Skip to comments.No one to blame for the oil crisis but Biden's lousy policies
Posted on 12/17/2021 2:51:29 AM PST by Kaslin
If you are not Greta Thunberg, but the president of the United States, what's the first thing you do when returning from a global climate conference — especially one where you pledged to reduce emissions by over 50% in eight years? How about releasing an additional 50 million barrels of oil from your strategic reserves while begging domestic and foreign oil producers to ramp up production? Sorry, that was trick question.
The move by the Biden administration a few weeks ago to fight soaring gasoline prices by tapping U.S. strategic reserves is not only bad policy, but also destined to fail. High prices at the pump are completely his doing, and now the political fallout is hitting not just the flyover states, but the compounds of coastal liberals. This is nothing more than a knee-jerk response for the news cycle.
Let's do the math. The pledge is to release 50 million barrels from strategic reserves into the market along with similar pledges from ally nations that add up to about that much as well. That's a total of 100 million barrels. Ready? That's one day's worth of global consumption. One day!
No, this will have zero effect on the market price at all. It's not even a rounding error. In fact, spot oil prices are rising in response, and most traders are pricing oil futures a few months out at levels that put sweet light crude around $100 per barrel. That's 25 bucks more than it trades at now. What does that mean? It means more than a buck more per gallon at the pump!
(Excerpt) Read more at americanthinker.com ...
No, this will have zero effect on the market price at all
Nay, nay...gas prices dropped a whole nickel a gallon!
So proud for another SUCCESS, crowed the sphincter with feet and his red haired debil chile Nut Psaki.
These people suck.
Nobody in this country, including the democrats who voted for him, does not realize Biden is really screwing up and will not reverse course on his policies.
One shouldn’t forget that President Donald Trump wisely “topped off” the depleted Strategic Petroleum Reserves when oil was running close to ZERO taxpayer’s dollars/barrel in cost.
The cost to refill, if done now, is expected to be in the area of $100/barrel. This must be figured in to the expense of this foolish symbolic move.
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