- President Donald Trump on Friday said he’s directed the U.S. Department of Energy to purchase crude oil for the Strategic Petroleum Reserve.
- The move was made in an effort to assist U.S. energy producers, which have been battered this week amid an oil price war between OPEC and Russia.
- “We’re going to fill [the strategic reserve] right up to the top, saving the American taxpayer billions and billions of dollars, helping our oil industry,” Trump said.
President Donald Trump on Friday said he’s directed the U.S. Department of Energy to purchase crude oil for the Strategic Petroleum Reserve in an effort to support the battered energy sector. “Based on the price of oil, I’ve also instructed the Secretary of Energy to purchase at a very good price large quantities of crude oil for storage in the U.S. strategic reserve,” Trump said.
“We’re going to fill it right up to the top, saving the American taxpayer billions and billions of dollars, helping our oil industry [and furthering] that wonderful goal — which we’ve achieved, which nobody thought was possible — of energy independence,” he added.
The administration’s move to purchase oil comes after the worst week for crude since 2008 as investors worried over evaporating demand from the coronavirus pandemic and a production ramp-up by top producers. The sell-off in crude whacked the equity of the largest energy companies in the U.S., with Exxon Mobil and Chevron down 20% and 12% respectively over the week.
But following Trump’s announcement on Friday, crude futures jumped 5% following the president’s announcement.
“It is a fantastic idea. The SPR is one of the few levers that the U.S. can pull in times of oil market tumult,” said John Kilduff, founding partner of Again Capital. “It has served the country well when supplies get tight or otherwise become unavailable during times of natural disasters or geopolitical turmoil. Releases of supplies have served to short-circuit price rallies in the past, and this filling may well serve to ebb the current sell-off.”
Cheap oil from Saudi Arabia, the world’s largest exporter, and the United Arab Emirates is aggravating the pressure on prices after talks to cut production with Russia soured late last week. Russia, the world’s second-largest producer, does not appear willing to return to its agreement with the Organization of the Petroleum Exporting Countries (OPEC), which has kept oil in a range around $30 a barrel for much of the last week.
For the week, Brent is set to fall around 24%, the biggest weekly decline since December 2008, when it fell nearly 26%.
“As of the latest data (March 6) the SPR was 92 million bbl short of capacity. This is the perfect time to top it up: prices are low and we’re engaged militarily in the Middle East. For once, Russia’s loss is our gain,” said Scott Nations, chief investment officer of NationsShares.
Oil and gas lobbyists met with White House policy staffers Wednesday morning to discuss the administration’s response to the economy, OPEC price war and the coronavirus, a representative for the American Petroleum Institute told CNBC. Meanwhile, the Energy Department had on Tuesday suspended the sale of crude oil from the Strategic Petroleum Reserve that would have put more oil into the market.
The move to purchase more oil for the U.S. reserve also came as part of the administration’s response of supporting the American economy that’s trying to determine to what extend the novel coronavirus will impact growth. Trump declared a national state of emergency in his Friday speech from the Rose Garden.
DAWG SAYS: SOME PEOPLE FEEL THIS WAS A BRILLIANT MOVE BY TRUMP. THE SAUDIS WERE TRYING TO FLOOD THE MARKET AND DRIVE THE US AND RUSSIA OUT OF THE OIL MARKETS. TRUMP JUMPED ON IT. YOU TELL ME WAS IT A GOOD MOVE? OR NOT. IT APPEARS TO SAVE A LOT OF MONEY FOR CONSUMERS.Take Our Poll
DAWG SAYS: STAYING WITH MY POLICY ON DAWGS BLOG TO TRY TO STAY AS COMMUNITY ORIENTED AS POSSIBLE, I HAVE BEEN ASKED TO TRY TO HELP A BUSINESS DEEPLY HURT BY THIS CURRENT SITUATION.
THIS IS NOT A PAID ADVERTISMENT JUST TRYING TO HELP OUT THESE PEOPLE.
ANYONE ELSE IS WELCOME TO CONTACT ME FOR A HIGHLIGHT OF THEIR BUSINESS TO GET SOME ATTENTION.
YOU ALL KNOW TOM JENSEN AND HIS WRITING AND THE SHIRTS HE IS WELL KNOWN FOR WEARING.
AN URGENT PLEA FOR HELP
BY WILLIAM THOMAS JENSEN (TOM)
For almost four years, many of you read my articles of the Frank Carson et al murder trial. On most of these articles, you could see a picture of me wearing my beloved tie dye shirts. I have worn one every day of my adult life. All of these fabulous tie dye shirts have been obtained from Harmony Tie Dyes. Harmony Tie Dyes is a small business in Modesto, California. It is family owned, and is now being run by the second, and third generations of the Gleser Family. The business has been in continuous operation since the early 1970’s. Harmony Tie Dyes receives the vast majority of their income by doing craft fairs throughout the Western United States. The recent cancellation of all of these craft fairs is putting the family business in very serious jeopardy.
I am pleading for all of you to help this business survive this world pandemic by purchasing tie dye shirts and other products from this family owned business. Brian, Heather, and their son Onyx run their business out of a house that is located at 512 14th street, Modesto, California, 95354. Their telephone number is (209) 918-7472. If you plan to visit their business, I request that you call ahead to make sure that they will be there for your arrival. You can text them at HarmonyTieDyes1. They have a website where you can shop and order their products. The website is HarmonyTieDyes.com. They can also be reached at HarmonyTie-Dyes@sbcglobal.net.
Harmony Tie Dyes can custom tie dye any cotton garment that you want with an unlimited number of options available. They make bed spreads. I have never asked anything from any of my readers until this urgent request. Please help this young family and their business survive by giving them the opportunity to make some income. You will love their work. Their colors last a very long time. My wife has shirts that were made by their parents that started the business in the early 1970’s. I thank you for your generous help in keeping this fine family business in operation during these troubled times.
