https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/18/fact-sheet-president-biden-to-announce-new-actions-to-strengthen-u-s-energy-security-encourage-production-and-bring-down-costs/Dark Xiden's upcoming teleprompter slobberings in brief.
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1.When the price of gas goes up, it's due to to Evil Vladimir. When it goes down, it's due to the ice cream loving PeePaw. Cornpop was a bad dude, but he's no match for Evil Vlad the Pumpaler.[/ol]
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2.Gas prices are lower than they were at the peak. (Don't worry about what they were two years ago under that other Evil SOB)-15m barrels from SPR to be sold, concluding the 180m SPR release announced in Spring. Same prattle, different slobber.[/ol]
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3.The Resident will not hesitate to sell more from SPR, in between nap time and depends changings : "The Resident is prepared to authorize significant additional sales in coming months if conditions require. DOE will be prepared to act quickly to inject additional supply into the market if needed, and the Administration will not hesitate to use this tool, or the others at its disposal, to shore up the global supply of energy, support domestic inventory levels, and bring prices down for Americans" (Before Mid-Terms.)[/ol]
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4.The Resident will allow SPR to be refilled via futures bidding process, at a price of $67 - $72. (Of note: With the current futures curve, these drecks could starting buying for delivery in late 2024.)[/ol]
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5.Peepaw is mad at refineries. "Third, the Resident is calling on companies to pass through lower energy costs to consumers right away." Also: "Keeping prices high even as input costs fall is unacceptable, and the Resident will call on companies to pass their savings through to consumers now."[/ol]
FJB, Pablum par for the course.
. If XOM runs to 105, I dont wanna know.