Oh boy, all we have to do next is fill them back up. How much will that cost? 
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Nice, whole thing was a lie to begin with. Same article
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.
So it had obviously already been priced in.
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It’s a political hail mary meant to help prop him up. Pretty sure that wasn’t the initial idea behind its creation.
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It’s really just that simple too.
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he was forced to sell leases, the law says he must. he ended it until they discovered he has no power to end it.
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Well this is awesome…
Clueless Joe’s energy secretary is herself clueless.
Jennifer Granholm during a press conference today re: the pointless release of 2.5-3 days worth of oil was asked if she knew how much oil Americans use each day.
“I don’t have that number in front of me. Sorry,” Granholm replied.“
“ In 2020, the United States consumed an average of about 18.19 million barrels of petroleum per day, or a total of about 6.66 billion barrels of petroleum-- the lowest level of annual consumption since 1995. The drop in consumption in 2020 from 2019 was the largest recorded annual decline in U.S. petroleum demand., and was largely the result of the global response to the COVID-19 pandemic, according to the U.S. Energy Information Administration. …The reporter told Granholm that according to those numbers, the administration would be releasing “less than three days worth of supply from the Petroleum Reserve.”
A reporter has to give the energy secretary a statistic the energy secretary should know off the top of her head…I m an idiot I could find that number with a simple internet search in short order.
The problem with this administration is not just that Biden is a senile old man…it’s that the people around him are no better.
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Well, that would go not just for one pipeline but for energy policy in general, spending, border security, international affairs, immigration policy, taxes, dealing with the woke….
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Gee, maybe I should be energy secretary because I knew the answer.
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Biden’s move is pure politics, it won’t do anything to lower the price of gas.
George H. W., George W., and Obama all released oil from the SPR for various reasons.
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Why?
…
It seems like that is a fact an energy secretary who knew what he or she was doing would have a grasp on!
According to the article:
George H. W.: “To minimize market disruptions during Persian Gulf War after Iraq invaded Kuwait”
George W.: “Supply disruptions from Hurricane Katrina”
Obama: “Loss of crude supply from disruptions in Libya and other countries”
Emergencies
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Yeah. Like I said, Biden’s move is pure politics and we shouldn’t do it.
Failure in Chief
I see all this talk about it’s the oil companies. Those saying this have no concept of the lead time required to develop a field from a raw lease to a producing field. The development phase takes 5 - 10 years before a field is online for production. Biden took office about 10 months ago. He immediately canceled leases on federal land, stopping development and production. All of the development time on potential well sites was lost, along with new production. The oil companies would have no trouble picking up where they left off on those canceled leases, but now they have to start from scratch in a lot of places. So yes, this is Biden’s mess, created by his policies.
I also heard a very nasty potential next step after the release from the strategic reserve. We need to watch for reports of the Biden administration considering price controls. When insignificant releases have no effect, the next tool in the kit may well be attempting to mandate fuel prices.
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Well I would say he can’t be stupid enough to try price controls but it is Biden we are talking about. So get ready for gas shortages I guess.
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Stupidity hasn’t gotten in the way of clueless and company yet! Doing stupid stuff seems to be the only thing they are good at.
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It would be the shortcut to bankrupting our domestic oil and gas industry. Isn’t that the stated goal. It would also lead to a Venezuela style economic collapse. It was price controls, then seizure of private businesses that led to that disaster.
Well they know a political and maybe even a legal reckoning is coming when they lose, so maybe, they have decided to not take that risk.
