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Backfire: Oil Prices Soar as market rejects Biden Administration’s Strategic Reserve ploy
Nov 23, 2021 19:58:49   #
Elwood Loc: Florida
 
https://www.breitbart.com/economy/2021/11/23/reserve-release-backfires/

Instead of working to increase production this nitwit goes after our strategic reserves. Thank you all you dumbass O'Biden supporters!

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Nov 23, 2021 20:10:21   #
son of witless
 
Elwood wrote:
https://www.breitbart.com/economy/2021/11/23/reserve-release-backfires/

Instead of working to increase production this nitwit goes after our strategic reserves. Thank you all you dumbass O'Biden supporters!


" Never underestimate Joe's ability to f**k things up. " Barak the Obama.

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Nov 23, 2021 20:14:19   #
Elwood Loc: Florida
 
son of witless wrote:
" Never underestimate Joe's ability to f**k things up. " Barak the Obama.


Yup! O'Biden learns well from the biggest f**k up of all along with his t****y "wife"!

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Nov 23, 2021 20:14:26   #
steve66613
 
Elwood wrote:
https://www.breitbart.com/economy/2021/11/23/reserve-release-backfires/

Instead of working to increase production this nitwit goes after our strategic reserves. Thank you all you dumbass O'Biden supporters!


Evidently, Bribem thinks a shot of oil would help deter his approval rating from dropping into the black hole called the “Biden administration.”

The i***t Bribem hasn’t thought about what happens when the reserves run out….OR…is that the ACTUAL PLAN?

Hmmmm…shut down oil production, run the oil reserves out….what’s left? Anarchy? Chaos? The perfect breeding ground for Marxist c*******m!

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Nov 23, 2021 20:15:49   #
Elwood Loc: Florida
 
steve66613 wrote:
Evidently, Bribem thinks a shot of oil would help deter his approval rating from dropping into the black hole called the “Biden administration.”

The i***t Bribem hasn’t thought about what happens when the reserves run out….OR…is that the ACTUAL PLAN?

Hmmmm…shut down oil production, run the oil reserves out….what’s left? Anarchy? Chaos? The perfect breeding ground for Marxist c*******m!


You nailed it! Viva la revolucion!

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Nov 23, 2021 20:41:45   #
FallenOak Loc: St George Utah
 
Elwood wrote:
https://www.breitbart.com/economy/2021/11/23/reserve-release-backfires/

Instead of working to increase production this nitwit goes after our strategic reserves. Thank you all you dumbass O'Biden supporters!


President Bumble leads once again.

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Nov 23, 2021 20:46:36   #
son of witless
 
steve66613 wrote:
Evidently, Bribem thinks a shot of oil would help deter his approval rating from dropping into the black hole called the “Biden administration.”

The i***t Bribem hasn’t thought about what happens when the reserves run out….OR…is that the ACTUAL PLAN?

Hmmmm…shut down oil production, run the oil reserves out….what’s left? Anarchy? Chaos? The perfect breeding ground for Marxist c*******m!


The left thinks oil is evil. It causes g****l w*****g. How does a shot of evil fix the economy ? Why doesn't Joe Biden release Wind from the strategic air reserve to make the windmills produce more energy ? We have unlimited hot air in DC.

Oil is evil, yet l*****ts need an increase in oil to fix the economy. Amusing how with releasing oil from the reserve, they admit the importance of oil.

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Nov 23, 2021 20:54:03   #
Elwood Loc: Florida
 
FallenOak wrote:
President Bumble leads once again.


That he does!

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Nov 24, 2021 09:02:58   #
America 1 Loc: South Miami
 
Elwood wrote:
https://www.breitbart.com/economy/2021/11/23/reserve-release-backfires/

Instead of working to increase production, this nitwit goes after our strategic reserves. Thank you all, you dumbass O'Biden supporters!


Oil at 78.29 today on the NYMEX, up 2.66 since Monday.

