Posted on 11/23/2021 7:57:24 AM PST by ChicagoConservative27
Oil prices rose above $81 a barrel on Tuesday morning after the Biden administration announced the U.S. and other nations would release tens of millions of barrels of oil from reserves in a ploy to lower prices.
The price of Brent, the global benchmark, rose by more than two percent following the announcement that the U.S. would be releasing 50 million barrels from the Strategic Petroleum Reserves. China, India, South Korea, Japan, and Britain are also planning to release reserves, the White House said.
(Excerpt) Read more at breitbart.com ...
The market can see the poor policy this is.
—”50,000,000 barrels is a fart in a whirlwind compared to world demand each day.”
I’m seeing about 337 million gallons per day used in the USA.
And one barrel produces approx 20 gallons of gasoline.
Looks like it might provide a couple of days’ useage.
As the economy swirls down, energy use will drop, and maybe price too? Then they will claim they forced the price down.
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