Sincerely; William Thomas Jensen (Tom)
HARMONY TIE DYES
512 14TH STREET
MODESTO, CA. 95354
CONTACT MARTY @ DAGONNITDAWGSBLOG@GMAIL.COM TO HAVE YOUR SMALL BUSINESS FEATURED.
THE WAR OF WORDS HAS BEGUN
China took a combative stance on Wednesday, accusing the United States of starting a diplomatic war that led it to expel almost all American journalists from three newspapers.
In articles and commentaries from China’s propaganda organs as well as remarks by a top spokeswoman, Beijing indicated it would not back down, accusing the United States of starting the dispute. The state media commentary also focused sharply on reporting by the three outlets, The New York Times, The Wall Street Journal and The Washington Post, which the government has often accused of being unfair.
“We reject ideological bias against China, reject fake news made in the name of press freedom, reject breaches of ethics in journalism,” tweeted Hua Chunying, a Chinese foreign ministry spokeswoman.
An article from The Global Times, a stridently nationalistic tabloid controlled by the Chinese Communist Party, criticized the The New York Times’s coverage of the coronavirus outbreak, the monthslong antigovernment protests in Hong Kong, and the Chinese authorities’ internment of ethnic minority Muslims in far western Xinjiang. The paper’s coverage of the epidemic, the article said, was “aiming to attack China’s political system and smear China’s efforts” to contain the virus.
It said reports by the Times and other outlets about the government’s policies in the Xinjiang region had “smeared and attacked China without basis.”
Under China’s leader, Xi Jinping, the news media has come under an increasingly tighter grip and foreign reporters have been punished with visa denials. In recent weeks as the coronavirus spread through China, the government cracked down on domestic and foreign reporting, muzzling medical professionals and censoring and removing reports and commentary online that has challenged the official narrative.
China said Tuesday that it would require all American journalists for the three newspapers whose credentials expire by the end of the year to turn in their press cards within 10 days. It said they would not be allowed to continue working as journalists in China.
In an unusual move, its announcement said the Americans were also forbidden from working as journalists in Macau or Hong Kong, two semiautonomous Chinese territories that have traditionally had greater protections for press freedom than the mainland. It was not immediately clear how Beijing would enforce this.
China also said it was requiring the three outlets as well as Time magazine and Voice of America to disclose details of their staff, assets and operations in China.
The move would affect at least 13 American journalists but the number could be higher, the Foreign Correspondents’ Club of China said in a statement on Wednesday.
The organization said the expulsion “diminishes us in number and in spirit, though not in our commitment to vigorously cover China. There are no winners in the use of journalists as diplomatic pawns by the world’s two pre-eminent economic powers.”
The news outlets condemned the Chinese government’s decision. Secretary of State Mike Pompeo called the expulsions “unfortunate” and said he hoped China would reconsider.
Beijing has said that the move was in retaliation for the Trump administration’s decision to limit the number of Chinese citizens from five state-controlled Chinese media outlets who can work in the United States to 100, which forced the expulsion of about 60.
The Global Times echoed this in an editorial on Wednesday that accused Washington of starting the tit-for-tat. “As a Chinese media, we regret that the conflict between China and the United States has escalated due to political differences,” adding that both Chinese and American journalists were “implicated by political frictions between China and the United States.”
The moves against the American outlets follow the expulsion of three Journal reporters over the headline last month, “China Is the Real Sick Man of Asia,” on an op-ed column about the country’s coronavirus response efforts.
In recent days, the People’s Daily, a Communist Party mouthpiece, and China Daily, a state-run newspaper, posted messages that circulated widely on China’s Twitter-like forum Weibo targeting the Times for what they called “double standards” in its tweets about the lockdown imposed in China and in Italy to curb the spread of the virus.
The foreign ministry left several questions unanswered in its statement on Tuesday, including how and whether the Hong Kong government would take further steps to enforce Beijing’s expulsion. Hong Kong operates under a political formula known as “one country, two systems,” that promises the Chinese territory a high degree of autonomy, including independent courts, a free news media and extensive protections of civil liberties.
Many global news organizations use Hong Kong as headquarters for the Asia region. Under the Basic Law, Hong Kong’s mini-constitution, the region has jurisdiction over immigration matters. If Hong Kong refused to allow the journalists to work in the city, it would be seen by some critics as the latest sign of eroding freedoms in the territory.
“Whichever way Beijing decides to proceed, it will be a blow to the ‘one country, two systems’ formula,” said Jason Y. Ng, a prominent writer and lawyer in Hong Kong. “So let’s hope that this hastily put together statement is more political posturing than genuine policy and that the Foreign Ministry has no intention to actually implement it in Hong Kong.”
DAWG SAYS: I KNEW IT SOONER OR LATER WAS GOING TO HAPPEN. BUT THERE ARE SOME GLARING ISSUES THAT KEEP COMING OUT IN THE SITUATION.
Last updated: March 18, 2020, 04:57 GMT
Currently Infected Patients
in Mild Condition
Serious or Critical
Cases which had an outcome:
Recovered / Discharged
More recover than die
People get over your selves…..
See more info and stats here:
DESPERATE FOR SOME JUICE?
LET ME KNOW WHEN YOU SEE IT.
When your phone is low on power and you’re about to board a long haul flight, anything goes. It seems like this passenger found a clever way around using the provided charging machine and saved a few cents to boot. Why he/she didn’t just pay the fee to use the charging device remains a mystery to this day but at least the device was charged in time to enjoy some in-flight entertainment.
Imagine how frustrating it would be if Tic-Tacs were individually wrapped.