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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Kirk © who wrote (14806)	11/7/2022 10:33:57 AM
From: robert b furman	1 Recommendation Recommended By Sr K Read Replies (1) \| Respond to of 26396

My understanding of the turn down is Trump proposed buying oil in the $20-$25 range, the controlling Dems in the Senate put the KABASH on it and stated they were against helping the fossil fuel explorers/producers. Recently I've read that IF they had topped off the SPR, the current draw down would have created a windfall to the government of 5 Billion plus. rediction FulfilledThis week President Biden announced the largest SPR release in the history of the reserve. The White House released the following statement: “The scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time. This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up.” have never seen a release of this magnitude before. If the full release is realized, it will reduce the SPR inventory back to levels last seen in the early 1980s. SPR levels 1982-2022 One thing President Trump did propose was to top off the SPR when the Covid-19 pandemic was crushing oil demand. In March 2020 President Trump directed the Department of Energy to “fill the Strategic Petroleum Reserve (SPR) to its maximum capacity by purchasing 77 million barrels of American-made crude oil.” That directive may be the source of President Trump’s confusion on the issue. However, 1). The directive was never carried out; and 2). The SPR was already within 13% of its highest-ever level when that directive was issued. So it’s not as if the SPR was empty at the time.