Joe Biden Releases 50 Million Barrels of Oil from National Strategic Petroleum Reserve as Gas Prices Keep Rising

fart in a shitstorm. meaningless essentially.

designed to hamstring the military in the coming war with china.

We should be stockpiling oil and accepting the concept of supply and demand effecting price.

Are you fking retarded or just a propaganda liberal whore? I work in the oil industry (for a fortune 500 company fyi) and trump signed several bills for drilling, fracking, energy solutions research and building the infrastructure of a self dependence on the oil industry within the country. Anytime you want to challenge this stance we can debate the "understanding" term you mentioned, as I'm very aware of past and present economic policies within the field.

Yep

This is damn interesting. IF the government has to add supply to the market in order to lower prices WHO has been buying up supply to get to that point and why. Have governments been buying up available supply in preparation for war???

And he drove over 5000 small companies in Texas out of business too. Do you think cheap oil is good for the economy in texas, or in any state for that matter?

Thats why it is called the strategic reserves. It for the military, or a real emergency like a blockade of the straight of hormuz

The purpose has always been control.
The plan / message / urgency has changed.

The whole reason for the Gulf Wars was the first real attempt at control ("Global Warming" during Clinton/Gore) failed.

They couldn't agree how to split the pie.

So we had Bush/Cheney - let's just take the oil.
Funny thing about war criminals - they ALL Want a piece of the action.

They wanted the whole darn middle east fractured and under their control, and with that the ability to leverage against other countries.

With so many hands at the till and with how easy it was for outside parties to complicate large operations it too failed to be their salvation.

So it was back around to Global Warming again.
That wasn't working well.

So now it is on to CoVID.
Did you really think it was ever about bad flu?

He has been selling it to ASIA

Having to pay three dollars more for gas to get the grandmas house on thanksgiving is not an emergency.

Biden is doing this to use up our emergency reserves.

sell high
buy low

^^^This.

It should be obvious to anyone paying attention now, its coming.

For 'Texas' - no. In so much as they wouldn't get as much money from outside of their state.
I could say the same about how Iowa would love $50/bushel of corn.


For the overall economy - yes I do.

The less financial costs for energy the more ways in which you can leverage it to your goals.

Do suppliers like low prices? No, of course not - but their customers do.

Gotta gas up those busses for the big round up.

There is 100 years of oil sitting in the ground in Texas alone. We are nowhere near peak oil.

I can hear the apprause as our extended ability to fight a war on American soil now drops to 72 hours.
:chyna:

China is selling reserve oil as well.

That will be on Biden's tomb stone, which will also be a functional urinal.

War is coming and we're being intentionally hobbled!

“Strategic” oil reserves. This only proves further that his strategy is to destroy the US as we know it.

Good luck getting it out of the ground with poopy pants biden at the helm!

Still has to be converted into gas and he's just emptying the reserves so we don't stand a chance in fighting the Chinese when they invade.....

also sending millions to asia

Not to mention it will cost more to replace the reserves. This was a Clinton or Obama tactic that was done one the past.

Pandemic-

“A V-Shaped Recovery:
• Over 11.4 Million Jobs Created Over the Last Five Months
• New and Existing Home Sales Reached Highest Levels Since 2006 with Over 1 Million and 6 Million Respectively
• Orders for Durable Goods Increased by Nearly $1 Billion, a Four-Month Streak
• Business Investment is Beating Economists’ Expectations
• The Federal Reserve Revised its GDP Projections Upward from -6.7 growth to a -3.7 growth in 2020
Before the Pandemic, the Tax Code was Spurring Higher Wages, More Jobs, and Greater Economic Growth:
• Record amount of job openings with 7.5 million jobs following TCJA’s passage
• Business investment was growing ending Obama-Biden’s five-year downward trend
• Highest level ever of business creation with over 880,000 business applications
• Low- and middle-class families saw the largest gains in wealth growth in 2018 and 2019
• Median household incomes increased 7.1% for Hispanics, 7.9% for Blacks,10.6% for Asian Americans and 8.5% for foreign-born workers.
• Compared to Obama-Biden’s second term, wage growth, as a measure of median usual weekly earnings, grew 24% faster for Hispanics, 79% faster for Blacks, and 95% faster for Asian Americans, and grew 60% faster for women.
• Compared to Obama-Biden’s second term, wage growth, as a measure of median usual weekly earnings, more than doubled for those with less than a high school diploma and those with either some college or have an associate degree.
“

“Of that sum, Congress designated almost $350 billion to small businesses — companies with fewer than 500 employees. If operators use the money to hold on to their staffs, the loans will ultimately be forgiven.”
[link to www.documentcloud.org (secure)]

TCJA-

• “Jobs Added to the Economy. Since the enactment of TCJA, the economy gained nearly 5 million jobs before the pandemic.
• TCJA Brought a Record Amount of Job Openings. Under TCJA, job openings were at a record high of 7.5 million jobs.
• Businesses Started to Reinvest Again. Core investments in equipment and other business necessities reversed its Obama-era five-year downward trend and shot back up to near historic highs making businesses and workers more productive, while boosting workers’ wages.
• Business Applications At Record Levels. TCJA encouraged business creation as the amount of business applications reached its highest level ever of over 880,000.”
[link to republicans-waysandmeansforms.house.gov (secure)]

TEXAS & LOWER PRICED OIL vs PRODUCTION-

In 2017, Texas oil production exceeded the state's 1972 peak for the first time, and in 2019 annual output reached a new high of 1.85 billion barrels. In 2020, annual production fell slightly to almost 1.8 billion barrels in part because of lower demand during the COVID-19 global pandemic.
[link to www.eia.gov (secure)]
2019(highest production): Avg price per barrell: $50
[link to www.eia.gov (secure)]
“The industry supported over 2.5 million Texas jobs, provided more than $251.1 billion in wages and contributed more than $411.5 billion to the state’s economy in 2019, according to a study conducted by PricewaterhouseCoopers (PwC) that compiles the latest available government data.”
[link to www.api.org (secure)]

20.7 mil a day so 2.4155 days worth what the f is going to do what an insult. we were exporting 10 months ago liberals are dumb !

Energy Returned On Energy Invested

I have been watching this coming for a long time.
There are ups and downs, but the general trend is ALWAYS down.

Still think the covid "scare" tactics had to do with public health? Think again. It was because of incoming geological limits that don't play well with a monetary based capitalistic economy. What better way to conserve energy resources than to encourage the world to "lockdown" and stay home. Viola! They might be evil, but they're not dumb.

Whoopie Doo, thats about 3 days supply for the USA.