this post was submitted on 21 May 2024
141 points (96.1% liked)

politics

19107 readers
3040 users here now

Welcome to the discussion of US Politics!

Rules:

  1. Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.

Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.

Example:

  1. Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
  2. Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
  3. No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
  4. Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
  5. No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.

That's all the rules!

Civic Links

Register To Vote

Citizenship Resource Center

Congressional Awards Program

Federal Government Agencies

Library of Congress Legislative Resources

The White House

U.S. House of Representatives

U.S. Senate

Partnered Communities:

News

World News

Business News

Political Discussion

Ask Politics

Military News

Global Politics

Moderate Politics

Progressive Politics

UK Politics

Canadian Politics

Australian Politics

New Zealand Politics

founded 1 year ago
MODERATORS
top 32 comments
sorted by: hot top controversial new old
[–] mephiska@kbin.run 50 points 6 months ago* (last edited 6 months ago) (1 children)

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).

[–] Eheran@lemmy.world 8 points 6 months ago (2 children)

Why is gasoline so much(!) more expensive to store?

[–] crypticthree@lemmy.world 16 points 6 months ago (1 children)

It's really volatile and prone to evaporate

[–] Eheran@lemmy.world 2 points 6 months ago

That does not make sense in a big storage tank.

[–] Coreidan@lemmy.world 5 points 6 months ago (1 children)
[–] Eheran@lemmy.world 2 points 6 months ago* (last edited 6 months ago)

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.

[–] blazera@lemmy.world 13 points 6 months ago (1 children)

Yeh more co2, fuel them big ass SUVs

[–] surewhynotlem@lemmy.world 8 points 6 months ago (2 children)

Gas demand is not very price sensitive. This won't make people drive more.

[–] blazera@lemmy.world -1 points 6 months ago (1 children)

Alright, if its pointless lets not release an extra million barrels of gasoline to be converted to co2

[–] surewhynotlem@lemmy.world 3 points 6 months ago

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.

[–] QuaternionsRock@lemmy.world -4 points 6 months ago (1 children)

Gas demand is absolutely price sensitive lol

[–] surewhynotlem@lemmy.world 12 points 6 months ago (1 children)

Is not though.

https://www.eia.gov/todayinenergy/detail.php?id=19191#:~:text=The%20price%20elasticity%20of%20motor,to%20raise%20automobile%20travel%201%25.

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.

[–] KevonLooney@lemm.ee 5 points 6 months ago

People may actually drive more when gas prices go up. They might drive instead of flying to a vacation to save money.

[–] HubertManne@kbin.social 2 points 6 months ago

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.

[–] Rapidcreek@lemmy.world 2 points 6 months ago (1 children)

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.

[–] ikidd@lemmy.world 7 points 6 months ago

This is 90 minutes of domestic use. It's a nothingburger story. I wouldn't get too far up Uncle Joe's ass.

[–] autotldr@lemmings.world 2 points 6 months ago

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!