Quote:
Originally Posted by Pete
Good time to fill the strategic reserve.
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They were going to refill the strategic reserve but the money appropriated to buy oil was written out of Coronavirus Aid, Relief, and Economic Security Act. But it may be good because the SPR is gonna lease excess space to producers and charge them. Revenue from the government.
But honestly they will be giving the oil away for free because they can write the loss off and the government will give them oil producing company a greater tax break or something.
And this is not a time to bail out any oil company. They have profited plenty and didn't fill the coffers to weather the storm of low oil prices. I think it's funny watching the Middle Eastern Countries offering government bonds to fund their budget deficits. I think this is good payback for what they did in the '70s and when oil sky rocketed in the late 2000s.