Biden to release 50 million barrels of oil

[RoshawnMarkwees]

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.

It’s beyond that. It’s intended to make things worse. Demmunists want complete gov dependency.

 

[meaner gene]

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.

The problem is the SPR is normally kept close to capacity, and FYI, it's tapped all the time in that the DOE will trade oil for oil in order to stabilize production.
An oil company suffering temporary production disruptions can "borrow" from the reserve, and then replace that borrowed at a future date.

The Strategic Petroleum Reserve (SPR) is an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE). It is the largest known emergency supply in the world, and its underground tanks in Louisiana and Texas have capacity for 714 million barrels

 

[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.

 

[g5000]

The tard herd has been whining and whining and whining for Biden to do something about gas prices.

And now they are whining that he is doing something.

This is some serious BDS bullshit.

 

[Rogue AI]

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.

They secured production increases first. OPEC+ shut your failure of a president down.

 

[meaner gene]

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

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

 

[Devils_Advocate]

We're heading into one of the biggest travel weeks of the year and gas is going down.

This is a good thing, don't let your cult leaders trigger you over it.

It is going down because Biden and the Democratic Party are realizing that high prices on everything will mean a massive slaughter in the 2022 mid-term election.

Biden need gas below two dollars, the economy roaring and the consumer happy with how little money they spend to make sure the GOP does not retake the House and Senate…

 

[B. Kidd]

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

Yupp!
A fart in a wind tunnel!!

 

[Nostra]

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

So the Vegetable In Chief is pulling out 2 days supply of oil and thinks that will make a difference?

 

[iceberg]

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.

won't do a thing to prices. this will last through the end of thanksgiving day and we're back to the same problem.

 

[meaner gene]

So the Vegetable In Chief is pulling out 2 days supply of oil and thinks that will make a difference?

Did you get my PM Dumbass?

 

[Flash]

No problem. When all that oil is gone we can heat our homes, run our cars and operate our factories with with solar power.

I hear Solyndra produces jim dandy solar cells after The Worthless Negro gave them a half billion in subsidies.

 

[B. Kidd]

So the Vegetable In Chief is pulling out 2 days supply of oil and thinks that will make a difference?

2 and 3/4 days.

 

[meaner gene]

won't do a thing to prices. this will last through the end of thanksgiving day and we're back to the same problem.

Isn't that when OPEC has a meeting, where they will reevaluate their exports?

 

[Nostra]

won't do a thing to prices. this will last through the end of thanksgiving day and we're back to the same problem.

Style over substance is a staple of the Dimwinger party.

 

[meaner gene]

Style over substance is a staple of the Dimwinger party.

And being a DUMBASS is the staple of nostra.

You can't read, and you put "IN" into dragonladies quote, that you said wasn't accurate, in order to change the meaning of second term.

 

[iceberg]

Isn't that when OPEC has a meeting, where they will reevaluate their exports?

they meet it would seem on a regular basis. if you have some facts to drop off, please feel free to drop facts. til then, statements like this are pretty pointless.

 

[Flash]

 

[Nostra]

And being a DUMBASS is the staple of nostra.

You can't read, and you put "IN" into dragonladies quote, that you said wasn't accurate, in order to change the meaning of second term.

Try to figure out what thread you are in, Stalker.

 

[toobfreak]

LOLOL....................Everything is the pandemic....................LOLOL............................It is your vote you stupid idiot.

Notice how now that Biddum is in office that everything is a result of the pandemic or some other third party, and Joe, like Obumma, is treated by the media as much like just a spectator along for the ride saying: Wow! Will you look at that?!

When Trump was in office, they got up in his face all nasty demanding explanations every day for why it wasn't sunny outside that day.