Biden to Release U.S. Oil Reserves in Challenge to OPEC+

[ll74]

Challenging OPEC typically ends up worse....we'll see. This should've been done earlier in the year. Let's see how prices react today.

https://www.bloomberg.com/news/arti...dinated-oil-release-that-may-draw-ire-of-opec

Of that amount, 32 million will be released from the U.S. Strategic Petroleum Reserve as an exchange over next several months, while 18 million will come from an accelerated release from previously authorized sales, the White House said in a statement Tuesday. It represents one of the biggest releases ever from the reserve, surpassing U.S. interventions amid Libyan unrest in 2011 and Operation Desert Storm in 1991.

 

[ll74]

Looks like the immediate response is mixed

https://www.marketwatch.com/story/o...rategic-petroleum-reserve-release-11637675310

Oil initially extended a decline after the White House announcement, but then trimmed or erased losses. West Texas Intermediate crude for January delivery CL00, 1.16% CLF22, 1.08% was off 9 cents, or 0.1%, at $76.66 a barrel on the New York Mercantile Exchange. January Brent crude BRN00, 1.41% BRNF22, 1.47%, the global benchmark, was up 19 cents, or 0.2%, at $79.89 a barrel on ICE Futures Europe.

 

[icanhelp1]

Challenging OPEC typically ends up worse....we'll see. This should've been done earlier in the year. Let's see how prices react today.

https://www.bloomberg.com/news/arti...dinated-oil-release-that-may-draw-ire-of-opec

Another Biden miscalculation. The SPR is not and should not be used to counter ineffective domestic policy. SPR is a reserve to respond to foreign aggression and insure oil reserves are adequate to respond to a future conflict whether it be political or military.

 

[Bud_Spencer]

All this demented moron needs to do is get the jackboot of the Central State off the necks of the poeple and we'll fix it. But that's just not how the Democrats do business, is it?

 

[ll74]

Another Biden miscalculation. The SPR is not and should not be used to counter ineffective domestic policy. SPR is a reserve to respond to foreign aggression and insure oil reserves are adequate to respond to a future conflict whether it be political or military.

SPR has been used time and time again for the very same thing.....to respond to OPEC price gauging. And it has worked in the past

 

[ll74]

All this demented moron needs to do is get the jackboot of the Central State off the necks of the poeple and we'll fix it. But that's just not how the Democrats do business, is it?

Good unrelated comment. well done.

You want to bring up CRT while you're at it?

 

[icanhelp1]

SPR has been used time and time again for the very same thing.....to respond to OPEC price gauging. And it has worked in the past

Most past presidents used it to counter OPEC oil embargoes because at the time we were dependent on foreign oil imports. Biden was handed a healthy energy sector and decided to align with the extreme left position on green energy and climate change.

 

[Bud_Spencer]

Good unrelated comment. well done.

You want to bring up CRT while you're at it?

As far as a Democrat is concerned, only government action is legitimate, and even then, only when taken by a Democrat administration. So we get the usual gambit of "break your leg and hand you a crutch."

Trump handed Shits and Giggles a nation that was energy-independent. He did that by unleashing the market on the problem, and the market delivered. Now this pack of statist incompetents thinks they know better how things run because they all have Poli-Sci degrees from the same Ivy, and we're reduced to begging the fucking Saudis for oil.

It's pathetic and enraging.

 

[ll74]

As far as a Democrat is concerned, only government ction is legitimate, and even then, only when taken by a Democrat administration. So we get the usual gambit of "break your leg and hand you a crutch."

Trump handed Shits and Giggles a nation that was energy-independent. He did that by unleashing the market on the problem, and the market delivered. Now this pack of statist incompetents thinks they know better how things run because they all have Poli-Sci degrees from the same Ivy, and we're reduced to begging the fucking Saudis for oil.

It's pathetic and enraging.

So no comment on the oil reserve release...got it.

#grievancePorn

 

[Bud_Spencer]

So no comment on the oil reserve release...got it.

#grievancePorn

It's totall unnecessary and leaves us vulnerable to OPEC manipulations. But then again, Joe's been wrong about every foreign policy issue for half a century, so why start being right now?

 

[HisArpy]

So, Biden is going to let THREE DAYS worth of oil out of the reserve.

Meanwhile, OPEC laughs and slows their pumping/delivery schedule for 2 weeks and the price of gas goes up while our emergency stockpile goes down.

Seriously, WTF???

Biden just can't seem to figure out what he's doing wrong. All he has to do is revoke his EO moratorium on Federal land oil & gas leases and the Keystone pipeline to make this problem go away. Instead he's trying to apply a bandaid to a severed artery and ignoring what's really going on.

 

[ll74]

Most past presidents used it to counter OPEC oil embargoes because at the time we were dependent on foreign oil imports. Biden was handed a healthy energy sector and decided to align with the extreme left position on green energy and climate change.

"most past Presidents" - lol....you seem to be stuck on one particular situation in the 70s. We've had 50 years since then.

Strategic reserves have been used multiple times to respond to OPEC's practices or to respond to international situations.

https://www.washingtonpost.com/busi...2ee026-4bac-11ec-a7b8-9ed28bf23929_story.html

a president can order a full drawdown in the event of a “severe energy supply interruption” that threatens national security or the economy. A limited drawdown (up to 30 million barrels) can be ordered in the event of “a domestic or international energy supply shortage of significant scope or duration.”

