Biden releasing spr is shortsighted and disappointing leadership
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Anonymous
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Spr is meant for national security purposes. It isn’t meant to be used as a political tool to quell a childish electorate.
Furthermore it won’t work — opec+ Will just compensate and reduce output and wait for the release to work through the market. What is Biden and his team thinking? Total stupidity. It’s why oil futures are green as market knows this won’t work It also sends a signal to the world that the us is an unserious strategic nation. |
Anonymous
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In case anyone wants to know what OP is rambling on about:
https://www.wsj.com/articles/u-s-several-other-countries-to-tap-strategic-oil-reserve-11637669762 |
Anonymous
| I thought it might be related to ancient Roman government. Oh well. |
Anonymous
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Biden in October:
"I could go in the petroleum reserve and take out and probably reduce the price of gas maybe 18¢/USG or so," he said. "It is still going to be above three bucks." He is caving to the leaders in his party in an effort to reduce the price of gas. This won't work. His demonization of the oil industry and his policy decisions and actions thus far are the problems. And, he is not smart enough to understand that and his advisors won't tell him..... since it is they who are pushing the policies. |
Anonymous
| I completely agree OP. This is like shooting yourself in the foot then amputating it. |
Anonymous
Is China also an unserious nation? They’re also participating in the coordinated release, along with the UK, Japan, South Korea and India. |
Anonymous
China is a very serious nation that lacks the natural resources to be energy independent nor do the other countries listed. The comedic tragedy element to Biden’s bumbling energy policy is that the US was energy independent in 2019 and should never have been in the current situation. Tapping the reserves is a desperate stunt to show that the admin is at least doing something but it’s utterly meaningless. |
Anonymous
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“Why won’t Biden Do SoMeThInG, aNyThInG about gas prices, which he himself controls from the secret lair in the Dem White House only Dem presidents know about?!”
“HoW cOuLd He Do ThIs? It*Z fOr SeCuRiTy” Bad faith Republicans trying to undercut the US from inside. Klassy. |
Anonymous
Stupid comment. THIS is not a solution. Biden has undermined, demonized and done everything he can do to destroy the oil and gas industry. Now, he needs them. Too little, too late. His policies and his actions have caused this. And, he is too stubborn and driven by the left so he won't reverse course. |
Anonymous
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Oil and gas is a capital intensive business. You can't just turn on/off an oil rig or pipeline. The sudden drop in oil process last year makes oil companies hesitant to ramp up production again.
Some Democrats anti-oil rhetoric doesn't ease these concerns. SPR releases most definitely won't incentivize the long-term ramp up of production. If you are worried about demand free falls, overregulation by the Democrats, or the feds flooding your market, why in heck would you invest in increasing production of your product? |
Anonymous
| Is he just trying for headlines? I understand he's releasing 50 mil barrels over several months but we use 20 million barrels a day, so it likely would have no real world impact. |
Anonymous
| Selfish stunt that puts long term position at risk for short term political gain. Totally Trumpian. Shame on President Biden. |
BlueFredneck
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I wonder how many Republicans ripping Biden a new one over the price of gas kept on voting Republican in 2006 and 2008 despite gas prices being over $3 a gallon then.
The economy is a big thing, there's always some number that is going to go your way. |
Anonymous
+1 |
Anonymous
| America totally failing the marshmallow test |