Is Trump begging the Saudi's because of his dumping stratigic oil reserves when prices were at their lowest?

Trump dumped a lot of his strategic reserves when oil was going for next to nothing. Now, oil prices are skyrocketing. How would it look to the world to see him in the same boat he drove the rest of us into as for oil investment? He would show the greatest lost from any US president in the USA's history. If you must, beg away to the Saudi's.

The rest of the world watched in amazement as Trump dumped the USA's strategic reserves for next to nothing. At the time, he appeared to want to show how much more income he could pump into the US economy compared to previous presidents. He went further with import taxes and other penalties. NAFTA out the window. Trade for other countries out the window. Now, reality sets in.  He would lose a lot of US tax payers' money to replace the strategic reserves at these oil prices. Should oil leap to $120 per barrel, he'd be up to his behind in questions from his opposition. The world would see him as a person that stepped on everyone only to lose money.

It's likely why he's calling out his closest allies as a threat to national security. He wants them to give him oil for next to nothing.

Most of the world watched in awe and liked him as president. But, the psychology of an losing investor can make that investor do crazy things. What will someone with his ego do next? The world is watching.  

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No idea !!!

 

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Thanks Hitendra. Maybe, President Putin could help out. His oil is as good as the next fellows. We'll have to see how the Russian government reacts. No offense to anyone intended. They are both great men.

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I had no idea Trump was POTUS in 2014.  Thank you for clearing that up.

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Trump didn't start the shale boom.

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On 6/6/2018 at 1:08 PM, Danny Hangartner said:

The rest of the world watched in amazement as Trump dumped the USA's strategic reserves for next to nothing.   

Do you have the figures for how much was paid for the oil in the SPR, and how much money the oil was sold for out of the SPR? 

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On 6/6/2018 at 1:08 PM, Danny Hangartner said:

The rest of the world watched in amazement as Trump dumped the USA's strategic reserves for next to nothing.

Lets put the blame where it belongs CONGRESS.  Yeah Trump signed the budget bill but he signed it to get some of the things he wanted for the American People.

The Dems pushed it and the Do NOTHING, Ancient, feckless GOP ( who also hate Trump) let it pass out of Congress.

Trump has no political party backing him but he has a NATION that has his back.

DYODD

 

 

 

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(edited)

According to the Strategic Petroleum Reserve's own website, it currently has 660.2 million barrels out of a maximum capacity of 727 million barrels.

I think now that Trump's secret request to Saudi Arabia is revealed, it will be harder to convince the rest of OPEC to increase output because the reasons Saudi Arabia gives for justifying the increase ("market balance") will be seen as an attempt to deflect from the real reason Saudi Arabia wants production to be increased.

Edited by AE911truth.org
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(edited)

1 hour ago, Rodent said:

Do you have the figures for how much was paid for the oil in the SPR, and how much money the oil was sold for out of the SPR? 

From what I understand, 15 percent of the reserves are to be sold betweeen 2022 and 2027, none have been sold yet.  The Trump administration originally proposed selling half of the SPR.  The SPR paid an average price of $29.70 per barrel for its oil.

Edited by AE911truth.org
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By bringing up the wrongful dismissal of Russia from the G7, Trump has gone begging the Russians to raise their output.

Should he dump all the reserves from the strategic reserve's salt domes, he'd be wise to fill them with Alberta oil sands crude. It wouldn't be safe to process it into rocket fuel and store so much.

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20 hours ago, AE911truth.org said:

From what I understand, 15 percent of the reserves are to be sold betweeen 2022 and 2027, none have been sold yet.  The Trump administration originally proposed selling half of the SPR.  The SPR paid an average price of $29.70 per barrel for its oil.

Those figures are highly inflated. When USA saved Kuwait from IRAQ, they filled the reserves to last at least a war that could last ten years. It went on for many years. I think that they filled them for about $5 to $10 per barrel. Likely, the rest was profit for transport fees and such. Never, rely on figures from USA representatives because if you did, the USA would have more oil in one field than the rest of the world combined. And, it appears that the selling off of their reserves got so out of control that they never even bothered to make it appear that they sold it from the USA. It hit the overseas market as soon as it was loaded from Kuwait. It's not as though Kuwait did anything wrong. They had lost their country, and the USA was the only country to step in and save them. As well, the Saudis stepped p to help Kuwait fill the reserves to insure a peace and a stability to the Middle East. The Middle East was going through all sorts of wars.

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The US can sell all the oil in the SPR. N America is net oil independent now. Besides the US has over 7,000 drilled but uncompleted wells. Maybe an oil expert can give us an idea of how much oil those wells could produce.

 

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The oil reserves were intended to provide for fuel for the Navy, in particular in times of war. Remember that in those days you have these big battleships with their 18-inch guns and 30-inch armor belts of solid steel to push through the water, using steam propulsion created by burning Bunker "C" fuel oil.  Well, battleships are now museum pieces, the Navy uses nuclear power for the big stuff, even frigate size gets a small nuke power plant, all the subs are nuke, so that oil reserve is less of a critical necessity than it once was. 

All that said, I recall the original scheme was that the US Govt did not actually pay for the oil put into the reserve, it was accepted in the form of an extraction tax from pumped oil, instead of cash.  Is that not still the case?  Anyone?

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