Posted on 03/31/2022 1:22:23 AM PDT by John W
WASHINGTON (AP) — President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine
The announcement could come as soon as Thursday, when the White House says Biden is planning to deliver remarks on his administration's plans to combat rising gas prices. The duration of the release hasn't been finalized but could last for several months. The people spoke on the condition of anonymity to preview the decision.
High oil prices have not coaxed more production, creating a challenge for Biden. The president has seen his popularity sink as inflation reached a 40-year high in February and the cost of petroleum and gasoline climbed after Russia invaded Ukraine. Crude oil on Wednesday traded at nearly $105 a barrel, up from about $60 a year ago.
(Excerpt) Read more at currently.att.yahoo.com ...
That will help a week or for maybe a month at most.
Then what.
Yeah, that’ll work lol.
Just like last time. It took week and a half to hit new all time highs.
If only there was some way the U.S. could pump more oil?
Not even a day.
Not going to do sh*t but empty the reserves.
WTG IdiotMaximus......
Then, three days later. Then what?
This idiot always does the stupidest thing he could possibly do
This idiot always does the stupidest thing he could possibly do
Like that’s going to work with reserves at a 20 year low!
In 2016, the US produced about 15 million BPD and was 1st in the world in production. Now look at what Biden has done.
It’s the equivalent of throwing in 6-7% of the 15 million to make up for the carnage he’s caused. That’s gonna make a real big dent - not.
Once he’s emptied the reserve, assuming he plans to refill it, who does he expect to get the replacement oil from? Crisco?
Congress needs to start making some serious noise.
This is the third time he plans to tap our oil reserves. How about tapping our own resources before it is too late!
There is no logical reason to deplete the strategic oil reserve, when we have the ability to produce our own. Stop letting those production facilities and pipelines rot!
What will work is going back to Trump energy policies.
You know, the ones you destroyed on your first day in office.
You SOB...that’s not what it’s for...
“…High oil prices have not coaxed more production”
You tell the industry “I am putting you out of business in ten years” and then expect them to produce more? Biden and Co. are the stupidest people on the planet.
We use almost 20 million barrels a day - one per day for a week or two is a drop in the bucket.
It’s like going broke at home and hocking all your stuff to raise money. What happens when your stuff runs out?
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