Ukraine sent oil prices soaring. Over the release period, Washington sold 180 million barrels of crude at an average of $96.25 apiece, well above the recent market price of $74.29—meaning the U.S., for now, is almost $4 billion ahead.
Excellent work, team! I hope your boss gets a healthy bonus this year for bucking the conventional wisdom and going short on oil.
So much for going long on climate…
Climate neutral as long as they fill it back up.
To be carbon neutral, it would have to be refilled with biofuels
And never take any out again..,
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By law they can't. Congress passed legislation years ago to permanently downsize the SPR. Countries only have these if they are oil importers, and presently the US is a net exporter.
and they're refilling the reserves now...
Unless the oil was sold overseas, the Federal government presumably came out ahead. Otherwise, for the United States as a whole it is zero sum no?
Buy low, sell high!
"Otherwise, for the United States as a whole it is zero sum no?"
Are you sure? In the absence of the reserve sales, prices would likely have been higher, either do to a greater imbalance between supply and demand, or increased extraction of crude oil from higher-cost sources (e.g. tight oil).
Well, that does bring up a very important question. Did releasing oil from the reserves actually have a meaningful effect on the price of crude and thence gasoline?
The answer is clearly yes.
Where are the charts?-)
Well, there are graphs here, but not the one your looking for:
https://usafacts.org/articles/did-releasing-oil-from-the-strategic-petroleum-reserve-impact-gas-prices/
And exactly who made all the big bucks????
Little known by folks outside Washington but there is a pay cap for Federal Employees, they max out at $176,300 per year.
"...they max out at $176,300 per year."
The President makes $400,000 a year so this isn't true.
The Democrat Party knows Capitalism!!!