Team Biden = Clueless when it comes to energy
Posted: Wed Nov 24, 2021 12:36 pm
President Biden said today that he must tap into the nation’s strategic petroleum reserves to cut gasoline prices ahead of the holidays. Speaking at the White House before leaving to spend the holiday in Nantucket, Mass., Biden said the gasoline price spikes in the U.S., which are now averaging more than $3.40/gallon across the country, are not because of his policies. He said the market has been slow to meet the intense demand "because oil-producing companies and large companies have not ramped up production quick enough.” < It is NEVER the fault of Team Biden. I'm surprised they didn't blame it on Trump.
Even the media knows Biden's "Energy Plan" is stupid.
Oil prices rise despite release of reserves: Here’s why. Capital.com.
The Biden administration announced Tuesday the US will release 50 million barrels of oil from the Strategic Petroleum Reserve (SPR) in hopes of lowering the cost of gasoline as drivers face the highest prices in years. The White House said the release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the UK. Biden’s announcement goes against domestic oil producers, with the Independent Petroleum Association of America denouncing opening the SPR in this instance as a way to "manipulate" the market.
The SPR currently has more than 600 million barrels stored, which is a decrease of 50 million from last summer, which was released in accordance to enacted legislation, Andrew Lipow, President of Lipow Oil Associates told Capital.com
“The 50 million barrels release is divided into two parts: there is an exchange of 32 million barrels and a sale of 18 million barrels,” he explained.
The exchange is a loan of crude oil, Lipow said, adding the crude oil must be received between January and April of next year, and paid back sometime between 2022 and 2024. “For example, the way the programme works is if you receive one barrel of oil in January of 2022, you might have to return 1.2 barrels in December 2023 because oil is worth much more in January of next year than it is in December of 2023. So, this part of the release does not get more oil out of the ground, it just moves supply into the near term,” he said. < MY TAKE: This will push oil over $100/bbl by the end of June, 2022 and crush the Democrats in the midterm elections.
Energy Secretary Granholm (a political hack) points finger at industry: When asked why the U.S. hasn’t returned to its pre-pandemic oil production levels, Granholm pointed to oil companies’ reluctance to spend on new output.
“Oil production is lagging behind as the economy roars back to life after the shutdown,” she said. “[Companies] have not rehired. They have not turned on the rigs. They have not taken advantage of the permits that they have on the land that they have,” Granholm added.
https://www.foxbusiness.com/markets/oil ... m-reserves
Even the media knows Biden's "Energy Plan" is stupid.
Oil prices rise despite release of reserves: Here’s why. Capital.com.
The Biden administration announced Tuesday the US will release 50 million barrels of oil from the Strategic Petroleum Reserve (SPR) in hopes of lowering the cost of gasoline as drivers face the highest prices in years. The White House said the release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the UK. Biden’s announcement goes against domestic oil producers, with the Independent Petroleum Association of America denouncing opening the SPR in this instance as a way to "manipulate" the market.
The SPR currently has more than 600 million barrels stored, which is a decrease of 50 million from last summer, which was released in accordance to enacted legislation, Andrew Lipow, President of Lipow Oil Associates told Capital.com
“The 50 million barrels release is divided into two parts: there is an exchange of 32 million barrels and a sale of 18 million barrels,” he explained.
The exchange is a loan of crude oil, Lipow said, adding the crude oil must be received between January and April of next year, and paid back sometime between 2022 and 2024. “For example, the way the programme works is if you receive one barrel of oil in January of 2022, you might have to return 1.2 barrels in December 2023 because oil is worth much more in January of next year than it is in December of 2023. So, this part of the release does not get more oil out of the ground, it just moves supply into the near term,” he said. < MY TAKE: This will push oil over $100/bbl by the end of June, 2022 and crush the Democrats in the midterm elections.
Energy Secretary Granholm (a political hack) points finger at industry: When asked why the U.S. hasn’t returned to its pre-pandemic oil production levels, Granholm pointed to oil companies’ reluctance to spend on new output.
“Oil production is lagging behind as the economy roars back to life after the shutdown,” she said. “[Companies] have not rehired. They have not turned on the rigs. They have not taken advantage of the permits that they have on the land that they have,” Granholm added.
https://www.foxbusiness.com/markets/oil ... m-reserves