'Large Portion' of Oil Tapped from Strategic Reserves by Biden Will Go to China, Indi
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LupusDei
curious alien
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Oil pumped in USA is routinely exported too. At the same time it's often cheaper to produce gasoline you buy at the pump from lighter oil imported to the USA.
The stated goal was to limit price growth.
It worked, sorta. The direct amount released could at best influence prices up to about $1 per barrel, but there was hope, and apparently some coordination with other countries for following suit. They did, at least declarative, with even smaller amounts though (their reserves are much much smaller anyway). Still, the signaling seemed to have at least some stabilizing effect, even if perhaps immeasurable, against expected price correction coming anyway, before the announcement about emergence of Omicron cut oil prices by $10 right away. (If one wants Omicron conspiracy, there's a great opportunity.)
Now, I don't know how it exactly works, but in theory Biden can score profit on this if he refills the bunkers at the right time.
The stated goal was to limit price growth.
It worked, sorta. The direct amount released could at best influence prices up to about $1 per barrel, but there was hope, and apparently some coordination with other countries for following suit. They did, at least declarative, with even smaller amounts though (their reserves are much much smaller anyway). Still, the signaling seemed to have at least some stabilizing effect, even if perhaps immeasurable, against expected price correction coming anyway, before the announcement about emergence of Omicron cut oil prices by $10 right away. (If one wants Omicron conspiracy, there's a great opportunity.)
Now, I don't know how it exactly works, but in theory Biden can score profit on this if he refills the bunkers at the right time.
Rightguide
Prof Triggernometry
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Of course! There is no denying Joe Biden is compromised by the CCP.
LittleDixie
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LOL!
That's your government, America!
That's your government, America!
Bud_Spencer
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Hunter will love this. It'll keep him in the good graces of the CCP.
dan_c00000
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The US, in October, shipped out 1.6 million barrels of oil. Well, considering, the US uses 18 million barrels a day that means we gave up about 5% of a single day's worth of oil.
I think this is where "Big" Ben Shaprio would say facts don't care about your feelings.
I think this is where "Big" Ben Shaprio would say facts don't care about your feelings.
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