Biden prepares to release more from SPR if gas goes up

2,534 Views | 31 Replies | Last: 6 mo ago by F4GIB71
techno-ag
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12:36p, 6/17/24
AG
https://www.washingtonexaminer.com/politics/biden/3047071/president-joe-biden-prepared-to-use-oil-reserves-again-to-lower-gas-prices/

Quote:
President Joe Biden is prepared to release more oil from the country's strategic reserves if gas prices increase during the summer. This is the latest plan by the Biden administration to counter higher prices at the pumps and the more expensive prices on various goods due to inflation.

A Biden administration energy adviser suggested gas prices are "still too high" for many in the country and said he favors taking action to "cut them down a little bit further."

"We will do everything we can to make sure that the market is supplied well enough to ensure as low [a] price as possible for American consumers," Special Presidential Coordinator for Global Infrastructure and Energy Security Amos Hochstein told the Financial Times. "I think that we have enough in the SPR if it's necessary."

Let's hope there's not a war or some other national emergency. This seems very irresponsible. It's supposed to be saved, not squandered for political purposes.
Trump will fix it.
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BadMoonRisin
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12:40p, 6/17/24
AG
If it weakens America, Slow Joe is on it!
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Ag87H2O
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12:41p, 6/17/24
AG
Biden has done everything within his power during his term to make energy prices higher with his insane green energy initiatives and his war on the O&G industry, then takes reserves from our stategic supply to try and make it look like he's doing something to bring prices down.

All the while, prices on everything have gone up as a result because every single item we use is dependent on energy in some form, even if it is just in transporting the good to market.

And refilling the reserve will cost much more since the price of oil is so much higher than when it was filled originally.

In a sane world, that alone should be enough to get him beat in November.
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Maroon Dawn
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12:41p, 6/17/24
AG
Just one small part of the massive gaslighting operation to convince the public that things aren't that bad until after the election
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dreyOO
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12:50p, 6/17/24
What a genius. How easy it is to solve our problems by spending everything in reserve.

This coming from the administration that wants to keep taxing the hell out of us while they're printing money nonstop.
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frenchtoast
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12:51p, 6/17/24
Chasing the important cager vote
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HDeathstar
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12:54p, 6/17/24
pushing high prices to post election. Taxpayer support for democrat election advertisement.
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sleepybeagle
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12:56p, 6/17/24
AG
Forget oil... there isn't enough copper to go EV!
Quote:
Copper cannot be mined quickly enough to keep up with current policies requiring the transition to electric vehicles (EVs), according to a University of Michigan study.

...an EV requires three to five times more copper than petrol or diesel cars, not to mention the copper required for upgrades to the electricity grid.
ok kids, let's all remember:

Mining for Copper, Cobalt and Lithium is GREEN and GOOD...
While mining for petroleum is BAD BAD BAD!
sleepybeagle
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mickeyrig06sq3
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In reply to dreyOO • 12:57p, 6/17/24
AG
dreyOO said:
What a genius. How easy it is to solve our problems by spending everything in reserve.

This coming from the administration that wants to keep taxing the hell out of us while they're printing money nonstop.
We haven't been this low since 1983, and it's all under Biden. 650K when he started, now at 370k.

Weekly U.S. Ending Stocks of Crude Oil in SPR (Thousand Barrels) (eia.gov)
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rocky the dog
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12:59p, 6/17/24
AG
Elections are when people find out what politicians stand for, and politicians find out what people will fall for.
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jja79
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1:59p, 6/17/24
AG
When I read statements like this from a Biden spokesman saying we're doing everything we can to ensure supply I harken back to his statements about ending the fossil fuel business. Americans are idiots so they can get away with this.
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techno-ag
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In reply to jja79 • 2:10p, 6/17/24
AG
jja79 said:
When I read statements like this from a Biden spokesman saying we're doing everything we can to ensure supply I harken back to his statements about ending the fossil fuel business. Americans are idiots so they can get away with this.
Yup. He shut down Keystone Pipeline on Day One. "That would take years to build," concerned moderates and D*mocrats on here said. And here we are years later. It would have been done by now.
Trump will fix it.
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Martin Q. Blank
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In reply to sleepybeagle • 2:37p, 6/17/24
sleepybeagle said:
Forget oil... there isn't enough copper to go EV!
Quote:
Copper cannot be mined quickly enough to keep up with current policies requiring the transition to electric vehicles (EVs), according to a University of Michigan study.

...an EV requires three to five times more copper than petrol or diesel cars, not to mention the copper required for upgrades to the electricity grid.
ok kids, let's all remember:

Mining for Copper, Cobalt and Lithium is GREEN and GOOD...
While mining for petroleum is BAD BAD BAD!
They've been locking up copper wire at my Home Depot for a year now due to theft.
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MouthBQ98
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2:44p, 6/17/24
AG
I work in Telecom network and our old copper cables are getting stolen on a regular basis.
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Not Coach Jimbo
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3:26p, 6/17/24
Oil prices tanking generally proceeds a recession... tons of the historical indicators have alarms going off, but sure, let's help tank oil too.
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Kansas Kid
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In reply to rocky the dog • 3:28p, 6/17/24
rocky the dog said:

This meme says it all. This is really just pandering and making the administration look like they are doing something when the real impact on oil and gasoline prices is very limited. The amount they are selling per day is a drop in the bucket of world supply which has no material impact on prices.

PS. I am not a fan of this as all it is is an attempt to use government assets to buy votes.
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techno-ag
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In reply to Kansas Kid • 3:32p, 6/17/24
AG
Kansas Kid said:
rocky the dog said:

This meme says it all. This is really just pandering and making the administration look like they are doing something when the real impact on oil and gasoline prices is very limited. The amount they are selling per day is a drop in the bucket of world supply which has no material impact on prices.

