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Author Topic: The 'oil piggy bank' is running low — but President Biden says he'll replenish it'''  (Read 627 times)

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Online Wingnut

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The 'oil piggy bank' is running low — but President Biden says he'll replenish it'''
« on: October 20, 2022, 09:18:42 pm »
The 'oil piggy bank' is running low — but President Biden says he'll replenish it when prices hit a range of $67 to $72 a barrel. Will the plan work?

President Biden is drawing another 15 million barrels from the U.S. emergency reserves — and “is prepared to authorize” additional sales in the coming months if needed.

The White House announced on Tuesday that the Department of Energy will deliver more crude oil from the Strategic Petroleum Reserve (SPR) to the market in December, in order to drive down prices at the pump.

The release from the White House added the Biden administration has plans for replenishing the SPR once prices drop, after it received backlash from some experts for draining America’s “oil piggy bank” — which was established for emergency use during an oil supply or economic crisis.

With the addition of these 15 million barrels, Biden will complete his plan to release a total of 180 million barrels — something he committed to back in the early days of Russia’s war in Ukraine.

The White House announcement comes just a few weeks after the president revealed he intends to release 10 million barrels from the SPR in November. That move was made primarily in response to the Organization of the Petroleum Exporting Countries’ (OPEC+) plans to slash oil production by 2 million barrels a day.

But even before the OPEC+ news was released, gas prices had started to creep up again, following a 98-day streak of lower prices over the summer.

https://finance.yahoo.com/news/oil-piggy-bank-running-low-193000705.html

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Offline verga

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Re: The 'oil piggy bank' is running low — but President Biden says he'll replenish it'''
« Reply #1 on: October 21, 2022, 05:49:31 pm »
FJB
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Offline rustynail

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Re: The 'oil piggy bank' is running low — but President Biden says he'll replenish it'''
« Reply #2 on: October 21, 2022, 05:59:59 pm »
What's the MPG for a line of talk?
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Online Kamaji

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Re: The 'oil piggy bank' is running low — but President Biden says he'll replenish it'''
« Reply #3 on: October 21, 2022, 06:31:56 pm »
:facepalm2:
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Offline Hoodat

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Re: The 'oil piggy bank' is running low — but President Biden says he'll replenish it'''
« Reply #4 on: October 21, 2022, 06:33:00 pm »
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Offline Smokin Joe

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Re: The 'oil piggy bank' is running low — but President Biden says he'll replenish it'''
« Reply #5 on: October 22, 2022, 06:34:51 am »
Quote from: Hoodat on October 21, 2022, 06:33:00 pm

https://twitter.com/WhiteHouse/status/1582811474233155584

Well, number three is rank BS. Everything Biden has done is making the production and transportation of crude oil (and virtually everything else) more expensive. Those 'negative savings' are being passed on, alright, in the cost of everything produced from or moved by oil and gas or the derrivatives thereof. and collectively, we call this inflation.
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Offline art.prout

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Re: The 'oil piggy bank' is running low — but President Biden says he'll replenish it'''
« Reply #6 on: October 22, 2022, 10:10:52 am »
Quote from: Wingnut on October 20, 2022, 09:18:42 pm
The 'oil piggy bank' is running low — but President Biden says he'll replenish it when prices hit a range of $67 to $72 a barrel. Will the plan work?

President Biden is drawing another 15 million barrels from the U.S. emergency reserves — and “is prepared to authorize” additional sales in the coming months if needed.

The White House announced on Tuesday that the Department of Energy will deliver more crude oil from the Strategic Petroleum Reserve (SPR) to the market in December, in order to drive down prices at the pump.

The release from the White House added the Biden administration has plans for replenishing the SPR once prices drop, after it received backlash from some experts for draining America’s “oil piggy bank” — which was established for emergency use during an oil supply or economic crisis.

With the addition of these 15 million barrels, Biden will complete his plan to release a total of 180 million barrels — something he committed to back in the early days of Russia’s war in Ukraine.

The White House announcement comes just a few weeks after the president revealed he intends to release 10 million barrels from the SPR in November. That move was made primarily in response to the Organization of the Petroleum Exporting Countries’ (OPEC+) plans to slash oil production by 2 million barrels a day.

But even before the OPEC+ news was released, gas prices had started to creep up again, following a 98-day streak of lower prices over the summer.

https://finance.yahoo.com/news/oil-piggy-bank-running-low-193000705.html

This corrupt, demented monster says nothing, does nothing, and thinks nothing.  The hollowed out husk is merely a mouthpiece for the WEF and the monsters behind it.

It is akin to having a trained chimp as a spokesman.
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Offline Hoodat

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Re: The 'oil piggy bank' is running low — but President Biden says he'll replenish it'''
« Reply #7 on: October 22, 2022, 06:50:55 pm »
Quote from: Wingnut on October 20, 2022, 09:18:42 pm
The 'oil piggy bank' is running low — but President Biden says he'll replenish it when prices hit a range of $67 to $72 a barrel.

Oil was at $65/bbl when Biden began selling off our reserves.
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Online catfish1957

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Re: The 'oil piggy bank' is running low — but President Biden says he'll replenish it'''
« Reply #8 on: October 22, 2022, 07:08:34 pm »
He will?

Fed demand and purchase alone if it is say even 3-5MM bbl/d will drive the Brent and WTI prices up by $5-15/bbl.

Pedo Joe wants to buy 562MMbbl at this elevated price?  Ya just spent half a Trill of taxpayer money numbnuts, and probably a $100B lost on price demand differential.  All for a political stunt.

Biden is terminally stupid.
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