Each Time It Gets More Stupid

Biden Could Release More Oil From Strategic Reserves, Even Though First Release Didn’t Move Gas Prices | The Daily Wire

The 50 million barrels released so far amount to 1/12th the total supply. If we release much more, we go from stupid to dangerous.

President Biden may release more oil from the United States Strategic Petroleum Reserve — even though a similar move from the administration had a negligible effect on gas prices.

Amos Hochstein — the White House’s Senior Advisor for Energy Security — told CNBC’s Hadley Gamble that releasing oil from the reserve “is a tool that was available to us and will be available again.”

“Remember, this was not a 50-million-barrel release, 30 million barrels were an exchange where companies and traders can take the oil now and return it over a scheduled period of time. That means the Strategic Petroleum Reserve will be replenished,” Hochstein explained. “And therefore, we have more flexibility to be able to do this again in the future if the need arises. I think we wanted to do something that was impactful for the market and that also had the ability and the flexibility to allow us to do that again should the need arise for the American economy.”

The problem is that there isn’t much of a timetable for the replenishment. And you can guarantee that traders won’t be replenishing it until the price comes down. They want to make a profit here.

Of course, there are things that Biden could to to actually lower the price of oil and gas…

I’m So Old, I Remember When We Weren’t at the Mercy of OPEC

11 months ago. Seems like a lifetime.

OPEC considers lowering production to account for oil reserve releases (worldoil.com)

OPEC and its allies may re-evaluate plans for reviving oil supplies if the world’s four largest consuming countries go ahead with a co-ordinated release of their strategic petroleum reserves.

India became the latest major consumer to contemplate deploying its stockpiles, potentially assisting the U.S., Japan and China in a move to dampen the inflationary threat of higher energy costs. The U.S. has urged fellow consumers to tap reserves after crude prices hit a seven-year high.

But the potential move pits them against the OPEC+ coalition -- led by Saudi Arabia and Russia -- for control over world oil markets.

“Such a move would potentially raise the stakes in the oil poker game and could produce new strains in the bilateral relationship between Washington and Riyadh,” said Helima Croft, chief commodities strategist at RBC Capital Markets LLC.

The 23-nation alliance already rebuffed calls from U.S. President Joe Biden and others earlier this month to speed up the return of supplies halted during the pandemic. Delegates said that even the modest production increase they have penciled in may now be re-evaluated when the group meets next week.

A year ago, we did what we wanted with our oil production, and if OPEC didn’t like it, we gave them the finger. Now, we are beggars at their door, pleading with them to increase production, while they sit back and laugh.

I Think I’ll Be Staying Home a Lot

Top investor says prepare for $100+ oil price, $5+ gas this winter | One America News Network (oann.com)

But it’s this kind of childish thinking that will compromise US National Security and harm the poor and underserved. A coordinated SPR release is a quick shot of morphine for a major infection. It fixes nothing and is evidence of a panic in DC. Prepare for $100 now..#GasPrice

— Kyle Bass (@Jkylebass) November 23, 2021

He actually thinks it could go higher than that. Yippee.

I Said That It Was a Stupid Idea, so Naturally Biden Would Do It, and Look Here It Comes

Biden May Tap Strategic Petroleum Reserve Amid Rising Fuel Prices (legalinsurrection.com)

I have been universally against this no matter who has been President. The Strategic Oil Reserve is not for controlling gas prices. It’s for when our oil supply is cut off. Tapping the Reserve puts the nation at risk. Obama seriously depleted our Reserve and it took most of Trump’s Presidency to refill it. Trump was clever, though. He bought the oil when it was dirt cheap.

Fear that the [President’s poll] numbers will plummet even farther amid rising fuel prices is likely one of the driving reasons the occupant of the Oval Office is considering tapping into the Strategic Petroleum Reserve.

President Joe Biden may soon tap into the nation’s Strategic Petroleum Reserve to boost domestic energy supply as prices continue to soar heading into winter, according to Energy Secretary Jennifer Granholm.

During an interview with CNN’s Dana Bash, Granholm said the president’s decision could hinge on a forecast due this week by the U.S. Energy Information Agency. Granholm also discussed OPEC’s resistance to the administration’s calls for increased production after it took 10 million barrels per day off of production in response to the pandemic.

Idiots.

It’s like they’re deliberately trying to make the worst possible choices in every case. How in the world did such morons get elected? Well, I guess we should all be happy. We have $4.00 gas, but no Mean Tweets.