Biden Announces 180 Barrels of Oil From Reserves

Hobby · Mar 31, 2022, 10:09 AM

Today Biden or should I say his handlers are announcing the biggest release of oil from federal reserves in history.

https://www.cnn.com/2022/03/30/politics/strategic-petroleum-reserve-release-oil-joe-biden/index.html

I think the release is about time and needed. Don't them fool you as to why this is being done. It is all political. Washington Democrats know they are in real danger of losing control of Congress to Republicans this November mid term election 2022 should inflation continue rising and gas prices soar.

The Biden administration and left winged media points the cause of rising inflation and high record setting gas prices to Covid, Russia and failure of oil producers on federal land leases.

At the beginning of Biden's term inflation was at a low and was stable, gas prices steady. Biden's first week in office Biden gutted Trump's executive orders and placed strict regulation on oil producer's leased federal land production to make good on promises to New Green Deal supporters. The fault of high gas prices lays in the laps of Biden Administration not Trump. Now the Biden Administration has reversed course.

Danno · Mar 31, 2022, 10:58 AM

Myth: Drilling for more oil in the United States would lower high gas prices.
Fact-check: Drilling for more oil in the United States will not lower gas prices because the production of U.S. oil does not set the price of gas—the global price of oil does. Oil and gas are global commodities, subject to the whims of notoriously volatile global markets. Their prices are particularly sensitive to geopolitical events and investor sentiment. So everything from war to pandemics to elections can and regularly do cause rapid price swings. That's why, even though Russian oil made up less than 2 percent of the U.S. supply, ending Russian oil imports still hit U.S. consumers hard. In other words, this is not simply about balancing supply and demand.

In fact, in this case, sky-high gas prices came from a confluence of events. As COVID-19 restrictions eased and economies rebounded rapidly, demand for oil spiked. Pandemic-related supply chain disruptions exacerbated the situation, causing gas prices to go up. Then, more recently and perhaps most saliently, Russia.

Oil markets were roiled when Russia, a petro-state whose exports supply 8 percent of the global oil supply, used its fossil fuel earnings to finance another unjust war. The response by the oil and gas industry was to perpetuate the lie that more drilling would ease the impact on the United States. Of course, they didn't note that ending our dependence on oil is the clearest way to distance ourselves from the volatility of global oil markets. (Should European allies decide to ban Russian oil, we'll see another wild swing in prices.) And they ignored the ugly reality that this very dependence on oil and gas has routinely contributed to sowing political chaos and bloodshed like what we're seeing in Ukraine.

Danno · Mar 31, 2022, 11:00 AM

Myth: Gas prices are rising because Biden banned oil drilling.
Fact-check: President Biden did not ban oil drilling. In fact, his administration issued more than 3,500 new permits to drill on federal lands in its first year. That's 34 percent more than the Trump administration did in its first year.

Representatives for the oil and gas industry still exploited the crisis in Ukraine to call for drilling expansion and suggested this would address current gas price issues. The truth is that even if the United States handed out additional oil drilling permits and every oil company went to town, that wouldn't offer any immediate relief to consumers. On average, it takes more than 10 years from the time a federal drilling lease is issued until it's producing salable quantities of oil or gas.

What U.S. oil companies and their allies did not suggest was an increase in their current output, which remains at pre-COVID levels. That's because internally, many of these companies have already said their production is likely to remain flat for reasons that include prioritizing shareholders. Basically, high prices are good for the bottom line.

One step that Biden did take as part of a flurry of climate actions upon taking office last January was to temporarily pause new oil and gas leasing on federal lands and waters in order to review the Trump-era leasing program. But that decision was thrown out by a federal judge last June and had no impact on current gasoline prices.

Myth: The cancellation of the Keystone XL pipeline caused high gas prices.
Fact-check: We can safely say the Biden administration's decision to cancel the permit for the Keystone XL pipeline (KXL), an extension of the fully operational Keystone Pipeline System, had no impact on current oil prices. 

Yes, allies of the oil and gas industry—from Fox News hosts to former vice president Mike Pence—are claiming that the pipeline would have buffered Americans from high gas prices and reduced U.S. reliance on Russian oil. That's false on multiple levels.

First, it would have taken years for KXL to be fully operational, so its increased supply would have no bearing on current gas prices. Second, the 830,000 barrels of tar sands oil it would have carried daily were intended to head directly to refineries on the Gulf Coast—and then likely to markets overseas.

Hobby · Mar 31, 2022, 12:29 PM

If Covid is the culprit to rising gas prices, my argument becomes: Why did Biden sit on 800 million barrels of oil till now? Lagging oil production was known long before the Russia invasion! Biden could have ordered the oil reserves released to supplement until oil production caught up. Nope the Biden Administration and Democrats are not going to admit that they fucked up no more than they will admit the pull out from Afghanistan was a complete failure and disaster!

