Comments by "Charlton Christian" (@christiancsq) on "How Hitler Pulled Off the Largest Bank Robbery in History" video.
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When an administration orders the release of oil from the Strategic Petroleum Reserve, “the Department of Energy puts out a notice of sale that alerts companies that oil will be made available for purchase,” said Hugh Daigle, a professor in the University of Texas-Austin Department of Petroleum and Geosystems Engineering. “Companies then bid competitively on the oil, and the winning bidders receive the oil and the bid price.” The winning company works out with the Energy Department when and how it will take possession of the oil.
Sometimes the winning bidders may be U.S. refiners, Daigle said, in which case the oil quickly boosts U.S. gasoline supplies. But in other cases, he said, foreign companies win the bid. This increases the supply of global crude oil and, eventually, helps lower prices in the United States.
The law does not bar foreign companies in good standing from competing in such auctions.
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