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Backfire: Oil Prices Soar as Market Rejects Biden's Pleas

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  • Backfire: Oil Prices Soar as Market Rejects Biden's Pleas

    Even as we speak, Peppermint Patty is declaring all is well and Biden is on top of things, and Oil Prices are already declining 10%

    Backfire: Oil Prices Soar as Market Rejects Biden Administration’s Strategic Reserve Ploy

    Oil prices rose above $82 a barrel on Tuesday morning after the Biden administration announced the U.S. and other nations would release tens of millions of barrels of oil from reserves in a ploy to lower prices.

    The price of Brent Sweet Crude, the global benchmark, rose by more than 3.3 percent following the announcement that the U.S. would be releasing 50 million barrels from the Strategic Petroleum Reserves. China, India, South Korea, Japan, and Britain are also planning to release reserves, the White House said.

    The price of West Texas Intermediate jumped more than 2.5 percent to $78.47.

    The Biden administration hopes the reserve release will tamp down the price of gasoline and combat inflation, which has become a major economic and political headache for the administration. The White House and the Federal Reserve earlier this year said that inflation was transitory and would remain confined to just a few areas of the economy, predictions that proved wildly offbase as inflation became widespread, rose to its fastest pace in decades, and appears to be accelerating further.

    The U.S. reserves can only be released at a maximum pace of 4.4 million barrels per day, according to the Congressional Research Service, due to pipeline and marine terminal constraints. Total global consumption runs at about 100 million barrels per day. Oil industry experts say the reserve release will likely not put significant downward pressure on prices, doing little to relieve price pressures created by underinvestment in U.S. production in the face of political pressure from climate activists.

    Some oil traders say the release is largely symbolic because the U.S. had already planned on selling oil from the reserves as part of deficit reduction authorized by Congress in legislation earlier this year.

    At least one member of the Biden administration have expressed doubts about the effectiveness of the release. Stephen Nalley, the acting administrator of the U.S. Energy Information Administration, recently told a Senate panel that “the amount of the impact [of a reserve release] would be relatively short-lived.”

    The first to state his case seems right until another comes and cross-examines him.

  • #2
    He's running around trying to cut deals with this country and that for a little more oil when just a year ago at this same time we had so much that we were the world's largest oil exporter (surpassing Saudi Arabia in 2019).

    What happened?

    Oh, yeah.


    LET'S GO BRANDON!

    I'm always still in trouble again

    "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
    "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
    "Of course, human life begins at fertilization that’s not the argument." --Tassman

    Comment


    • #3
      Originally posted by rogue06 View Post
      He's running around trying to cut deals with this country and that for a little more oil when just a year ago at this same time we had so much that we were the world's largest oil exporter (surpassing Saudi Arabia in 2019).

      What happened?

      Oh, yeah.


      LET'S GO BRANDON!
      But he was dressed SO very nicely!!! I think it was a new pinstriped suit!
      The first to state his case seems right until another comes and cross-examines him.

      Comment


      • #4
        Originally posted by Cow Poke View Post

        But he was dressed SO very nicely!!! I think it was a new pinstriped suit!
        No sign of an adult diaper?

        I'm always still in trouble again

        "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
        "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
        "Of course, human life begins at fertilization that’s not the argument." --Tassman

        Comment


        • #5
          Originally posted by rogue06 View Post
          No sign of an adult diaper?
          As I recall, after stumbling through his speech, he turned and walked away without looking back, and the podium and plants and stuff hid his hinder region view.
          The first to state his case seems right until another comes and cross-examines him.

          Comment


          • #6
            Originally posted by Cow Poke View Post

            As I recall, after stumbling through his speech, he turned and walked away without looking back, and the podium and plants and stuff hid his hinder region view.
            OK, I was wrong....



            As he turned to do his WalkawayJoe routine, his excuse for not taking questions was that he had to go serve meals in a food kitchen.

            the end.jpg
            Last edited by Cow Poke; 11-23-2021, 04:50 PM.
            The first to state his case seems right until another comes and cross-examines him.

            Comment


            • #7
              This is all going to plan. He can blame OPEC while secretly enjoying the fact that his plan is working to bankrupt American oil companies and making electric cars look cheap. Go Green!!!

              Problem is, most of our electricity is generated by fossil fuels.

              Comment


              • #8
                Originally posted by Cow Poke View Post
                The various pictures of his turning his back and walking away from everyone after delivering a much rehearsed speech pretty much symbolizes his presidency.

                It should be the basis of his official portrait.

