Posted on 04/01/2022 6:49:18 AM PDT by Oldeconomybuyer
No, gasoline prices won’t suddenly tumble like crazy because President Joe Biden Thursday announced the biggest release of oil reserves in history. But his action could nudge prices somewhat lower.
The impact of releasing 1 million barrels of oil a day for six months should be “marginal at best,” said Sanjay Varshney, professor of finance at California State University, Sacramento.
Patrick De Haan, head of petroleum analysis at GasBuddy, said he could see the Biden action cutting prices as much as 10 to 25 cents a gallon, but called that a shaky prediction.
(Excerpt) Read more at sacbee.com ...
And drill baby drill.
It’s meant for a national emergency. Not manipulating fuel prices in a mid-year election. Brandon.
1 million barrels of oil a day is about what the Keystone pipeline cancelled by Biden would have delivered, according to a youtube video report I saw.
“...Lift the Federal gas tax...
And drill...”
I’m afraid we won’t see that for around 3 more years....at least.
Will the reserve be refilled? If so won’t the price for the refill be much higher?
I suspect among other things the intent is to eventually deplete the SOR completely.
What will happen when oil companies are forced to switch to a Summer blend?
Just turn on the pipe lines he shut down. That reserve is for the military.
This is more imperial presidency crap. The price of gas is not something that demands immediate action. Time is not of the essence. In manners like this one, Biden - or any president - should have to go before Congress to get authorization to act.
Yeah, I know I’m dreaming here. All hail His Majesty King Biden!
Or maybe I should say, All Hail the Handlers of His MajestyKing Biden!
“America’s Strategic Petroleum Reserve is a collection of underground salt caverns in Texas and Louisiana that can hold more than 700 million barrels of oil, although it is not currently full. The reserve held about 568 million barrels last week, down from more than 650 million barrels in mid-2021, according to the U.S. Energy Department.
Democrat playbook: Weaken the military. Deplete oil supplies so that we can no longer defend ourselves. Mission accomplished. Thanks Brandon
So, what happens to our country after the military is reduced below a million personnel, the oil reserve is depleted and something happens to cause a war with us.
Joementia does appear to be working at cross purposes with our enemies.
He has stopped 10 times that much from being produced.
No.
And it is not intended to .... it’s theater; a political sideshow .... of course!
So how does this work?
Does he offer this oil for free? If so, and it has to eventually be replaced, the it is really just another government tax.
If he sells it at market price, this little drip will not lower prices, BUT the government will make a tidy profit.
Anyway, more stupid do nothing activity by stupid government.
releasing 1 million barrels of oil a day for six months”
Which of course takes us to November. Seems to me something is happening in November. By that time the reserves will be depleted to about 1/3 of capacity. Just great.
“The impact of releasing 1 million barrels of oil a day for six months ...”
Worrisome to me is that we’re eating into our reserve, but Wikipedia says our reserve contains 727 million gallons so 6 million taken out perhaps is not serious.
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