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Well, it’s eclipse day. As this is written, I am squarely in the zone of the total eclipse…with overcast skies forecast. By Monday? Who knows.<\/p>\n
Top of the stack: We have written multiple times previously of the administration’s gutting withdrawals from the Strategic Petroleum Reserve. That’s the stockpile of oil that helps shield us from massive price shocks or shortfalls if the world goes mad.<\/p>\n
The administration withdrew a record 180 million barrels in 2022 to counter supply issues created by Russia\u2019s invasion of Ukraine \u2014 but Energy Secretary Jennifer Granholm said in March that the strategic oil reserve would be replenished by the end of the year.<\/p>\n
The SPR currently holds about 363 million barrels, according to Energy Department data \u2014 down from nearly 600 million at the beginning of 2022.<\/p><\/blockquote>\n
Sounds to me like we should be putting around 240 million barrels back in. Gonna cost some, right?<\/p>\n
The DOE has said it\u2019s aiming to buy back oil for the SPR at $79 per barrel or below, less than the average of about $95 it received for the 2022 sales.<\/p>\n
However, amid increasing prices \u2014 currently hovering at around $85 per barrel \u2014 the DOE has decided to pull back on further purchases until market conditions improve.<\/p>\n
Bob McNally, president of consultant Rapidan Energy Group, who served as an adviser to former President George W. Bush, told Bloomberg he believes domestic crude prices will likely remain high for the rest of the year, which means the refill program could remain paused for a while.\u00a0 MoneyWise<\/a><\/p><\/blockquote>\n
So let’s be sure we understand: we sold it off at $95 a barrel. Current market price is $85 a barrel. So effectively we are pocketing $2,400,0000 profit and it ain’t enough? Or is this another way to pressure us all to buy EVs?<\/div>\n<\/div>\nIn other news:<\/div>\n\nThe Biden administration is preparing new proposals aiming to reduce or cancel student loan debt for millions of borrowers, two sources familiar with the plans told CNN, another attempt to addressbuying votes<\/del> a key issue facing voters before November\u2019s election.<\/div>\n<\/blockquote>\n\n\nThrough the expected new proposals, first reported by The Wall Street Journal, the administration is aiming to ease student loan debt for borrowers experiencing hardship in their daily lives that would prevent them from being able to pay back their loans, one of the sources said. It will also help ease the burden on borrowers who have seen their interest significantly accrue over time, that source said.<\/p>\n<\/blockquote>\n
Target groups include:<\/p>\n
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- Currently have balances bigger than what they originally borrowed. (Does no one understand what a balloon payment or high interest means?)<\/li>\n
- Entered repayment at least 25 years ago.<\/li>\n
- Attended career-training programs that created \u201cunreasonable debt loads or provided insufficient earnings for graduates\u201d or that have\u00a0<\/strong>an \u201cunacceptably high student loan default rate.\u201d\u00a0 (translated: picked majors stupidly)<\/li>\n
- Are eligible for existing student loan forgiveness programs but have not applied. (ah, the LAZY who picked stupidly)<\/li>\n
- Are experiencing financial hardship. (because they chose…well, you’ve already heard it)\u00a0 CNN<\/a><\/li>\n<\/ul>\n
Well, I guess we know where about a quarter billion dollars of this will come from…see above.<\/p>\n
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