But that is expected this time of year as people start driving more, Spring Break, etc.
The Strategic Petroleum Reserve can't be raided by Biden any more..................
Good. Stupid should hurt.
Time to get the “ididthat” stickers back out and on the pumps.
Hey Joe....Keep exporting our oil and shutting down lines and draining the reserve and sending our weapons to “Z” the perv..
Gee, I thought that Democrats cared about America’s relationships with other nations.
Oh sure. Right on que!
Why would they listen to him?
Welcome to the 70’s redux. After the ruinous spending to support the Viet Nam war while keeping the economy running like peacetime, and Nixon closing the gold window, we got accelerating inflation. As OPEC discovered that the value of the oil they sold was dropping fast, they imposed an embargo and caused the oil crises of the 70’s.
Today, Biden’s ruinous spending “to offset the effects of the pandemic” has unleashed inflation again. This time OPEC, at the urging of China and with the complicity of Russia, Brazil, India, and others, want to get off the “dollar standard” and replace the buck as the world’s reserve currency.
Take a look at what happened to Great Britain when the pound ceased to be the world reserve currency. That was the last nail in the coffin of the decrepit British Empire. Xi and others are set to pound nails into the coffin of American empire.
In the 70’s there was no credible competitor to the dollar, so the US recovered. The Chinese have spent years positioning the yuan to replace the dollar. Even if Paul Volker and Ronald Reagan were still with us, they wouldn’t be able to undo the damage done by the Fed since Greenspan’s retirement as exacerbated by Federal government spending.
Leftist democrats are an absolute disaster.
FJB
The petroleum reserve is a goofy PR stunt. It’s intended for other purposes and amounts to a drop in the bucket, literally. But as usual, it “sounds good” and shows “action” in a time of crisis.
These cuts were agreed upon by OPEC+ with Russia and a few other players pushing hard for them.
It’s not a surprise at all.
It was already in the works since last November.
You know all that cool sanctions crap we like to talk about? Russia isn’t a chump. They can push back.
https://www.nasdaq.com/articles/what-is-opec-an-overview-of-key-members
It will NOT cause higher inflation. It will occasion higher prices but that is not inflation. Raising the price of oil at the source does not increase the money supply. Rising prices are a result of inflation, not its cause.
Wayyyy back before the filthy Bidenoids took power, when we were energy independent, we didn’t have to concern ourselves as much with OPEC production cuts.
https://www.eia.gov/petroleum/supply/weekly/pdf/highlights.pdf
Weekly Petroleum Status Report
U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending March 24, 2023 which was 437 thousand barrels per day more than the previous week’s average.
Big Unionized Auto gets another EV bailout as expected...
The crown prince is helping Trump
Won’t these production cuts mostly not affect the oil price long term considering how many countries in OPEC cheat on their requirements? The oil is still there in the ground.
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Oil prices surge after surprise move to cut output
Joe doesn't realize that pariah nation Saudi Arabia and the OPEC countries act in what's in their own best interest. Just think, leaders acting on self interest rather than on progressive ideology. He'll never understand it.