Biden to release 50 million barrels of oil

[Rambunctious]

They are not "oil reserves"...they are called strategic oil reserves...that oil is held to ensure that we can defend the nation in case of an attack...look at everything Joe is doing...its as if he is laying the ground work for an easy American defeat....

 

[Harpy Eagle]

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.

There is nothing in the commodity trading rules that says oil companies have to produce more oil to make the price go down.

 

[meaner gene]

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.

People have more surplus money now, than during the Trump years (ironic ain't it) due to things like PPP that pumped money into peoples pockets, like the enhanced unemployment, but without anything to spend it on. Big oil has always artificially jacked up prices when they could, by being able to point to some situation, like a pipeline, or a hurricane, a drilling rig blowout, or a tanker accident to raise the price of gas the next day.

 

[Ray From Cleveland]

There is nothing in the commodity trading rules that says oil companies have to produce more oil to make the price go down.

Correct, and nothing in the rules that say they can't reduce production either, just not with the intent of manipulating prices.

 

[Ray From Cleveland]

People have more surplus money now, than during the Trump years (ironic ain't it) due to things like PPP that pumped money into peoples pockets, like the enhanced unemployment, but without anything to spend it on. Big oil has always artificially jacked up prices when they could, by being able to point to some situation, like a pipeline, or a hurricane, a drilling rig blowout, or a tanker accident to raise the price of gas the next day.

Big oil doesn't control anything, the commodities market does. That's where oil and all commodity prices are set at.

The people who now have all this extra government money are using it to support themselves thus not having to return to work. That's one of the reasons we have a supply chain problem and inflation.

 

[RoshawnMarkwees]

Democrats are retarded baboons.
People with half a brain and above knew this shit would happen if a democrat regained the presidency.
Democrats are the stupidest alleged Americans in history.

 

[Ray From Cleveland]

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.

Multiple impeachments won't come until we regain leadership of the House in 22. Until then it's a waste of time to try. Democrats will stick by each other no matter what.

 

[Ray From Cleveland]

They are not "oil reserves"...they are called strategic oil reserves...that oil is held to ensure that we can defend the nation in case of an attack...look at everything Joe is doing...its as if he is laying the ground work for an easy American defeat....

The OP would have you believe that this is a Biden plan and he's out to save the country. The truth of the matter is he's just tagging along. China and other countries are doing the exact same before Dementia even mentioned it.

 

[g5000]

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. ".

Every president in memory has released oil from the reserves.

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

 

[meaner gene]

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.

Let me remind you, this was a Trump policy

Why China Is Suddenly Buying Record Amounts Of American Crude Oil
Sep 20, 2020,

China’s recent increase in its appetite for U.S. energy in the run-up to the November elections is a sign that the Trump administration’s pressure on Beijing is paying dividends.

China’s imports of U.S. crude are expected reach a new high of about 900,000 barrels a day this month. According to Chinese customs data, China’s imports of US crude oil spiked to a record high of 867,000 barrels a day in July, up from 143,000 barrels a day in June.

Why China Is Suddenly Buying Record Amounts Of American Crude Oil

Relations between the United States and China may be at an all-time low, but the trading of energy commodities between the two powers remains active—at least for crude oil.

www.forbes.com

 

[Fort Fun Indiana]

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

Because energy independence doesn't exist. Whose oil do you think that is?

 

[g5000]

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

Oil prices are high all over the world, dipshit. And I showed you why in my first three posts.

 

[Fort Fun Indiana]

They are not "oil reserves"...they are called strategic oil reserves...that oil is held to ensure that we can defend the nation in case of an attack...look at everything Joe is doing...its as if he is laying the ground work for an easy American defeat....

As usual, you have no idea what you are talking about.

The petroleum reserves were invented in 1975 in response to the shortage in order to secure supply.

So you are 100% ass backwards wrong, and this is precisely what the reserves are designed to do.

 

[g5000]

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

When oil prices went negative, Trump bought oil and put it in the oil reserves in order to prop up the oil companies. But it was too little, too late.

 

[meaner gene]

They are not "oil reserves"...they are called strategic oil reserves...that oil is held to ensure that we can defend the nation in case of an attack...look at everything Joe is doing...its as if he is laying the ground work for an easy American defeat....

They said the same thing when Bill Clinton did it. And the result of Clinton's move was to drive down world oil prices, and made a "sell high / buy low" profit for the taxpayers.

Bidens move won't be as successful, but it will dampen the inflationary oil prices.

 

[Fort Fun Indiana]

When oil prices went negative, Trump bought oil and put it in the oil reserves in order to prop up the oil companies. But it was too little, too late.

Indeed. The Trump administration worked for over a year to raise oil and gas prices.

 

[Dont Taz Me Bro]

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.

No, but I think Mr Clean has a valid point, if it wasn't fairly hyperbolic. Relieving high gas prices isn't really the purpose of our strategic reserves. They are really meant for national emergency situations. I don't consider high gas prices to be an emergency and I pay out the ass for gas living in a high priced state and driving a car that takes premium.

 

[Rogue AI]

Without a verifiable increase in supply this isn't even a stop gap, it's a publicity stunt that make things worse in the end.

 

[Ray From Cleveland]

Oil prices are high all over the world, dipshit. And I showed you why in my first three posts.

That's because oil is an international commodity dipshit like all the others.

 

[Fort Fun Indiana]

. Relieving high gas prices isn't really the purpose of our strategic reserves.

Yet Bush and Trump both used it for this reason (prices), and the ECPA allows for it. Which defacto means it is one of the purposes.