Hypocrisy = populist ‘Cons
2018
https://www.reuters.com/article/us-usa-oil-reserve-idUSKBN1FS2KO
Currently
https://americanindependent.com/strategic-petroleum-reserve-joe-biden-china/
Biden campaigned against American oil and gas, saying he would “end fossil fuels” with no more pipelines and “no more drilling on federal lands, no more drilling, including offshore, no ability for the industry to continue to drill.”
Within a week of taking office, Biden banned the Keystone XL pipeline and suspended oil and gas leasing on federal lands — the latter move was subsequently overturned in late August by a federal judge in response to a lawsuit by Texas Attorney General Ken Paxton. The regulatory assault has been unrelenting as well.
Meanwhile, Biden’s allies in woke finance are working to dry up the capital needed to find more oil and gas and then produce and refine it. As a result, America is producing about 1 million barrels a day less oil than it did under former President Donald Trump (before the onset of Covid-19).
Coincidentally, that 1-million-barrel shortfall is about the same amount of oil Biden has been withdrawing from the Strategic Petroleum Reserve (SPR).
Congress created the SPR in 1975 after the oil shocks of the 1970s led to gas lines and stagflation. Situated underground in giant caverns associated with salt domes in Louisiana and Texas, the SPR was rapidly filled to about 600 million barrels by 1990. It reached its maximum capacity of 714 million barrels during the Great Recession when the price of oil plunged from $190 a barrel to $58.
But since Biden’s election — and especially since the White House announced an accelerated draw down of the SPR on Nov. 23, 2021 — the oil in the SPR has plummeted to levels not seen since 1984, shortly after the storage caverns became operational.
at the same time he scuttled our Keystone Pipeline.
...his strings are being pulled from within, those of which are taking advantage of his senility.
Thank God for the mid-terms.
Life will change.
Budget, i e. Selling SPR and use that profit to fund their budget. It's not about lowering oil price, not about increase oil supply . Congress' deal and Joe's release are two different things. Did Joe come to Congress offering financial help to balance their budget by selling SPR? Heck no. He used EO to sell SPR for political purpose.
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EV’s but the cars are expensive, subsidized by the government, no infrastructure to support their dreams.
No, others are more realistic knowing the transition will take time. If you drain the SPR and make oil production impossible the oil price volatility will crush the US economy on occasion.
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people that!!
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head?
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mentality. We give too much glory and shame to the executive office. The oil business is free market with limited government control. If that wasn't the case then why doesn't the government say "fill our SPR back up for free by next week?" They buy it at cost or do you want to ignore that part?
factors. Why would oil companies fill up the SPR for free? Just get off their backs is all they want. Government involvement is never a good thing. Like you, they don’t have a clue. Let our companies go.
We will once again become the worlds largest producer and exporter. But this government handcuffs our industry so why should they risk capital?
And why? Because Biden and the green movement doesn’t want that. So they go to Saudi and beg for more oil when we can do it ourselves. How that work out?
what doesn't make sense? The above comment of yours you try to tie our "energy problems" to the man in the White House. I told you before it's a global problem. You then said that we should be producing more here (check the records we do) as that would offset our issues. My reply was based off on the fact it's a ridiculous claim. Oil companies will not do that if it's not going to make them a profit.
Another false claim "we will once again become the worlds largest producer..." If we aren't now, then who is?
Link: https://www.eia.gov/tools/faqs/faq.php?id=709&t=6
fossil fuels produced in this country. Answer this question and we will carry on with this conversation.
what policy did they enact affected global energy prices?
to answer your question the DOE and EPA makes it impossible to expand production. No pipelines, terminals or export terminals get approval. The wait on approvals or design plans are impossible.
So there is no reason to invest their own capital or raise capital because of the Democrat policy. Trump was totally determined to make America energy independent. Biden goes to Saudi and kisses their ass.
Like most liberals they want the oil just don’t want to invest in it domestically. What hypocrites. Are you one?
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importantly we could raise our daily production by an estimated 3 million barrels per day. So our prices would be price capped and we could export significant product to the world. Including Europe who Russia has cut off. That would improve America’s position as a global exporter and reduce our trade deficit.
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Any price ia worth it to save the planet... no?
- Sleepy Joe of Hippo