- Jan 23, 2021
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The idiocy is really difficult to believe. Here is his plan:
1.) Release more from the Strategic Petroleum Reserve.
Yes, while the reserve is at the lowest level in decades, and we continue to poke Putin in his eyes and China is getting more aggressive - release our strategic reserves as a political gesture.
2.) In order to address oil companies' concerns about investing in additional production with uncertain demand in the future (like when the government has declared war on your industry), Biden promises to refill the reserve when prices are down to $70/barrel. You'll have to be patient here in the video, as he goes into Bidem mushmouth, but that's the gist. This is another brilliant strategy. Keep the reserves low until some imaginary point in the future. Don't worry about it now, while tensions everywhere are as high as they have ever been in peacetime. He knows we will have to refill the reserve sooner than that and it will be expensive, but that's down the road and he could not care less.
3.) He's "calling on oil companies to pass the savings on to consumers" What savings, you might ask. No clue. Pretty sure he means profits, because he adds, "oil companies are using record profits to buy back shares and pay dividends, passing that money on to their shareholders not to consumers.... You should be using your profits to increase production and refining".
Here is the best part. Seconds after chastising oil companies to lower prices and invest in production, he says this "Our country needs to pass permanent reform to accelerate the development of clean energy.. wind, solar, hydrogen.."
So, along with a stunning ignorance of market economics, he fails the irony test by following up all that crap with a call for permanent reform to benefit alternatives to oil.
1.) Release more from the Strategic Petroleum Reserve.
Yes, while the reserve is at the lowest level in decades, and we continue to poke Putin in his eyes and China is getting more aggressive - release our strategic reserves as a political gesture.
2.) In order to address oil companies' concerns about investing in additional production with uncertain demand in the future (like when the government has declared war on your industry), Biden promises to refill the reserve when prices are down to $70/barrel. You'll have to be patient here in the video, as he goes into Bidem mushmouth, but that's the gist. This is another brilliant strategy. Keep the reserves low until some imaginary point in the future. Don't worry about it now, while tensions everywhere are as high as they have ever been in peacetime. He knows we will have to refill the reserve sooner than that and it will be expensive, but that's down the road and he could not care less.
3.) He's "calling on oil companies to pass the savings on to consumers" What savings, you might ask. No clue. Pretty sure he means profits, because he adds, "oil companies are using record profits to buy back shares and pay dividends, passing that money on to their shareholders not to consumers.... You should be using your profits to increase production and refining".
Here is the best part. Seconds after chastising oil companies to lower prices and invest in production, he says this "Our country needs to pass permanent reform to accelerate the development of clean energy.. wind, solar, hydrogen.."
So, along with a stunning ignorance of market economics, he fails the irony test by following up all that crap with a call for permanent reform to benefit alternatives to oil.
MSN
www.msn.com
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