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Worst thing is, the crude oil that Biden is releasing is sour crude that refiners don't want. It is high in sulfur and requires more natural gas to refine, which is extremely expensive right now, and will remain so all winter long.
Another epic fail in the making for team dementia Joe. Why do they even bother waking him up in the morning?
When this fails, they will pivot back to that excuse again. Because when stupid ideas produce stupid results, it's always someone elses fault...
someone needs to tell Biden, it's for emergencies, when we have oil shortage situations where we need all we can get. Releasing oil reserves is not supposed to be just to lower prices at the pump. now we will be replacing the cheaper oil with more expensive oil.
So if Presidents are to be blamed for rising fuel prices, will they be praised for decreasing ones?
Because, inevitably, prices will go down, present action notwithstanding. I look forward to all the threads and posts here graciously thanking the President when that happens.
Context matters, cause and effect are factors, not just happenstance. If oil prices drop while a person was president, it matters what they did that might have effected prices and supplies.
If a president is responsible for implementing policies which are opening up oil exploration, and approving pipelines, etc... Sure he may deserve praise for creating circumstances where the nation became oil independent. But if was just lucky enough to be in office during lower oil prices, and he did nothing to promote oil production, and in fact worked to purposely limit oil supplies and hinder transportation and production of oil and gas, then he deserves no credit if oil prices dropped due to factors outside of his control.
”Oil prices rose above $82 a barrel on Tuesday morning after the Biden administration announced the U.S. and other nations would release tens of millions of barrels of oil from reserves in a ploy to lower prices.”
”The White House and the Federal Reserve earlier this year said that inflation was transitory and would remain confined to just a few areas of the economy, predictions that proved wildly offbase as inflation became widespread, rose to its fastest pace in decades, and appears to be accelerating further.”
”Total global consumption runs at about 100 million barrels per day. Oil industry experts say the reserve release will likely not put significant downward pressure on prices, doing little to relieve price pressures created by underinvestment in U.S. production in the face of political pressure from climate activists.”
It was dumb to assume that 50 million barrels was going to put a dent in oil prices especially when OPEC+ isn't on board. That's a rounding error in the global futures market.
The only way to get them to heel is to play chicken with them. Trump understood this. Brandon, as usual, doesn't.
A short term band aid and another screw up from the most incompetent administation ever. This reserve is supposed to be there for times of war or severe supply disruption. It's not there so leftist administrations can try to bring down prices due to their own mistakes.
Also Biden is secretly selling our oil to other countries while we suffer with high oil prices because of an oil shortage with Biden stopping oil production by 30%. Americans should be po'ed.
Everyone here reacted without getting all the facts. 50 million barrels is barely a dent in the country’s current reserve supply of 605 million (total capacity is 727 million). Given the short-term domestic oil production issues, which haven’t fully recovered since the start of the pandemic (currently producing 11 million barrels/day vs. 12.8 million pre-pandemic) this move makes a lot more sense. Once domestic production is fully restored to pre-pandemic levels prices will likely be lower and we can add back to our reserves.
There are numskulls that just don't get it.
Quote:
Originally Posted by elan
No no no, this is for emergencies. Biden is dangerous.
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