Posted on 12/17/2021 10:44:56 AM PST by SaxxonWoods
The Department of Energy is selling 18 million barrels of sour crude from storage caverns in Texas and Louisiana in a tender that closes Jan. 4, with deliveries from Feb. 1 through March 31, according to a statement on its website.
Crude futures have dropped about 15% since late October, when President Joe Biden and his team began indicating they were considering a variety of tools to bring down fuel prices. Oil has fallen more sharply since news of the omicron variant of the coronavirus broke in late November.
Biden to Release U.S. Oil Reserves in Challenge to OPEC+
(Excerpt) Read more at finance.yahoo.com ...
Amazing how supportive and positive they are with Biden, in stark contrast to Trump, no matter what Trump did it was never, "Trump and his team" it was always, "That rotten Trump announced what he did today to put Democracy in jeopardy."
18M barrels. That about 1 days worth of U.S. oil consumption.
This is about $$$ for democrats. 10% for the big guy.
So it is a strategic reserve for a reason…plus rat gas will still be sky high…
Trying to makes us vulnerable.
Oil is down because of the virus...
These flaming assholes do not understand the word, “strategic.” The reserve is for emergency use, not a lame, feeble attempt to bring down gasoline prices.
I believe this was also done during the Obamer years.
I agree though these are basically symbolic amounts that give Biden a way to falsely claim credit for lower prices. I predict Biden keeps this up through the midterms, with probably two more sales.
The oil supply problem that isn’t going away is the lack of investment for future production. Democrats are pushing big investors to defund oil and it has hurt. Investors may rush in when the return really looks good down the road, but there is a time lag and many steps in between investing in production and oil coming out of the ground.
The other unknown is how OPEC+ will react though we know they like stable and slowly increasing prices best. We also know most of them don’t break even with their welfare states’ costs until oil is close to $100 barrel.
“Amazing how supportive and positive they are with Biden, in stark contrast to Trump, no matter what Trump did it was never, “Trump and his team” it was always, “That rotten Trump announced what he did today to put Democracy in jeopardy.”
Joseph ‘Robespierre’ Biden is just getting started on his campaign to destroy America. He’ll continue the screw up and the media will continue to run cover for his incompetence.
Eventually, many voters will have buyers remorse, which should help the Trump “come back.”
Republicans fill it, Democrats draw it down. I don’t think it’s ever been used directly for its stated purpose. It’s just another path to “free” things. To a Democrat, free means “paid for by taxpayers”.
“The oil supply problem that isn’t going away is the lack of investment for future production. Democrats are pushing big investors to defund oil and it has hurt. Investors may rush in when the return really looks good down the road, but there is a time lag and many steps in between investing in production and oil coming out of the ground.”
Good post.
I wish every Congressional Republican would read what you wrote.
The Democrats trying to leverage the Financial Sector into stopping loans to the Energy Sector, isn’t getting enough attention.
This needs to be a bigger issue going into the midterms.
The Democrats trying to leverage the Financial Sector into stopping loans to the Energy Sector, isn’t getting enough attention.
This needs to be a bigger issue going into the midterms.
The financial sector supported Biden. Big Oil couldn’t have been less interested in supporting President Trump. They’ve made their bed. Now they get to lay in it.
Let all citizens recall the purpose of the strategic petroleum reserve — FUEL FOR THE USN in case of national emergency.
Seen in that light, Zhao Biden’s move makes sense.
“Big Oil couldn’t have been less interested in supporting President Trump. They’ve made their bed. Now they get to lay in it.”
It’s the consumer who gets to lay in it or lie in it.
“The financial sector supported Biden. Big Oil couldn’t have been less interested in supporting President Trump. They’ve made their bed. Now they get to lay in it.”
lodi,
Your statement is correct on the financial arrangements of the 2020 election.
However, bankers are in business to make money. Politics and business can be a slow grind, but eventually any vacuum in the energy sector will be filled with investors looking for profit.
My prediction is with enough economic pain for businesses and consumers:
“They’ll reconsider their positioning.”
Yeah, I figured there was money involved in this somehow.
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