SPR
Nov 23, 2021 18:10:03 #
After wreaking havoc on the oil and gas industry in the U.S. Biden now wants to tap into the Strategic Petroleum Reserve to bring energy prices down. He would release 500 million barrels which might bring prices down 30 cents at the pump.
The other euro countries are going along with it and will do likewise.
The problems I see is that this is only a short term fix. The oil was put aside for emergencies, like hurricanes or floods or power outages, etc. Biden is using it for a political emergency.
Prior to this, the OPEC countries were to set to meet and increase production. Now it remains to be seen what they will do with this new development.
Biden may starting a price war we cant win. If we use up our SPR now while temps are relatively warm, we may find even higher prices when frigid temps set in around Jan,Feb. and we will have no oil for emergencies.
Topic open for discussion
The other euro countries are going along with it and will do likewise.
The problems I see is that this is only a short term fix. The oil was put aside for emergencies, like hurricanes or floods or power outages, etc. Biden is using it for a political emergency.
Prior to this, the OPEC countries were to set to meet and increase production. Now it remains to be seen what they will do with this new development.
Biden may starting a price war we cant win. If we use up our SPR now while temps are relatively warm, we may find even higher prices when frigid temps set in around Jan,Feb. and we will have no oil for emergencies.
Topic open for discussion
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