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Nov 24, 2021 11:11:08   #
Elwood Loc: Florida
 
America 1 wrote:
Oil at 78.29 today on the NYMEX, up 2.66 since Monday.


Yup. 78.85 a few minutes ago (11.10am).

Reply
Nov 24, 2021 16:13:01   #
America 1 Loc: South Miami
 
Elwood wrote:
Yup. 78.85 a few minutes ago (11.10am).



Our daily use is 8 million barrels per day, a little over 6 days will eat up most of the 50 million released.
Strategic Petroleum Reaction
WTI crude rose more than 4% over the last 24 hours to retake $79/bbl after the Biden administration announced plans to release 50M barrels of oil from the U.S. Strategic Reserve, along with China, Japan, India, South Korea, and the U.K. While the move was meant to lower prices, the volumes announced were much less than the market was expecting and would need to be sustained over a longer period of time. Many of the barrels will also need to be returned by the refiners who buy them, leaving traders forecasting tighter balances.

Quote: "I told you before that we're going to take action on these problems. That's exactly what we're doing," President Biden said from the White House. "It will take time, but, before long, you should see the price of gas drop when you fill up your tank, and in the longer term, we will reduce our reliance on oil as we shift to clean energy."

Meanwhile, a large portion of the barrels is set to be exported to China and India.
That's because the supplies will comprise of sour crude, a type of oil that many American refiners are avoiding due to its high sulfur content, which makes it more expensive to process.
Foreign buyers are also attracted to the oil since it's cheaper than the global Brent benchmark.

Go deeper: Following the decision, some are even referring to the U.S. emergency stockpile as the Strategic Political Reserve, with the president under pressure to tamp down inflation. OPEC+ is also scheduled to meet in a few weeks and could unveil a counterpunch if the group feels threatened.
The cartel would need to give up two months of output increases to offset the 50M barrel release, after snubbing several requests from Washington to pump more oil.
The U.S. national average price for a gallon of gas was $3.40 on Tuesday, according to AAA, more than a $1 increase from a year ago.

Reply
 
 
Nov 24, 2021 18:39:40   #
Elwood Loc: Florida
 
America 1 wrote:
Our daily use is 8 million barrels per day, a little over 6 days will eat up most of the 50 million released.
Strategic Petroleum Reaction
WTI crude rose more than 4% over the last 24 hours to retake $79/bbl after the Biden administration announced plans to release 50M barrels of oil from the U.S. Strategic Reserve, along with China, Japan, India, South Korea, and the U.K. While the move was meant to lower prices, the volumes announced were much less than the market was expecting and would need to be sustained over a longer period of time. Many of the barrels will also need to be returned by the refiners who buy them, leaving traders forecasting tighter balances.

Quote: "I told you before that we're going to take action on these problems. That's exactly what we're doing," President Biden said from the White House. "It will take time, but, before long, you should see the price of gas drop when you fill up your tank, and in the longer term, we will reduce our reliance on oil as we shift to clean energy."

Meanwhile, a large portion of the barrels is set to be exported to China and India.
That's because the supplies will comprise of sour crude, a type of oil that many American refiners are avoiding due to its high sulfur content, which makes it more expensive to process.
Foreign buyers are also attracted to the oil since it's cheaper than the global Brent benchmark.

Go deeper: Following the decision, some are even referring to the U.S. emergency stockpile as the Strategic Political Reserve, with the president under pressure to tamp down inflation. OPEC+ is also scheduled to meet in a few weeks and could unveil a counterpunch if the group feels threatened.
The cartel would need to give up two months of output increases to offset the 50M barrel release, after snubbing several requests from Washington to pump more oil.
The U.S. national average price for a gallon of gas was $3.40 on Tuesday, according to AAA, more than a $1 increase from a year ago.
Our daily use is 8 million barrels per day, a litt... (show quote)


I fear that there will be dark days ahead until we can get rid of our current administration.

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