Posted on 03/31/2022 7:14:34 AM PDT by Hojczyk
President Biden signing off on an oil release from the Strategic Petroleum Reserve (SPR) to cool elevated prices may have some effect, but not a ton, warns Goldman Sachs.
"Conceptually, such a release would help the oil market rebalancing in 2022, increasing supply by 1 millions barrels per day for six months, for example. This would reduce the amount of necessary price-induced demand destruction, the sole oil rebalancing mechanism currently available in a world devoid of inventory buffers and supply elasticity. This would remain, however, a release of oil inventories, not a persistent source of supply for coming years.
Such a release would therefore not resolve the structural supply deficit, years in the making," said Goldman Sachs energy strategist Damien Courvalin. "On net, such adjustments would lower our 2H22 Brent forecast by $15/bbl to $120/bbl, still above market forwards.
(Excerpt) Read more at finance.yahoo.com ...
IT IS CALLED THE STRATEGIC RESERVE FOR A REASON!!!!!!
Rresident Biden releasing oil from reserves
Building back better huh Moe
It's not a fix to a supply problem.
It's mere sounds-good in a speech and shows “action” when the news and peoples attention is on these high fuel prices.
This guy will lead us into ruin.
NAFT! Yes, these asscowns know what they’re doing. None of this has an effect on them so shut up and eat your cake.
Yes, let’s use our RESERVES to drop the price a few pennies at the pump, and make everybody “feel” good.
All the while we have China, Russia and Iran breathing down our back and just itching to start a war with us.
We probably paid 30 dollars to fill it..now we will pay 100 to replace it...
Another demonstration that we have no one in high places with a brain.
It is called the strategic oil reserve....what is that supposed to mean?
Oil held in reserve for STRATEGIC use, not for political use, not for market manipulating, but for use in time of war when national defense needs exceed the production capacity of the oil fields.
So here we are with the Russians directly threatening us, a mental case for president who likely will get us in war, a government by executive order that has severely damaged the ability of the industry to produce enough crude...and we are going to dump our strategic reserve on the market for a few days price fluctuation?
We are being threatened by China and Russia, who think long term and our president and his band of idiots think only in terms of tonight’s TV news headline.
Biden should thank President Trump for replenishing the reserve with low price fuel. Under President Trump the reserve was finally filled to capacity.
If they wanted to destroy the U.S., they are doing everything perfectly. Hmmm. Could that be it?
Current inventory - roughly 570 million barrels.
https://www.spr.doe.gov/dir/dir.html
Releasing a million barrels a day for six months is roughly 180 million barrels.
These wankers are planning to deplete one-third of the existing inventory in a plan to make people forget what a horrible job they’re doing in running the country.
It doesn't matter. Flatlinejoe's puppetmasters will have the U.S. surrendering to the enemy anyway.
And the oil will magically reappear?
Yes.
I almost added “idiots or traitors?”
Yes. And if depleted, wouldn’t it be a nice time for the Chinese to pull some shite, knowing that our response would be a fart in a wind storm?
Another stupid idea from the folks who brought us inflation.
Release it all at one time onto the open market. Let the chips fall where they may.
Release it all at one time onto the open market. Let the chips fall where they may. If we can just drill domestically, we wouldn’t need the reserves in the first place.
Why doesn’t Biden release food from the food reserves? Asking for a friend?
Making us more vulnerable if we are attacked
NOTHING!
1M barrels a day is just a drop in the US usage:-)
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