Skip to comments.China non-committal on U.S. 'drop in the ocean' oil release
Posted on 11/25/2021 7:46:03 AM PST by TigerClaws
China, the world's largest crude importer, was non-committal about whether it will release oil from its reserves as requested by Washington, while OPEC sources said the U.S. action has not made the producer group change course. On Tuesday, U.S. President Joe Biden's administration announced plans to release millions of barrels of oil from strategic reserves in coordination with other large consuming nations, including China, India and Japan, to try to cool prices. Report ad The United States has made the largest commitment for a reserves release at 50 million barrels of pre-approved sales along with loans to the market, but without China, the action would have less impact.
There was no further announcement from Beijing on Thursday after China on Wednesday said it was working on its own reserves release, confirming a Reuters report last week that China would release oil according to its needs. Report ad On Tuesday, Biden had told a briefing China "may do more".
Rumors of coordinated action drove crude prices lower ahead of the U.S. announcement, but the international market rose more than 3% on Tuesday as Washington confirmed it would tap its strategic reserve and the market lacked clarity on China's intentions.
(Excerpt) Read more at reuters.com ...
This makes me see red. The communists will rightfully decline and make grave and courteous faces as they do it, and laugh hilariously at our stupidity to our faces in non-official settings.
Trump wanted to fill the Strategic Oil Reserve to the to; when oil was super cheap and futures were at zero.
Democrats blocked him.
gave the Taliban our best equipment and now is giving china our oil reserves, when do we mass arrest these pri##s for treason and put them in front of a firing squad
I wonder if any of the airheads in this admin realize that oil is not money. On the latter, if you need to pay for some corrupt program your sponsors can skim you can just print more bills. Killing trees, yeah, but concern about environment is also fake. However, yah can’t create more oil unless yah drill — and the elites in charge ignore that.
After begging OPEC to produce more and they gave us the finger, now sock Puppet is begging the Chinese! God, how low we’ve sunk in less than a year.
IIRC one barrel of crude oil produced ~20 gallons of gasoline.
USA consumes about 350 MILLION gallons of gasoline per day.
Barbie says “Math class is tough”.
50 million bbls is about one eighth of 1 percent of annual global consumption; not nothing, but not much
On the other hand, Biden cut off new oil and gas leases, ended construction of the Keystone pipeline, is considering shutting down the Michigan pipeline, and has suspended financing of international oil and gas sales. All of these measures will reduce production by much more the 50 million bbls per year (that is, on-going), and also disrupt distribution.
Biden has a schizophrenic approach to coal. During the campaign, he said he was going to end fracking and end drilling for oil and natural gas on federal lands. Also, he was going to restore Obama-era regulations on coal (concerning “microparticulates”).
Since taking office, the federal government has continued to permit drilling and fracking. He seeks the federal government to “invest in” carbon sequestration (this means capturing CO2 at the power plant and then putting it somewhere, such as deep in the earth in the manner of fracking).
So, with respect to drilling for natural gas and oil, fracking, and continued reliance - even rejuvenating reliance on coal - we have a pragmatic policy. Let’s hope this continues.
Carbon sequestration and fracking together offer the possibility of collapsing net emissions of carbon dioxide to a small fraction of what we currently have (which is pretty low compared to amount of energy we use). Combining these actions with growing trees and with sequestering the bio-matter in land fills (so it doesn’t decay and emit carbon dioxide or methane) could get us the rest of the way. We actually don’t need wind or solar, which are only practical in special circumstances. And, then there nuclear and perhaps even thorium. We’re nowhere near running out of energy, and the Earth is not hanging in the balance.
The climate alarm is over, guys. At least as far as we’re concerned. (China and other developing countries are another matter.)
BTW Trump was taking steps on three of these fronts (carbon sequestration, fracking and trees).
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