US offers 11 million barrels of oil for sale from strategic reserve

[thackney]

US offers 11 million barrels of oil for sale from strategic reserve
https://www.cnbc.com/2018/08/20/reuters-america-update-1-u-s-offers-11-mln-barrels-of-oil-for-sale-from-strategic-reserve.html

The U.S. government has introduced financial sanctions against Iran which, beginning in November, also target the petroleum sector of OPEC's third-largest producer.

The sale appears to be designed to show the Trump administration is taking measures to restrain energy price increases ahead of the sanctions, one crude trader told Reuters.

...The delivery period for the proposed sale of sour crudes will be from Oct. 1 through Nov. 30, according to Monday's notice....

...U.S. President Donald Trump earlier this year complained that oil prices are "artificially very high" and a potential release from the SPR, ahead of the U.S. midterm elections in November, was widely seen as a way to bring relief to motorists who have seen gasoline prices jump in the past year.

However, American drivers are unlikely to see prices at the pump fall by crude releases from the SPR because U.S. oil production already is sky high, analysts have said....

[Night Hides Not]

This will have the same impact as breaking wind in an open field.

Who came up with this stupid idea...Kudlow?

[thackney]

This will have the same impact as breaking wind in an open field.

Who came up with this stupid idea...Kudlow?

About 5 days worth of Iran exports, spread out over 2 months.

[IsailedawayfromFR]

I dislike using the SPR for political purposes, which this appears to be, rather than survival purposes, its original intent.

Certainly it is not for economic purposes, as the crude being sold was likely purchased at higher prices, and the operating costs to place it there and take it out makes the enterprise a real loser.