Posted on 11/28/2021 12:11:09 PM PST by Hojczyk
When President Biden announced earlier this week that the federal government would be releasing 50 million barrels of crude from the strategic petroleum reserve, perhaps those around him expected prices to go down significantly and stay down. Instead, prices rose, and OPEC+ gave a heavy hint it might cut supply.
By Friday, oil prices fell sharply, but that was due to a new wave of Covid-19 fears and has little if anything to do with Biden's announcement that oil would be unleashed from emergency stockpiles.
"It's not going to work simply because the strategic petroleum reserve — any country's strategic petroleum reserve is not there to try to manipulate price," said Stephen Schork, editor of the Schork Report, speaking to CNBC earlier this week. "There's a considerable amount of bets out there that we will see $100 a barrel oil," he added.
But what comes next could send oil to $100.
Energy analysts warned that a release of SPR may not have the desired effect. They explained that however many barrels the U.S. or its partners in Asia and the UK release, OPEC could withhold more and for longer. They explained that the SPR crude is sour, and refiners don't like it because it needs additional processing to reduce the sulfur content—a process that requires natural gas, which is also expensive currently. These explanations fell on deaf but determined ears. Now, analysts are warning about $100 Brent.
(Excerpt) Read more at finance.yahoo.com ...
50M barrels of oil, standing alone, would be enough to cover the U.S. bpd rate for approximately 2 1/2 days.
Biden and his rat handlers put us at the mercy of OPEC again after doing everything possible to curtail domestic production…
Doesn’t Biden have advisors?
yahoo starting to be critical of biden
and in other news,
pigs starting to fly
BBB: Build Biden’s Blunders
“Don’t underestimate Joe’s ability to ...
He certainly has handlers.
A lot of us, and to be sure most anyone with any common sense, predicted that OPEC would not increase production at the whims of pig face bidet and his whiny little band of slime balls.
And here we are. Pig Face trying to save his a** as well as his merry little band of liars, thieves, whores and cheats.
Where are the worthless members of Congress, publicly demanding that Biden reopen the pipelines in the U.S. ?
Placing oneself in a position where the opponent doesn't have to do anything at all to win is not a sound strategy. National energy independence is a sound strategy. If only we had a President who understood this...
Well, yes. Biden has advisors by the dozens and hundreds. ALL of them want to make millions in fees and awards. And ALL of them want to destroy America and American values.
What is debatable is the order they desire those two objectives.
Odd days or even? Anybody seen the ration coupons yet? Will there be a pic of brainless brandon and cackles “fweedumb” hawiss on them? Grrrrrrrrrrr
Just as he planned...
Wants it to get to $200 per barrel...
The serfs MUST be contained...
Are we all together certain this crap isnt Bite Mes payback for the bribe money the Saudis gave to his coke snorting idiot son?
Where is our voice to open up gulf drilling, enable fracking and getting the pipeline built? I don’t hear too many pundits talking about this. That’s the problem.
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