Biden to release 50 million barrels of oil

[g5000]

You aren't making any sense. If the oil companies didn't go out of business under Trump and the demand is high today, why aren't they producing more oil today? Two possible reasons:

1. Biden's environmental policies

2. Oil companies are giving Biden a hearty "Fuck you" by cutting production.

Either way is fine with me, as long as that asshole in gone after 2024.

Classic false dichotomy.

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 oil.

 

[g5000]

Trump fills the SPR and Biden empties it.

Yet another Biden failure.

Trump authorizes release of oil from strategic petroleum reserve after Saudi attacks

Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.

www.cnbc.com

 

[Dekster]

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.

Unfortunately 35M barrels of oil out of the strategic reserves comes at the cost of 35M+ barrels of contaminated water that will end up eventually being dumped into the gulf of mexico. It is how they extract the oil from the salt caverns---they flood them with water to force the oil up.

 

[The Original Tree]

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 one million barrels each day. You would have had a couple of hundred millions more barrels already by this time this year.

That's why Faux Xiden had to stop it. To make America suffer under higher gas prices.

 

[B. Kidd]

We use the amount being released in just under 3 days!
This will have the same effect as a fart in a wind tunnel!!

 

[night_son]

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

Sounds like a cult recruitment advertisement. Count me out, Mrs. Jones.

 

[g5000]

Unfortunately 35M barrels of oil out of the strategic reserves comes at the cost of 35M+ barrels of contaminated water that will end up eventually being dumped into the gulf of mexico. It is how they extract the oil from the salt caverns---they flood them with water to force the oil up.

NOW you're worried about the environment???

Trump authorizes release of oil from strategic petroleum reserve after Saudi attacks

Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.

www.cnbc.com

 

[Independentthinker]

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 probably only effect gas prices by about twenty cents per gallon but if prices continue to rise even this twenty cents will disappear into thin air and the average consumer won't even realize that prices are twenty cents lower because they actually won't be. In the meantime, our reserves will be dwindled and at some point will have to be refilled with higher priced oil. Reserves were never really meant to be used as a tool to decrease prices short term. Reserves are reserves for a reason. They are reserves for times of emergency.

 

[MarathonMike]

g5000 FYI This is the stated purpose for our STRATEGIC Oil Reserves. You will note that having an idiot for President is not a reason to release oil from the STRATEGIC Oil Reserves.

"The Strategic Petroleum Reserve is an emergency stockpile to preserve access to oil in case of natural disasters, national security issues and other events. ".

 

[Ray From Cleveland]

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

Bullshit. If oil companies were manipulating the price this way, it violates the commodities trading rules which come with heavy fines. Right now this is the best time to pump oil because the prices are so high. If they keep going higher, it's going to trigger another recession and all industry is quite aware of it.

The commies are trying to blame shift from Biden to the oil companies. The truth of the matter is our increasing fuel prices are because of Dementia and nobody else. If Trump were still in charge, we'd all be paying in the $2.00 a gallon range for gasoline and the cost to heat our homes would be no different from last year.

"The best part about being a Democrat is never having to say it was your fault.
Ray from Cleveland

 

[CrusaderFrank]

Biden just shortened the AOC AGW Global Death countdown clock by at least 2 months.

Why does Biden hate the polar ice caps

 

[CrusaderFrank]

Bullshit. If oil companies were manipulating the price this way, it violates the commodities trading rules which come with heavy fines. Right now this is the best time to pump oil because the prices are so high. If they keep going higher, it's going to trigger another recession and all industry is quite aware of it.

The commies are trying to blame shift from Biden to the oil companies. The truth of the matter is our increasing fuel prices are because of Dementia and nobody else. If Trump were still in charge, we'd all be paying in the $2.00 a gallon range for gasoline and the cost to hear our homes would be no different from last year.

"The best part about being a Democrat is never having to say it was your fault.
Ray from Cleveland

Why didn't they price gouge when Trump was President?

Does Biden get 10% of the profits?

 

[WEATHER53]

Give our oil away and then when tapped out claim victimhood and need for Americans to suffer an energy crisis. We can all then Finally Be Equal-equally miserable; that’s the ultimate plan anyway. Sick from never ending experimental injections, threatened livelihoods and incomes if we don’t follow like sheep, criminals allowed to steal up to $1,000 per day, police doing nothing other than hassling people for not wearing masks. It’s the dawn of a New and Unimproved America

 

[Ray From Cleveland]

Why didn't they price gouge when Trump was President?

Does Biden get 10% of the profits?

They didn't because it would violate the commodity trading rules. You can't rig prices on purpose. If they could, they would have done it during the best economy we had in 50 years when people had the money for such increases and economic activity would have netted them tens of billions a month. But the market doesn't work that way. The commodities market was created to stablilize prices--not manipulate them. Rigging prices would defeat the entire purpose.

 

[BluesLegend]

Climate change Biden to burn 50 million barrels of oil, climate changers react

 

[Ray From Cleveland]

Climate change Biden to burn 50 million barrels of oil, climate changers react

His entire goal was to lower US production and shift it to places like Russia and OPEC. Then when he campaigns for his fellow commies in 2022, he can brag about how much less fuel we are going through even though we'd be burning the same, just not ours.

 

[LAUGHatLEFTISTS]

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.

NPR and American progress.org.
HaahahahaahahjaahhaahahahahahahahahahahahahahhahHhaHhahaa

 

[Resnic]

If that dipshit didn't reverse trumps policies, if he didn't hamper domestic oil production, if he didn't instead buy from Russia, if he had t already sold reserve oil to China then he wouldn't need to release oil reserves now.

I still can't believe after all the damage he has done to this country he still hasn't been impeached.

 

[White 6]

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

Screw OPEC and Screw Russia, as they intentionally hold back from meeting demand, to force higher inflationary prices on the rest of the world. Never been a Russia fan. Haven't liked OPEC since the engineered the oil crises back in the 1970s, giving us high inflation and the double nickle speed limit.

 

[BluesLegend]

The USA is sitting on huge oil reserves, why isn't Biden doing everything he can to open those up and achieve energy independence?