                I'm always still in trouble again

                "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                "Of course, human life begins at fertilization that’s not the argument." --Tassman

                Comment


                • #9
                  Originally posted by Sparko View Post
                  This is all going to plan. He can blame OPEC while secretly enjoying the fact that his plan is working to bankrupt American oil companies and making electric cars look cheap. Go Green!!!

                  Problem is, most of our electricity is generated by fossil fuels.
                  Including coal

                  I'm always still in trouble again

                  "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                  "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                  "Of course, human life begins at fertilization that’s not the argument." --Tassman

                  Comment


                  • #10
                    Originally posted by rogue06 View Post
                    Including coal
                    But we must remember that electric cars result in less pollution than ICE cars once they have been driven between 30,000 miles (for the least environmentally damaging) and 50,000 miles.
                    sigpic1 Cor 15:34 εκνηψατε δικαιως και μη αμαρτανετε αγνωσιαν γαρ θεου τινες εχουσιν προς εντροπην υμιν λεγω

                    Comment


                    • #11
                      Originally posted by tabibito View Post

                      But we must remember that electric cars result in less pollution than ICE cars once they have been driven between 30,000 miles (for the least environmentally damaging) and 50,000 miles.
                      Don't forget the batteries use lithium and rare earths that cause a lot of pollution to mine and process, not to mention the damage to the environment to dispose of. And much of the car is made out of plastics which are made from petroleum.

                      Comment


                      • #12
                        Originally posted by Sparko View Post

                        Don't forget the batteries use lithium and rare earths that cause a lot of pollution to mine and process, not to mention the damage to the environment to dispose of. And much of the car is made out of plastics which are made from petroleum.
                        Correct. The extra pollution resulting from producing electric cars and running them reaches equivalence with producing and running ICE cars when the electric car has 30-50,000 miles on the clock. After that, the electric cars are less polluting than ICE cars. (here, on average travel, I think that is somewhen around 6-10 years old, depending on model.)
                        sigpic1 Cor 15:34 εκνηψατε δικαιως και μη αμαρτανετε αγνωσιαν γαρ θεου τινες εχουσιν προς εντροπην υμιν λεγω

                        Comment


                        • #13
                          Originally posted by rogue06 View Post
                          No sign of an adult diaper?
                          I pity the Secret Service agent assigned to diaper duty -- or doodie diapers.




                          diaperduty.jpg

                          I'm always still in trouble again

                          "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                          "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                          "Of course, human life begins at fertilization that’s not the argument." --Tassman

                          Comment


                          • #14
                            Originally posted by rogue06 View Post
                            He's running around trying to cut deals with this country and that for a little more oil when just a year ago at this same time we had so much that we were the world's largest oil exporter (surpassing Saudi Arabia in 2019).

                            What happened?
                            It appears that what happened is that the drop in demand because of the pandemic caused prices to drop, and US production has been curtailed accordingly.


                            Source: https://www.worldoil.com/news/2021/2/17/us-will-import-62-more-crude-by-2022-due-to-domestic-production-declines-says-eia


                            U.S. crude oil production declined by an estimated 0.9 million b/d (8%) to 11.3 million b/d in 2020 because of well curtailment and a drop in drilling activity related to low crude oil prices.

                            © Copyright Original Source


                            Source: https://www.naturalgasintel.com/u-s-oil-curtailment-wave-forecast-to-top-2-million-b-d-in-june/


                            Public and privately held producers working across the United States are shutting in wells and cutting expenses at an accelerated pace since Covid-19 became a demand killer, and curtailed oil and liquids output is forecast to climb to “at least” 2 million b/d in June.

                            © Copyright Original Source



                            Sorry if that doesn't fit with your preferred narrative.

                            Comment


                            • #15
                              Originally posted by Sparko View Post

                              Don't forget the batteries use lithium and rare earths that cause a lot of pollution to mine and process, not to mention the damage to the environment to dispose of. And much of the car is made out of plastics which are made from petroleum.
                              And many of those materials and parts are mined using slave labor in China and Africa, not to mention if you're going 'green', that means all sorts of parts for PV/solar arrays that come from slave/concentration-camp labor in china, etc.. 'Green' is very, very red with blood on its hands. Michael Moore (yes, that one) did an excellent documentary on the dirty truths of green energy, and got his leftist card revoked for it.
                              "So when you actually get the virus, you're going to start producing antibodies against multiple pieces of the virus. So, your antibodies are probably better at that point than the vaccination."
                              - Pfizer Scientist Chris Croce

                              Comment

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