Danno · Mar 31, 2022, 03:09 PM

better read it again

Bande · Mar 31, 2022, 04:14 PM

LMAO What a joke.
Coincidental the releases start in May and End in November.
Wonder who is really trying to help.
Amount of releases = to amount of consumption used in 2 days.
Glad people support this IDIOT because they got there feeling HURT. LMAO

Zep · Mar 31, 2022, 05:34 PM

I agree. The release will do very little, just a band aid. It will take the big oil companies stepping forward and producing more to curb the fuel price inflation. Nothing to do with Biden, congress, trump or the USA. It's a global issue. Supply / Demand. Very simple. Come on Exxon, BP, Marathon, Valero. Get going!! Last December Exxon $58 a share. Now it's pushing $90. Go figure...

Hobby · Mar 31, 2022, 07:01 PM

Oh but that is not the purpose of announcing the release of oil reserves. Biden White house wants to try to win confidence back of the voters that things will get better.... polls show gas prices, rising inflation, and the border as big problems for Democrats this coming Nov election.

HighStepper · Mar 31, 2022, 10:55 PM

We consume around 20 million barrels of oil per day, so releasing 1 million barrels a day is a drop in the bucket.

Mitch McConnell is talking BS when blaming government regulations as the problem. This according to the industry regulations is not the issue. Their goal is profits for the shareholders. The need is for long term profitability if to have term investments.

Biden's lecture to the oil industry is a dud, they don't work for the president. They work for the stockholders.

Unfortunately there is not a lot the President can do that is going to bring about a drop in gas prices. While it is nice he is making an effort....................he is not going to get a good grade for effort.

Hobby · Apr 01, 2022, 01:11 AM

Democrats best bet right now to keep control of Congress in Nov is to dump Biden by impeaching and convicting him.... lol Lots of voter buyer remorse going on. Biden was elected and now we are literally paying for it... high gas prices, food, healthcare! Talk about O*ur B*ig A*ss M* istake A*merica it happened again....

HighStepper · Apr 01, 2022, 01:42 AM

Quote from: Hobby on Apr 01, 2022, 01:11 AMDemocrats best bet right now to keep control of Congress in Nov is to dump Biden by impeaching and convicting him.... lol Lots of voter buyer remorse going on. Biden was elected and now we are literally paying for it... high gas prices, food, healthcare! Talk about O*ur B*ig A*ss M* istake A*merica it happened again....

I don't see it quite the way you see it. Given the choice set before us in 2020, we made the right choice. It was a *groan* OK Biden.

The prospect of Trump again is terrifying. Republicans have no plan, no platform, no vision. We had some good past Republican presidential candidates like John Kasich. However, the feckless Trump sycophants have taken over the Republican Party.

bats · Apr 01, 2022, 03:38 AM

Quote from: Hobby on Apr 01, 2022, 01:11 AMDemocrats best bet right now to keep control of Congress in Nov is to dump Biden by impeaching and convicting him.... lol Lots of voter buyer remorse going on. Biden was elected and now we are literally paying for it... high gas prices, food, healthcare! Talk about O*ur B*ig A*ss M* istake A*merica it happened again....

Let's say the Republicans get control of both the Senate and the House in November. Sure, Republicans would start investigations into Biden, because that's what they do.

But as far as we know, Biden hasn't committed any impeachable offenses. And saying inflation is Biden's fault is kind of a joke.

Trump, by contrast, committed obvious crimes in plain sight. It's just that the Republicans have been afraid to go against him.

Putting Biden in the White House was not a mistake. It was either the reliable old Democrat or the psychopathic Republican. And the American people chose the Democrat.

Hobby · Apr 01, 2022, 08:17 AM

Gee, I guess the Democrats from day one of Trumps term did not investigate, want to or try to impeach him in. Only Republicans do this right! I don't want to see Trump run again. If he does I will have to vote for him. Voting for Biden Harris after all this I would need my head examined!

Blkfyre · Apr 01, 2022, 08:38 AM

Quote from: Hobby on Apr 01, 2022, 08:17 AMGee, I guess the Democrats from day one of Trumps term did not investigate, want to or try to impeach him in. Only Republicans do this right! I don't want to see Trump run again. If he does I will have to vote for him. Voting for Biden Harris after all this I would need my head examined!

And yet you question why Democrats voted for Biden when it's almost universally agreed they voted for the same reason, to keep Trump out of office?

HighStepper · Apr 01, 2022, 12:38 PM

Quote from: Hobby on Apr 01, 2022, 08:17 AM... I don't want to see Trump run again. If he does I will have to vote for him. Voting for Biden Harris after all this I would need my head examined!

I'm not sure what the specifics of "all this" are.

Given that the Supreme Court is now a clear conservative majority, tax cuts for the rich are no longer an issue, we don't need a Trump anymore.

If we understand that a lot that goes on in the economy is not under the total control of a President, we would focus better on the decision factors on who to vote for. Presidents will take credit when the economy is going good even if their role was not as big in the accomplishment. However, politically, "it's the economy stupid" coined by James Carville.

We don't need any more of Trump, the Lie, Brag, and Blame guy. Trump will replace James Buchanan as the worst president in the history of the USA.