Posted on 11/23/2021 7:30:01 AM PST by Hojczyk
Oil futures ended higher Monday, lifted after a news report said the Organization of the Petroleum Exporting Countries and its allies could rethink plans to continue with modest output increases if the U.S. and other energy-consuming countries follow through on plans to release crude from strategic reserves.
Meanwhile, President Joe Biden could announce a release from the U.S. Strategic Petroleum Reserve alongside other countries as early as Tuesday, Bloomberg reported.
(Excerpt) Read more at marketwatch.com ...
So Biden wants to empty our oil reserves, to make up for his stupid moves to shut down pipelines and end our being an energy producer. What happens when those reserves are empty and fuel prices continue to rise? What’s Plan B?
This is ludicrous! All president Dufus has to do is reinstate the Keystone Pipeline and drop the restrictions he imposed on federal and offshore oil leases. Expectations alone would immediately drop distillate fuel prices and this would trickle through the distribution chain and help lower the current rate of inflation. Instead, this idiot wants to beg OPEC. Does anyone need any more proof that Obama is making this puppet dance?
Things would be fine if the lunatic Biden cabal simply put things back how they found them. When lunatics rule, civilization ends.
What emergency other than democrat poll numbers would cause one to release oil from our reserves?
This is what you do when another nation is paying you to destroy The US.
If a showdown is looming and oil price is going up, that implies Joe will lose.
First of all...stop exporting.
What happens when those reserves are empty and fuel prices continue to rise? What’s Plan B?
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Plan B is to make the cost of production and use of fossil fuel products prohibitive. It’s actually Plan A, which was and is to put fossil fuel industries OUT OF BUSINESS!
AND WHEN THAT'S GONE, THEN WHAT, IMBECILE?..........................
The amount of oil Biden is planning to release from the Strategic Reserves amounts to maybe 1 day of worldwide energy usage which means the effect of Biden’s actions are miniscule if that...
I thought that Biden was already tapping the SPR for export to Asia.
I swear, these people must be the absolute STUPIDEST PEOPLE ON THE FACE OF GOD’S GREEN EARTH!!!!!................
Surrender.
I thought that Biden was already tapping the SPR for export to Asia.
In June, Reuters reported that the United States could sell $6 billion worth of crude oil from the SPR to help fund the massive infrastructure deal. The White House confirmed that the SPR was one of the proposed financing sources. The United States will hold its largest sale this year of crude oil from its SPR, at 20 million barrels. This amount is twice what it sold a few months ago, according to a statement issued on Monday by the Office of Fossil Energy and Carbon Management... The U.S. Department of Energy will take bids until August 31, with award contracts occurring by September 13... Earlier this year, the DOE sold 10.1 million barrels of crude oil from the SPR,.. As of August 20, there were 621.3 million barrels of crude oil in the SPRthis is 16 million fewer barrels than what was in the SPR in February, prior to the previous sale.- https://oilprice.com/Latest-Energy-News/....
And as a somewhat mutual agreement, but who gets the short end?:
China Releasing Some Oil From Strategic Reserves After U.S. Invite Bloomberg News Thu, November 18, 2021 (Bloomberg) — China is releasing some oil from its strategic reserves days after the U.S. invited it to participate in a joint sale, suggesting the worlds two biggest oil consumers are willing to work together to keep a lid on energy costs...We will release more details on the volume of oil and date of its sale on our website in due time, just like we did in the first public auction, said the reserve bureaus spokeswoman. - https://finance.yahoo.com/news/china-rel....
Don’t be fooled by this.
This action is not to intimidate OPEC, who laughed in his face, but to impress his base here at home, to show “HE CARES”.
They know that high gas prices are a killer in elections.....................
Which is more crude - Biden or OPEC?
That’s a toughie. It’s a big f-—ing deal!
And his base will rejoice and the media will sing his praises when the cost of gas goes down a nickel for about a week.
Exactly so.
All they have to do is time the release just right so that the price comes down just prior to the election..........
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