Amid Surging Oil Prices Biden Cancels Plans To Refill The Strategic Petroleum Reserve

Would you expect anything less at this point?

 

During the Trump administration US oil production averaged about 11 million barrels per day. During the Biden administration US oil production is averaging about 12 million barrels per day.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus2&f=m

 

“United States domestic oil production hit an all-time high…..And it conflicts with oft-repeated Republican talking points of a Biden “war on American energy.”

US oil production hits all-time high, conflicting with efforts to cut heat-trapping pollution


……oil is a globally traded commodity

“Brent crude oil futures rose 1.5 per cent on Thursday to settle at $90.65 a barrel — the highest closing price since October — as traders weighed the potential for Iran’s backlash after a suspected Israeli attack on its consulate in Damascus.”

Oil tops $90 and stocks tumble as Middle East tensions jolt markets


Supply shocks are threatening to push oil to $100 per barrel ahead of the U.S. summer driving season—and complicating rate-cut deliberations

 

I would say this is more related to Biden's failure to maintain stability in the Middle East. Had he not increased production, it would look a lot worse. I mean, if push comes to shove, you have to say Trump did a much better job maintaining order there, despite the numerous predictions of gloom and doom over troop removal from Syria, pulling out of Iran deal, taking out Soleimani, etc etc..

 

So much wrong with that article.

Complains that Biden sold into the highs claiming it was "for politics", like helping the average American by helping lower oil prices is "playing politics".

Then complains that Biden isn't going to refill it at these high prices. Not refilling at high prices is just smart, and good for Americans as we aren't contributing even more demand. Prices will drop back down, and we can get it at better rates.

Then they cap it off with a straight up lie about how Biden has cut production. As others have already pointed out, the US is hitting its highest EVER oil production.

Quite a hit piece. OP should be ashamed for being so gullible.

 

Not gullible. The Republi-ban worshipers are willingly ignorant.

 

If we are a net exporter isn’t the strategic petroleum reserve redundant.

 

Interesting point. I would say it is much less important for sure.

 

Why would you not top off the reserve then? It's not as if "net exporter" status is a given. The point of having a reserve is that you have a reserve when you need it. I would think refilling the reserve would be a given if "net exporter" status was a given.

 

I agree Biden is married to interests that hinder domestic oil and coal production, but I think the clincher is the global unrest. He simply does not know how to lead.

 

If this is the best you can do you're pretty much admitting that Biden has been a good president.

 

You are very committed to a buy high and sell low strategy.

 

We had this chat back in October. Was stated then and will state again most oil producing states are flat or down from previous years. Most gains are in Texas and based on fewer regulations in Texas. Unfortunately our local sycophants are purposely and knowingly being misleading with their inaccurate credit of Biden with any oil increases. All he’s done is crush any state not named Texas.

CNBC article

U.S. oil is back, and ExxonMobil's $60 billion deal isn't even the biggest signal

North Dakota is also hampered by weaker access to pipelines than the Permian Basin, where many producers can use pipelines that lie entirely within Texas, skirting federal regulation of interstate pipelines. That's only one example of a relaxed regulatory environment in Texas, compared to places like climate-conscious Colorado, the nation's No. 4 oil producer, where output is still down 3 million barrels per month, said Jay Hatfield, CEO of Infrastructure Capital Advisors in New York.

"There's this place called Texas that doesn't really know what energy regulation is," he said.



ig Oil isn't back all over America: Production is still down sharply in Oklahoma and North Dakota. It hasn't changed much in Alaska, where production is in a long-term tailspin. And offshore oil drilling in the Gulf of Mexico recovered to 2 million barrels a day, but hasn't grown.

Instead, the surge is concentrated in the Permian Basin region of Texas and New Mexico, where production costs are among the lowest in the country, said Alexandre Ramos-Peon, head of shale well research at Rystad Energy. Oil from the Permian Basin costs an average of $42 a barrel to produce, he said, with North Dakota in the high $50s to $60.

 

Nothing new or unique from our local gaslighting, obfuscating and projecting party members, but I do still like to check in from time to time

 

Hopefully, Trump will articulate specifics such as these at the debates.

 

. . . and gullible

 

I wouldn't count on it. We have a whole thread about how Trump articulates things.

Diminished and Confused - Is Trump OK?