Biden to release 50M barrels of oil from Strategic Petroleum Reserve amid gas price spike

This is NOT the purpose of the Strategic Oil Reserve. It is NOT to be used to manipulate market prices. It is Biden desperately trying to show he's doing something. 50m barrels is 12 hours of global consumption and 5 days here.

 

Yea it did and we see the results and expert reactions globally.

It all left the oil industry stunned on what the Biden team had pitched as Climate Day. Fossil fuel stocks have plunged on his actions, and banks including Goldman Sachs Group Inc. have warned of a drop in U.S. crude supplies. “The industry is aghast at these changes,” Dan Eberhart, chief executive of oil-field services company Canary Drilling Services, said in an interview. “They are more direct, more fierce and quicker than what folks expected.”
https://fortune.com/2021/01/28/biden-climate-oil-and-gas/

From day one this administration announced it's war on oil and gas and has only ramped it up since. To claim that has had no effect and did not lead us to this point if folly.

 

many out there are employed within the Dreaded Private Sector and not govt jobs or academia where they are sheltered from reality. They cannot just go out and buy a Tesla or even a newer car. LET THEM EAT CAKE; the Democrat voter mantra

 

it's the talking point of Democrat voters who think if they say it enough, it's true

It doesn't change the sad reality in which we all now live

 

Bias sources are pretty much useless. A chief executive of oil-field services would qualify as such. To deny that would be folly.

 

This has already failed to lower prices.

Releasing 50 billion barrels over months when US consumption is 20 billion a day isn't going to do much.

 

Lol.

 

And now we taxpayers will have to pay to refill the oil reserves at higher prices ???

 

What the holy hell is this administration doing?

 

From Moon of Alabama:

Oil prices have been sinking over the last days as rumors about the release made the rounds. But today they were back at rising:

In early trading on Tuesday, Brent crude for January delivery was up $1.44 at $81.14 per barrel.
In New York, January WTI on Nymex was trading some $1.04 higher at $77.79/bbl.
...
Traders said the coordinated SPR release has already largely backfired, in part because of the small volumes involved, and in part because the releases — acute in nature — could cause Opec and its allies to flex more structural muscle and keep a tighter lid on supply going forward.

“The total release is only [a few days] of US throughputs — it’s not substantial,” said Alex Hodes, energy analyst with StoneX Financial. "It’s a temporary fix, it’s political posturing."

In addition, Hodes said, the market had largely priced in an SPR release and had already undergone a major sell-off — and perhaps had already reached a bottom.

 

BEFORE BIDEN WAS PRESIDENT, THE U.S. WAS A NET EXPORTER OF OIL. Now he’s tapping the Strategic Petroleum Reserve.

It’s amazing how quickly Biden and Dems ruin things. "The problem with gas prices is that the press can’t cover that up since it’s right on the pump."

Biden tormented by Republican guerrilla campaign and ‘I did it’ stickers.

100Pcs I Did That Biden Funny Car Stickers Decal/Humor/Funny-That’s All Me I Did That, Funny I Did That Stickers.

Time for change!

 

Well Biden will just do what Obama did, empty the reserve and let the next President worry about it.

 

Destroying the nation every way it can.

I'm paying 4.90 a gallon right now, the highest I've ever paid in my life.

The white house says to eat soy products or skip a turkey this Thanksgiving.

Look how quick we went from "YOU SAVED 18 CENTS ON YOUR 4TH OF JULY BBQ" to "lower your expectations" to no Turkey this thanksgiving.

 

Biden sec of energy has no idea how much oil the us consumes.

She thinks releasing a less than 3 days supply of oil with cut prices.

 

America last.

Oil reserves released by Biden expected to primarily go to China, India

https://www.foxbusiness.com/politics/oil-reserves-released-biden-expected-china-india

 

Hes a clown.

 

Elizabeth Warren Just Blamed High Gas Prices on Corporate Greed. Here’s Why That Doesn’t Make Any Sense

https://fee.org/articles/elizabeth-...greed-here-s-why-that-doesn-t-make-any-sense/

 

The fact that people like me make people like you vomit gratifies me no end.

 

Do you just choose to ignore the leftist extremist content here?

 

Well ******** their pants while talking to the pope for one. Everything else...about the same.

 

The young people aren't very bright either. They think they are saving the planet by buying a tesla...that is made with petroleum products and powered by petroleum...and heavily subsidized by the idiots in Washington.

You tell me how Teslas are 'weaning ourselves off fossil fuel'? The batteries are made with fossil fuel. The batteries are charged with fossil fuel. The computers/wiring/tires/plastics/paint/fabric used in Teslas are fossil fuel-based.

Isn't doesn't matter. It's either oil or gas, and both are extracted using the fracking process.

Maybe you want to live in the stone ages again? Burn wood to heat your log cabin. Oh, that's right, save the trees.

Tampons are made from crude oil.

As is your I-phone.

As is just about damn near everything.

When you want to ride a tire-less bicycle or ride a horse, then you can come back and talk **** about the old farts and gas guzzlers. Your friggin tesla is a natural gas guzzler!

And how about landfills filled with batteries? Sounds like a great idea.

SMFH.

 

Get real, an extreme left-wing candidate would have been the same.

 

Democrat votes have consequences

 

Remember, it's all about feelings and virtue signaling... NOT reality.

 

Yes, that's all true. That's why it is even more important to wean ourselves from fossil fuel use, because fossil fuels are NON-RENEWABLE. I don't know how fossil fuel proponents cannot understand this. If their argument is that our modern economy cannot function without fossil fuels, then there is a problem. Because it would mean that we will CERTAINLY go back to the middle ages when the oil wells run dry. And that's a when, not an if.

It seems, however, that the fossil fuel proponents do not care about what happens to their grand children. Maybe they think leaving them with empty oil wells is not a bad thing. It's however, expected, it is the same mindset that votes for tax cuts: Gimme today, who cares about what happens when I am gone.