Biden is again set to release 14 million barrels of oil from US emergency reserves to keep a lid on gas prices, report says

Yahoo News via Business Insider ^ | 10/18/2022 | Zahra Tayeb

[Leep]

He has to make us vulnerable to our enemies.

[SeekAndFind]

President Biden's upcoming announcement of up to 15 million barrels, one of the largest ever, comes as 180 million barrels have been drained from the nation's emergency stockpile since May.



For context, the Biden administration has cut the SPR to a record low 22 days worth of supply...

[cranked]

BidenIdiot not going to be satisfied till the SPR is bone empty.

[AnotherUnixGeek]

Quiz:

How much difference will this make for prices at the pump?

a) Hardly any
b) None at all

[SeekAndFind]

The US' only problem is that refining capacity has been reduced over the years, and also, there's seasonal maintenance underway.



Also, it is in some ways related to the upcoming elections. The White House did not like $4 a gallon gas, and it has signaled that it will take action to prevent that again.

[JudgemAll]

Drop in the bucket. It probably is going to cause the opposite. If you tell markets ahead what you release, they are going to adjust and not sell until all your pile is gone. Idiots.

[SeekAndFind]

Anwer: A) HARDLY ANY

We have a confluence of factors causing oil prices to spike.

Chief among them is the UNFRIENDLY stance this administration has towards what they call “Fossil Fuels”

Also, refining capacity has been reduced over the years, and also, there’s seasonal maintenance underway.

[SaxxonWoods]

This will have to end soon, the Reserve is being depleted. Then the price will rise as the weather turns colder.

That Reserve was filled at a cost of $24 a barrel. Guess what happens this time around.

[Red Badger]

This is crazy. It should be impeachable! That oil is for wartime use.

QUESTION:

WHO GETS THE MONEY FROM THE SALE?...............................

[JudgemAll]

And if not empty, the Saudis are simply going to withhold until it gets empty and then gain back even more by jacking it up and recouping.

[ConservativeInPA]

Add another article to Biden’s impeachment.

This is a deliberate attempt to weaken America’s national security. It does little to lower gasoline prices. It does a lot to weaken our strategic national defense.

[Nathan _in_Arkansas]

Strategic “midterm election” reserve.

They want to keep power come hell or high water. It’s sickening.

[Don Corleone]

this is outright treason.

[Captain Peter Blood]

It isn’t a lack of Oil, it’s a lack of refinery capacity and Joe can’t create more of that.

[Signalman]

US uses 18.7M barrels/day.

[Captain Peter Blood]

None at all, We have a refinery problem, no new ones have been built in over 40 years.

[kagnew]

Not to worry, if and when America goes to war; there won’t be ANY EMERGENCY OIL LEFT! But that is the left’s goal, bring American down to an even 4th grade nation.

[Sgt_Schultze]

The releases also serve to infuse cash into the federal coffers, effectively disguising the amount of spending damage Bidet has inflicted.

[gov_bean_ counter]

Drop in the bucket.