Biden Won’t Be Able To Force Lower Oil Prices With Strategic Reserve, Experts Say

[mystery-ak]

Biden Won’t Be Able To Force Lower Oil Prices With Strategic Reserve, Experts Say


John Hugh DeMastri
Contributor
April 03, 2023 3:33 PM ET


    The Biden administration would be unlikely to keep down prices at the pump by tapping the Strategic Petroleum Reserve if Saudi-led oil production cuts cause prices to once again surge, according to various experts who spoke with the Daily Caller News Foundation.
    The Biden administration had previously said that it would refill the SPR when oil prices fell, but U.S. Energy secretary Jennifer Granholm had said at a March congressional hearing that the process could take years, a statement that frustrated policymakers in Riyadh, according to The Financial Times.
    If you sat down and said ‘How will I make America less energy secure?’ … If you tried to string together a series of events, you couldn’t do better than the Biden administration has done,” Dan Kish, a senior fellow at the Institute for Energy Research told the DCNF.

The Biden administration will likely be unable to keep down prices at the pump by tapping oil from the Strategic Petroleum Preserve (SPR) as it did in 2022, if Saudi-led production cuts cause prices to once again rise, according to various experts who spoke with the Daily Caller News Foundation.

OPEC+, a group of oil producing nations including Saudi Arabia and Russia, announced that they would cut oil production by roughly than 1.16 million barrels per day beginning in May, bringing the group’s total production cuts to 3.66 million barrels per day, Reuters reported. Oil prices surged roughly 6% Monday morning, and while the Biden administration had previously drained the SPR to its lowest level since 1983 in a bid to push down surging gas prices following the Russian invasion of Ukraine, if OPEC continues to push up oil prices, such a solution would be unlikely to work twice, Peter Earle, economist at the American Institute for Economic Research, told the DCNF.

more
https://dailycaller.com/2023/04/03/biden-wont-be-able-to-use-spr-to-stop-saudi-surge-experts/

[Sighlass]

Biden Won’t Be Able To Force Lower Oil Prices With Strategic Reserve, Experts Say


John Hugh DeMastri
Contributor
April 03, 2023 3:33 PM ET


    The Biden administration would be unlikely to keep down prices at the pump by tapping the Strategic Petroleum Reserve if Saudi-led oil production cuts cause prices to once again surge, according to various experts who spoke with the Daily Caller News Foundation.
    The Biden administration had previously said that it would refill the SPR when oil prices fell, but U.S. Energy secretary Jennifer Granholm had said at a March congressional hearing that the process could take years, a statement that frustrated policymakers in Riyadh, according to The Financial Times.
    If you sat down and said ‘How will I make America less energy secure?’ … If you tried to string together a series of events, you couldn’t do better than the Biden administration has done,” Dan Kish, a senior fellow at the Institute for Energy Research told the DCNF.

The Biden administration will likely be unable to keep down prices at the pump by tapping oil from the Strategic Petroleum Preserve (SPR) as it did in 2022, if Saudi-led production cuts cause prices to once again rise, according to various experts who spoke with the Daily Caller News Foundation.

OPEC+, a group of oil producing nations including Saudi Arabia and Russia, announced that they would cut oil production by roughly than 1.16 million barrels per day beginning in May, bringing the group’s total production cuts to 3.66 million barrels per day, Reuters reported. Oil prices surged roughly 6% Monday morning, and while the Biden administration had previously drained the SPR to its lowest level since 1983 in a bid to push down surging gas prices following the Russian invasion of Ukraine, if OPEC continues to push up oil prices, such a solution would be unlikely to work twice, Peter Earle, economist at the American Institute for Economic Research, told the DCNF.

more
https://dailycaller.com/2023/04/03/biden-wont-be-able-to-use-spr-to-stop-saudi-surge-experts/

Now I guess it boils down to who the Saudi powers want in office more... A greenie or a party that has a history of energy independence. I doubt they do anything to upset a Biden election until after he is elected. IMHO... they will not overplay their hand against Biden because future profits are too tempting.

[libertybele]

What strategic reserve?  He's been tapping into it and sold some off.

[bigheadfred]

What strategic reserve?  He's been tapping into it and sold some off.

Exactly. You can't use what you don't have.