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  • Biden to announce largest oil reserves release in US history

Added at 10:53am

Added at 10:54am

  • President Biden’s Plan to Respond to Putin’s Price Hike at the Pump

    From whitehouse.gov

    Americans face rising prices at the pump because of Putin’s Price Hike. Since Putin accelerated his military build-up around Ukraine, gas prices have increased by nearly a dollar per gallon. Because of Putin’s war of choice, less oil is getting to market, and the reduction in supply is raising prices at the pump for Americans. President Biden is committed to doing everything in his power to help American families who are paying more out of pocket as a result. That is why today, President Biden will announce a two-part plan to ease the pain that families are feeling by increasing the supply of oil starting ... (full story)

Russia got cancelled big time.
No tree, it is said, can grow to heaven unless its roots reach down to hell
Election year.
While some see this as good news, i don't, the fact that you have to tap into your reserves mean your sources are limited , now we have to tap into our reserves , the U.S. not only as to provide for its own country but now it as to support the E.U, let's see how long this can last. it may look good now but not so good in the long run
Quoting Kennyxh20
While some see this as good news, i don't, the fact that you have to tap into your reserves mean your sources are limited , now we have to tap into our reserves , the U.S. not only as to provide for its own country but now it as to support the E.U, let's see how long this can last. it may look good now but not so good in the long run
I agree it is not good, but lets see how quickly they can improve the pumping of oil in the states
what a fuckin wanker, lets go to sleep
Maybe he'll rethink closing those pipelines!
Freakshow USA economy again, they are scared, that USA stupid printing economy will fall to the ground....
Quoting Jaymantos
Russia got cancelled big time.
Incorrect. Move two more steps ahead and you'll realize that the mighty USA is making poor decisions atm.
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Fact:
The United States became a net annual petroleum exporter in 2020.

Reference:
https://www.eia.gov/energyexplained/...nd-exports.php
This seems unwise to me.

Using this strategic reserve at a million barrels/day to attack a pricing issue that can be addressed in other ways looks like desperation ahead of upcoming elections, rather than leadership with long term vision.

Releasing oil reserve is a temporary solution to a lasting problem

He can't blame the Saudis, Emirates, Venezuela or US oil companies for various reasons.
The biggest impact in throwing the world into crisis was made by Putin.


Attached Image (click to enlarge)
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The global price of oil has come down. Gas prices haven’t.
That ain’t Putin.
I come from the future.
https://www.energy.gov/fecm/strategic-petroleum-reserve-9
Average price paid for oil in the Reserve - $29.70 per barrel

Sell on market $100bbl.

Enable shell company to buy up Russian crude at $40bbl.

Replenish reserves + DCA down.
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