Biden to release 50 million barrels of oil

[JGalt]

 

[JGalt]

Just a reminder, and I'm just a dumb Canuck who knows nuthing bout nuthing, but I do want to see America succeed as Canada is going the way of the Dodo:

Canadas XL pipeline would have provided America almost 1million barrels each day. You would have had a couple of hundred millions more barrels already by this time this year.

This man gets it. A Mari Usque Ad Mare, good Canadian.

 

[Papageorgio]

The government gets a better deal, with taxes they make a better profit off gas than any oil company.

 

[Hang on Sloopy]

You just are a basket full of hatred.... miserable inside..... Only you, can release those demons, and cast them out of you!!!

Hate??!!!.LOLOLOL


Demons in me...............BWWWWWHAHAHA.

 

[iceberg]

Everything that is happening now was predicted before the election. I hope the morons that voted this idiot in choke on the inflation and go under, they have earned it.-OG

Now, Biden and his team need a lesson in economics. If you try to use the SPR as a weapon it will backfire because it will only serve to artificially lower prices, thereby increasing demand making supplies tighter in the long run.

Number two, it will discourage production in the new oil fields and thereby creating an even larger shortage down the road. It will also give OPEC more power because the left amount of oil in the global strategic petroleum reserve will be less.

https://www.foxbusiness.com/markets/...ices-inflation

maybe, but i believe biden also opened up the largest lease in quite some time in the gulf.

Why the Biden administration is reopening oil and gas leasing in the Gulf of Mexico | CNN Politics

The oil and gas auction is at odds with Biden's climate agenda and environmental advocates say it could set US climate goals back for years.

www.cnn.com

have not had time to read it for details and this isn't to say i don't agree it's a showboat move; it is. but it's not his only move so far.

 

[Mikeoxenormous]

This is a very bad idea .... China is just waiting for this kind of blunder.... Wouldn't be surprised if Joe is getting some $$$$ from Xi to do this.

We have over 600 million barrels of oil in the SOR, 50 million doesnt hurt it much, but whenever a progressive elite fucks the US citizens, and the polling starts showing the displeasure against said elites, they back track quickly, even though they are the ones who fucked it up in the first place.

 

[Moonglow]

maybe, but i believe biden also opened up the largest lease in quite some time in the gulf.

Why the Biden administration is reopening oil and gas leasing in the Gulf of Mexico | CNN Politics

The oil and gas auction is at odds with Biden's climate agenda and environmental advocates say it could set US climate goals back for years.

www.cnn.com

have not had time to read it for details and this isn't to say i don't agree it's a showboat move; it is. but it's not his only move so far.

Oil and Gas Companies Gain by Stockpiling America's ...​

https://www.americanprogress.org › article › oil-gas-co...



Aug 29, 2018 — As of 2017, nearly 26 million acres of federal land1 were under lease to oil and gas developers in the United States. ...

and
BILLINGS, Mont. — Approvals for companies to drill for oil and gas on U.S. public lands are on pace this year to reach their highest level since George W. Bush was president, underscoring President Joe Biden's reluctance to more forcefully curb petroleum production in the face of the industry and Republican resistance.

 

[Care4all]

Hate??!!!.LOLOLOL


Demons in me...............BWWWWWHAHAHA.

YES! ALL OF THE ABOVE!!!

 

[justoffal]

Everything that is happening now was predicted before the election. I hope the morons that voted this idiot in choke on the inflation and go under, they have earned it.-OG

Now, Biden and his team need a lesson in economics. If you try to use the SPR as a weapon it will backfire because it will only serve to artificially lower prices, thereby increasing demand making supplies tighter in the long run.

Number two, it will discourage production in the new oil fields and thereby creating an even larger shortage down the road. It will also give OPEC more power because the left amount of oil in the global strategic petroleum reserve will be less.

https://www.foxbusiness.com/markets/...ices-inflation

It will also embolden China militarily.
Puts us in a weaker position.

Jo

 

[g5000]

OPEC and Russia are taking advantage of the high oil demand post-pandemic by not increasing their oil production. American oil companies have also refused to increase production, at the demand of their investors.

Biden has just pissed them off.

OPEC+ warns of consequences if the U.S. releases oil reserves on Tuesday

The U.S. is reportedly considering a coordinated release of more than 35 million barrels over time along with China, India, Japan, and South Korea to address the surge in fuel prices.

fortune.com

OPEC+ officials warned they’re likely to respond to plans by the world’s largest oil consumers to release oil from their strategic stockpiles, setting up a fight for control of the global energy market.

President Joe Biden is set to announce a plan to release reserves from the Strategic Petroleum Reserve on Tuesday in tandem with China, India, Japan and South Korea, according to officials briefed on the matter. The move, weeks in the planning, is designed to ease this year's rise in fuel prices for drivers and businesses.

OPEC+ delegates said the release of millions of barrels from the inventories of their biggest customers is unjustified by current market conditions and the group may have to reconsider plans to add more oil production when they meet next week.

