Posted on 10/24/2022 4:30:47 AM PDT by EBH
After releasing the most oil ever from the U.S. emergency petroleum reserve, the Biden administration is signaling it will refill soon, a multibillion-dollar undertaking that it hopes will rouse sluggish domestic drilling activity.
The pitch is likely to be a hard sell for many domestic producers, say industry executives and analysts. “It’s a little bit more [complex] than this,” said Olivier Le Peuch, chief executive of oil-field services company Schlumberger Ltd.
On Wednesday, President Biden said for the first time that the Energy Department would begin purchasing oil to refill the U.S. Strategic Petroleum Reserve when oil prices are $67 to $72 a barrel, or less. Officials also said the department has made a final rule that would allow it to purchase crude at a fixed future price, which they hope would encourage producers to drill more.
(Excerpt) Read more at msn.com ...
Oh the insanity of the Biden Administration! Should have never stopped drilling you idiot!
Trump was right ...again.
WTH? Biden's handlers have shut down domestic drilling.
And probably buried in the plan to buy/produce more is 10% for the BIG GUY.
Reminds me I need to tell my gas station and fuel oil companies about my new rule for their future prices; I’m sure it will encourage them to find more.
Always a new answer to the question, “Exactly how ****ing stupid can a person be?”
I love how the oil industry has Biden and the ESG gang by the gonads. You don’t want no oil, you don’t get no oil. Now Biden is begging them to produce oil and the ESG leverage is cratering. Ain’t populism great?
Pulling oil off the open market is going to raise prices and have a major impact on inflation. These people are insane and idiots.
They really do think we are stupid?
to encourage drillers....huh....you mean like...drill baby drill...lol
[They really do think we are stupid?]
8 years of Obama proved that to be quite true.
(for a significant portion of our population)
I’m sorry to say.
This is all about producing a good headline before the elections, and nothing more.
Now the mainstream media can shout, “President Biden plans to refill the oil reserves. He’s keeping America secure!”
This will all be forgotten the day after the elections.
“Exactly how ****ing stupid can a person be?”
Are you issuing the turnip a challenge?
The oil industry counteroffer should be that, going forward, only 50% of the oil that they produce from land pursuant to new Federal leases will be sold to the government at slightly discounted price to the prevailing market price to accommodate Biden’s scheme to refill the reserve. This will pressure him to open Federal lands to drilling while rubbing his nose in the foolhardiness of having restricted domestic production. All other existing production and the half they retain from producing on Federal lands will be distributed to industrial and public consumers. The net effect is it forces an overall increase in domestic production under a oil hostile political regime
The oil industry counteroffer should be that, going forward, only 50% of the oil that they produce from land pursuant to new Federal leases will be sold to the government at slightly discounted price to the prevailing market price to accommodate Biden’s scheme to refill the reserve. This will pressure him to open Federal lands to drilling while rubbing his nose in the foolhardiness of having restricted domestic production. All other existing production and the half they retain from producing on Federal lands will be distributed to industrial and public consumers. The net effect is it forces an overall increase in domestic production under a oil hostile political regime
Too little
Way to late
Too little
Way to late
What this really is, is a statement that Bidet knows the economy is going to go into at least a deep recession, if not an outright Depression. There’s no way, otherwise, that prices drop to $72 or lower, when we have a global shortage of inexpensive energy, and all of this Administration’s barriers to production in the way.
I’m sure the producers are halfway tempted to tell him to go to hell.
It takes two years to get up to speed again. It will take two years before the economic activity gets to the point where the reserves can be filled again.
That is how damaging the regime has been.
Exxon selling Montana oil refinery to Par Pacific in $310 million deal
Check out the rationale...
..."ExxonMobil is focused on investing in facilities where we can manufacture higher-value products such as lubricants and u.....
Ruh roh.
Will some please suggest to Larry Kudlow that he should stop calling petroleum products “fossil fuel”?
Producers have every reason to trust Old Joe, right?
Right?
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