Posted on 11/23/2021 6:03:24 PM PST by where's_the_Outrage?
The United States Oil ETF (NYSE: USO) traded higher by 2.4% on Tuesday after President Joe Biden announced he will be releasing oil from U.S. strategic reserves in an attempt to lower global gasoline prices.
What Happened? The White House said Tuesday the U.S. will release 50 million barrels of crude oil from its Strategic Petroleum Reserve. The decision is part of a coordinated effort with China, Japan and other energy consuming nations to combat a rapid rise in energy prices. U.S. gasoline prices are currently near seven-year highs.
Why It’s Important: The coordinated oil release includes U.S., India, China, Japan, Korea and the United Kingdom and is the first of its kind in history.
“The President stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate supply as we exit the pandemic,” the White House said in a statement.
(Excerpt) Read more at msn.com ...
VIDEO: Biden blames high gas prices on OPEC and large companies not ramping up production
Releasing from the reserves just makes the demand look higher in the long run. That’s the emergency resource, not actual supply. Stupid. Its intentional that they want the oil prices higher.
Barron’s continues to report that oil prices initially dipped on the news, which, of course, is the exact opposite of the truth.
Stupid, stupid leftists.
And when the reserves are gone we’ll be helpless in a real crisis. All part of the plan, no doubt.
“ The President stands ready to take additional action, if needed”
Like Hunter and a can of beans to combat gas prices? 🤪
Biden isn't doing this to lower the price of fuel and to help the American people. He's doing this OUT OF SPITE, STRICTLY for the purpose of REVERSING TRUMP'S REPLENISHMENT OF THE STRATEGIC NATIONAL RESERVE.
As of this hour, the Commodities Market has responded: Ho-Hum.
In other words, the world market is not believing that anything of this sort will change the supply vs. demand curve in any meaningful way. Prices are going up after this limpid announcement.
hmmm... instead of “limpid announcement”, “flaccid announcement” would have probably been more appropriate.
I guess no one is going to point out that Trump was filling the reserves a year ago and was flush with home produced oil...hmm, what changed. Of course there will be a media blackout about this “inconvenient truth”
These scum-sucking anti-American traitors.
For me, this is just another thing that I can point to that Trump did responsibly and correctly. He directed his administration to buy as much oil as it could when prices were low, and to stock up the reserves which I believe he actually topped off.
Then, when these grifting, incompetent, raging asshole scumbags get into office, they raid that to pull their asses out of the fire, though it isn’t going to work.
Boy, do these people piss me off.
My understanding companies are borrowing the crude and must pay back in crude in the future. Therefore, a refiner is borrowing crude today and must buy crude in the future to replace it. A refiner would acquire futures contracts to hedge this cost. In doing so, the price of crude will be drive UP because of the futures contracts being bought.
Totally counter productive.
Would someone tell Biden that the reserve is for emergencies.
Our military is TOTALLY dependent on fossil fuels.
AND the majority of the population.
When will these idiots find out that electricity is not created with a kite and a key.
I heard reports that the release’s entry to the market is by sending oil to China and India.
Right after Biden depletes the oil reserve.
Chinese Premier Xi: “ Initiate the invasion of Taiwan”.
We use 18 million a day...he let out 50 mllion over a few months
Its better than that. 30 million barrels are being exported to China.
Rigged.
Rigged stock so called “market”
Government pensions.
MBSs
CDOs
MBS real estate paper trail
Banking
Rigged
Rigged
Rigged
Oil FUTURES shot up 5.5% after Brandon announced this flaccid P.R. stunt.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.