 

[Otis Mayfield]

Well, at least that's one good thing that came out of it.

 

[g5000]

The oil companies lost a lot of money during the pandemic, and laid off tens of thousands of workers, and now they are holding back on increasing production in order to make their money back.

OPEC and Russia are doing the same.

Putin predicts oil at $100 even as OPEC+ seeks to stabilise market

Oil prices could reach $100 a barrel, Russian President Vladimir Putin said on Wednesday, adding that Moscow and its partners in the OPEC+ producer group are seeking to stabilise the global market.

www.reuters.com

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known collectively as OPEC+, last week resisted calls to raise output faster and stuck to their plan for an increase of 400,000 barrels per day (bpd) in November.

Russia's economy is completely dependent on high oil prices. Putin is reaping the benefits of holding back.

OPEC Opts Against Big Output Boost, Pushing Oil Prices to Seven-Year High

OPEC and a Russia-led group of oil producers agreed to continue increasing production in measured steps, deciding against opening the taps more widely, and driving crude prices to their highest levels since 2014.

www.wsj.com

 

[g5000]

Hold That Drill: Why Wall Street Wants Energy Companies To Pump Less Oil, Not More

After bankrolling oil companies for years and seeing poor returns, investors are now pressuring companies to keep their oil output lower, instead of higher.

www.npr.org

But even the investors who are sticking with oil and gas are putting a lot of pressure on companies to rein themselves in.

And that makes a big difference. Many oil producers need Wall Street money to fund new wells. Investors control the purse strings. And right now, investors just aren't impressed by how many barrels a company says they can drill.

"Investing for the sake of growth is not what investors want," says Pickering, of Pickering Energy Partners. "Growth got us more barrels. It got us too many barrels. It got us low prices. It got us weak returns."

Less oil, more cash in hand: That, in a nutshell, is what oil financiers are demanding. And in response, executives are vowing that they'll be responsible, and focus on profits over oi

 

[TroglocratsRdumb]

It's almost Winter and people aren't driving as much. Imagine being a President who's failed so badly, that he has to do this right now.

Thank God President Trump filled those reserves while the price was cheap.

"WASHINGTON – President Joe Biden is releasing 50 million barrels of oil from the nation's emergency stockpile to lower energy costs amid a recent spike in gas prices and soaring inflation, the White House announced Tuesday.

Thirty-two million barrels will be released from the Strategic Petroleum Reserve over the next several months and will be replaced in the years ahead. Another 18 million barrels that Congress already had authorized for sale will be released in the coming months."

US to release 50M barrels from strategic oil reserve amid soaring gas prices

It is a token political move.
America uses about 21 million barrels of oil per day.
Soooo, 50 million barrels will have a very small effect on gasoline prices.

In 2019, the United States consumed an average of about 20.54 million barrels of petroleum per day, or a total of about 7.50 billion barrels of petroleum products.

Frequently Asked Questions (FAQs) - U.S. Energy ...​

www.eia.gov/tools/faqs/faq.php?id=33&t=6

 

[Toddsterpatriot]

American oil companies have also refused to increase production

Which ones? How much production?

 

[g5000]

In anticipation of Biden's move, oil prices have been dropping.

Gas prices could soon drop, GasBuddy analyst predicts

After gas prices hit a yearly high earlier this month, motorists could finally see some relief at the pumps.

ktla.com

One likely factor impacting the price at the pump could be the rising COVID-19 cases in Europe that have led to more lockdowns, De Haan said, noting that when large amounts of people are on lockdown, the demand for fuel greatly decreases.

He also pointed to President Joe Biden’s continued talks of opening the Strategic Petroleum Reserve potentially affecting the oil markets.

 

[JGalt]

It is a token political move.
America uses about 21 million barrels of oil per day.
Soooo, 50 million barrels will have a very small effect on gasoline prices.

In 2019, the United States consumed an average of about 20.54 million barrels of petroleum per day, or a total of about 7.50 billion barrels of petroleum products.

Frequently Asked Questions (FAQs) - U.S. Energy ...​

View attachment 567571
www.eia.gov/tools/faqs/faq.php?id=33&t=6

Well duhh. Isn't most everything a Democrat does a "token political move"? They're political kabuki dancers.

 

[Mr Natural]

Sure, there’ll plenty of cheap gas but what are we gonna do when China invades and we can’t fuel our jets and tanks because Brandon drained the oil reserves?

 

[g5000]

Sure, there’ll plenty of cheap gas but what are we gonna do when China invades and we can’t fuel our jets and tanks because Brandon drained the oil reserves?

I have no doubt the tard herd will find a way to portray this as a bad thing.

China is also releasing some of its oil reserves. Along with India, Japan, and South Korea.

 

[Resnic]

Resnic
He'd be doing great on that front if he hadn't cancelled all of Trump's EO's.

Mans now reaping what he sowed.

He isn't reaping anything unfortunately, the American people are. It won't effect him at all because he doesn't care.

All of his fuck ups end up hurting people like you and I. And it isn't even 1/4 the way through his presidency.