Beyond ad hoc responses to localized oil disruptions, the U.S. has only tapped its oil reserve a handful of times. In 2011, President Barack Obama released 30 million barrels as part of a joint effort with other nations to counter supply disruptions from Libya. In 2005, President George W. Bush released 11 million barrels in the wake of Hurricane Katrina. And in 1991, under President George H.W. Bush, 17 million barrels were released during the first Gulf War. In 2017, the Energy Department authorized the release of 5 million barrels to Gulf Coast refineries when Hurricane Harvey wreaked havoc on the region. Such arrangements are designed to address short-term emergency needs, and the crude is repaid, in kind, at a future date. Test releases take place from time to time, as well as limited releases in the form of swaps.

 

[ll74]

It's totall unnecessary and leaves us vulnerable to OPEC manipulations. But then again, Joe's been wrong about every foreign policy issue for half a century, so why start being right now?

Only three comments to respond to the thread. And still has to add more #grievancePorn

 

[Bud_Spencer]

Only three comments to respond to the thread. And still has to add more #grievancePorn

Each of my comments is germane. Throwing open the valves of the SPR is a desperate attempt to solve a political crisis that is 100% the making of the halfwit that is throwing open the valves. On top of that, it's removing a strategic tool we have tocounter OPEC if they do decide to attack.

 

[ShyBiGuy954]

https://64.media.tumblr.com/cd03fdc10c4a780a1bc661c1f7cd712c/5867fda4e352b4e1-55/s500x750/5f27432038ff0e75b8b1a8b4853c0893a788936a.jpg

 

[ll74]

All he has to do is revoke his EO moratorium on Federal land oil & gas leases and the Keystone pipeline to make this problem go away.

lol...is that all?

So he should open up the pipeline that Canada uses and that will fix the problem?

wow.....not oversimplified at ALL!! ＼（〇_*）／

 

[Bud_Spencer]

lol...is that all?

So he should open up the pipeline that Canada uses and that will fix the problem?

wow.....not oversimplified at ALL!! ＼（〇_*）／

Keystone would have transported 830,000 bbl per day. At that rate, it would deliver the amount that Retard Joe is pulling from the SPR in under 40 days, and it would keep pullling that amount into circulation every 40 days thereafter.

Then add the moratorium on drilling on federal lands (now abandoned in part, thank God) and fracking ban, and you have the makings of a nice, synthetic energy crisis.

 

[bellisarius]

Challenge to OPEC? They're insane if they think we're that stupid.

 

[icanhelp1]

"most past Presidents" - lol....you seem to be stuck on one particular situation in the 70s. We've had 50 years since then.

Strategic reserves have been used multiple times to respond to OPEC's practices or to respond to international situations.

https://www.washingtonpost.com/busi...2ee026-4bac-11ec-a7b8-9ed28bf23929_story.html

I'm not disagreeing with any of that. This time though; Biden was given a healthy energy sector and decided to move with the extreme left position of solving climate change before we're ready for such a move. Biden is committing national suicide, he's been wrong on everything. Open up our own energy markets and let capitalism work.

 

[Bud_Spencer]

I'm not disagreeing with any of that. This time though; Biden was given a healthy energy sector and decided to move with the extreme left position of solving climate change before we're ready for such a move. Biden is committing national suicide, he's been wrong on everything. Open up our own energy markets and let capitalism work.

We can't do that! That cuts the Democrat Party out of the middle and eliminates the possibility for some good, honest graft!

 

[HisArpy]

lol...is that all?

So he should open up the pipeline that Canada uses and that will fix the problem?

wow.....not oversimplified at ALL!! ＼（〇_*）／

Let's talk about "simple" shall we?

Prior to Jan 2022, the US was energy independent. It was the top exporter of energy in the world.

After coming into office, Biden signed an EO prohibiting the sale/lease of federal lands for oil. He signed an EO reversing the approval for the Keystone pipeline.

Within days the price of energy began to rise. It continues to rise even though Biden has "begged" energy producers in several nations to increase production.

So, break it down. We were energy independent, Biden signs EO's killing that independence, and now we're suffering high prices with stopgap ideas that provide no real solutions for either the near or long term.

Let's hear you tell us what the simple answer is to fixing that problem?


Or are you too stuck on stupid to figure it out?

 

[Wrong Element]

The idea expressed here that there has been this dramatic cut in domestic oil production since January is ... uh ... not true.

There was a cut in production in 2020 due to lessening demand.

 

[CornusKousa]

Challenging OPEC typically ends up worse....we'll see. This should've been done earlier in the year. Let's see how prices react today.

All they had to do earlier this year was not attack our fossil fuel markets/industry in the first place.

 

[CornusKousa]

The idea expressed here that there has been this dramatic cut in domestic oil production since January is ... uh ... not true.

There was a cut in production in 2020 due to lessening demand.

You mean all those pipelines and exploration projects Biden and the (D)'eez assassinator earlier this year never really happened??

Keystone pipeline is open??? Several other fracking/drilling/pipeline projects weren't also shut down??? I distinctly remember lots of cheering and crowing over Biden FINALLY halting all the Trump evils that were destroying the environment.

Either you're lying, or the entire news media/government is lying.

As much as I dislike the later I'm going to go ahead with you being the one who is full of shit here.

 

[ll74]

Keystone would have transported 830,000 bbl per day. At that rate, it would deliver the amount that Retard Joe is pulling from the SPR in under 40 days, and it would keep pullling that amount into circulation every 40 days thereafter.

Then add the moratorium on drilling on federal lands (now abandoned in part, thank God) and fracking ban, and you have the makings of a nice, synthetic energy crisis.

Yes, Canadian oil would've flowed and leaked through our country to be added to the open market. It's already being moved through our country and being added to the open market.

The moratorium dealt with oil drilling in the future....backlogs already existed. And drilling was already at a reduced level due to Covid and other restrictions prior to this year.

But yes...all Biden's fault....completely Bidens' fault......that pimple on your ass....that hurts so much is Biden's fault. Trump gives you the handjob you want