Energy Prospectus

Crude oil prices dropped back $0.94/bbl to settle at $69.96/bbl on Thursday, primarily due to comments from Energy Secretary Granholm that it may be several years before the Strategic Petroleum Reserve (SPR) is refilled. Last year when the 180 MMbbl SPR release was announced, the Biden administration said that the volumes would be replaced when the price of oil drops below $70/bbl. It now looks like that is unlikely to happen. In fact, the Energy Department has plans to release another 26 MMbbl in the next few weeks, its standing congressional mandate.

I posted last week that Biden lied and he wouldn’t refill in part that the us has no money. He lied to energy companies to drill then screws them. Brandon will leave the problem to the next guy

Just remember that global demand for oil-based products, primarily transportation fuels, will exceed supply within a few months no matter what Team Biden does. Per IEA, not me.

MY TAKE: Team Biden will not do anything to help U.S. oil companies.

I will be discussing this on next Tuesday's panel discussion.