PS. I am not a fan of this as all it is is an attempt to use government assets to buy votes.
It may have a limited practical impact but the psychological impact on futures trading is where it will be felt, thus affecting the price at the pump. It doesn't take much to swing the futures one way or the other.
Trump will fix it.
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PCC_80
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3:54p, 6/17/24
AG
Brandon needs to reduce our supplies and reserves of quite a few things before he gets us into a shooting war.

We have already depleted our supplies of SAMs and Anti Armor missiles along with artillery shells in the Ukraine, but our oil reserves are still too high. Brandon has also run lots of very skilled people out of the uniform with vax mandates and insane LGBTQ training. The Pentagon is also spending lots of $$$$ on ****** Surgeries rather than spare parts, training or ammunition.

Either the Ukraine, Taiwan, Best Korea, Middle East or South America will probably flair up sometime this fall after the election and Brandon will start sending troops. The Dems/Libs need us to lose and lose badly the next conflict so that we will get with their program of one world govt.
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Kansas Kid
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In reply to techno-ag • 3:55p, 6/17/24
The major futures traders know the real impact and it won't have any lasting impact. They trade on facts not emotion. If it had the impact you claim, you would see a $5/bbl drop the day of the announcement. Instead, it has had almost no impact on oil futures. On the day of the last announcement, crude moved by about $.60 which is a normal day.

If you want to see government pronouncement and data moving markets, go look at bond futures on Fed announcements and key employment and inflation data.
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texsn95
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3:56p, 6/17/24
AG
So where are our resident libs who defend this? Please chime in.
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techno-ag
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In reply to Kansas Kid • 4:08p, 6/17/24
AG
Kansas Kid said:
The major futures traders know the real impact and it won't have any lasting impact. They trade on facts not emotion. If it had the impact you claim, you would see a $5/bbl drop the day of the announcement. Instead, it has had almost no impact on oil futures. On the day of the last announcement, crude moved by about $.60 which is a normal day.

If you want to see government pronouncement and data moving markets, go look at bond futures on Fed announcements and key employment and inflation data.
There's an impact. That's why he keeps doing it. Save your ire for the Bidenomics team.
Trump will fix it.
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JWinTX
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4:10p, 6/17/24
Obama doing Obama-things...
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IslanderAg04
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4:13p, 6/17/24
He's already burnt through half of it, and now he cant recover it. As usual, buying votes, and idiots will eat it up.
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Kansas Kid
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In reply to techno-ag • 4:33p, 6/17/24
techno-ag said:
Kansas Kid said:
The major futures traders know the real impact and it won't have any lasting impact. They trade on facts not emotion. If it had the impact you claim, you would see a $5/bbl drop the day of the announcement. Instead, it has had almost no impact on oil futures. On the day of the last announcement, crude moved by about $.60 which is a normal day.

If you want to see government pronouncement and data moving markets, go look at bond futures on Fed announcements and key employment and inflation data.
There's an impact. That's why he keeps doing it. Save your ire for the Bidenomics team.

As the meme says, it is so he can claim he is doing something. It is virtue signaling.

Go look at the announcements and the movement of oil in the days after them. In most cases, oil went up after the announcements. Even OPEC announcing 1mm bbl/day changes in output which dwarfs the SPR releases has only a $1-2/bbl move these days.
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JB93
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In reply to techno-ag • 5:42p, 6/17/24
I read title that Biden was going to release more SBR if gas goes up. I was like...sweet...no more $200 fed stamp and months of waiting for my SBR. Where do I sign? Oh dammit...misread that one!!
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techno-ag
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In reply to JB93 • 6:23p, 6/17/24
AG
Yeah strategic petroleum reserve, not short barreled rifle.
Trump will fix it.
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Hoyt Ag
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6:27p, 6/17/24
AG
Yall remember when Trump was eviscerated for wanting to refill the SPR when oil was sub $40, and ol Chucky/Nancy said this was nothing more than lining the pockets of Big Oil? Good times. Look where we are now.
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Who?mikejones!
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6:28p, 6/17/24
God forbid we encourage more production
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richardag
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In reply to sleepybeagle • 6:34p, 6/17/24
sleepybeagle said:
Forget oil... there isn't enough copper to go EV!
Quote:
Copper cannot be mined quickly enough to keep up with current policies requiring the transition to electric vehicles (EVs), according to a University of Michigan study.

...an EV requires three to five times more copper than petrol or diesel cars, not to mention the copper required for upgrades to the electricity grid.
ok kids, let's all remember:

Mining for Copper, Cobalt and Lithium is GREEN and GOOD...
While mining for petroleum is BAD BAD BAD!
To your point here is some green in Utah.
Among the latter, under pretence of governing they have divided their nations into two classes, wolves and sheep.”
Thomas Jefferson, Letter to Edward Carrington, January 16, 1787
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Tony Franklins Other Shoe
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6:38p, 6/17/24
AG
How is that massive wind farm off the northeast coast coming along? Surely that will kick in soon and help reduce our reliance on that nasty ol fossil fuel.

Person Not Capable of Pregnancy
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techno-ag
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In reply to Tony Franklins Other Shoe • 7:00p, 6/17/24
AG
Tony Franklins Other Shoe said:
How is that massive wind farm off the northeast coast coming along? Surely that will kick in soon and help reduce our reliance on that nasty ol fossil fuel.
NE Libs didn't want the windmills to mar their view of the water.
Trump will fix it.
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F4GIB71
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8:55p, 6/17/24
Is there anything left in the SPR?
F4GIB71
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