Posted on 04/04/2022 6:48:38 PM PDT by nickcarraway
This week, the Biden administration revealed that it will release as much as 180 million barrels of crude oil in a bid to calm oil prices, which have remained above $100 per barrel for an extended period of time. The International Energy Agency, meanwhile, is coordinating a smaller but international reserve release of some 60 million barrels and has called an emergency meeting to discuss how exactly to go about it.
It remains unclear whether part of the 180 SPR release in the United States will be a completely separate endeavor or if some of these barrels will be part of the IEA release. Earlier this year, the U.S. had agreed to release 30 million barrels as part of the IEA push. What is clear is that the success of these releases in calming down oil prices is quite unlikely.
The United States last year announced the release of 50 million barrels in an effort to bring down prices t the pump, which were eroding Americans’ purchasing power and weighing on the President’s approval ratings.
This pressured prices for a few days before they rebounded, driven by continued discipline among U.S. producers, equal discipline in OPEC+, and a relentless increase in demand for the commodity.
Then Russia invaded Ukraine, and the U.S. banned imports of Russian crude and fuels. It also sanctioned the country’s financial system heavily, making paying for Russian crude and fuels too much of a headache for the dollar-based international industry. Prices soared again before retreating some, but remain firmly in three-digit territory.
As of mid-March, the Department of Energy said, some 30 million barrels of crude from the strategic petroleum reserve had been sold or leased. That’s more than half of the 50 million barrels announced in November, and it appears to have had zero effect
(Excerpt) Read more at oilprice.com ...
Could? It already has.
Draining down the STRATEGIC reserve while attempting to get World War III started.........
I’m all in favor of selling the oil that Trump bought cheap for a great profit.
The next step should be to develop a US based increase in production to be at least the equivalent in barrels/day to the current reserve releases. Plus 20% to go back and refill the reserve.
We need regime change to make this common sense action happen.
We’ll probably end up buying oil at over $100 bbl to refill the reserve.
From swell people like Iran and Venezuela.
Maybe Russia.
He has no idea what to do..literally
A Very Confused Joe Biden: “What do we do now?”
https://rumble.com/vzovmu-a-very-confused-joe-biden-what-do-we-do-now.html
Uncle Joe Biden in order to save you money,
drains your savings account.
And, there it is...
Democrats always cause the opposite of their stated intentions.
“Confused Biden”.
Add that his early quote, “What am I signing?”
They came down a little in Pensacola, but at most gas stations, they’re still 3.98 or 3.99.
It is supposed to help for six months, some say it won’t do anything, but if we have no oil reserves left in reserve and then need them, then what?
I know. I know. Buy a sixty thou electric buggy.
Riiiiight.
The last time that commie traitor obunghole did this, the reserves were sold abroad to foreign buyers.
Typical Democrat move, buy low sell high.
Nobody needs this explained.
Build the Keystone pipeline and you don’t need SPR.
Biden administration sells country to Xi much happy tribe much rich.
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