So are you saying any strategic petroleum reserve transaction during the entire year of the election is “right before the election” Also, what are your thoughts when countries like KSA try to influence election results by increasing or decreasing production before an election?
In lieu of eliminating the SPR why not make actions regarding it rule based rather than discretionary?
If oil drops to $50 a barrel Putin's war in Ukraine is done and they tuck tail. As John McCain said Russia is a gas station masquerading as a country...there will be no more money to finance his war and since 20% of their gdp comes from oil/gas. Of course Putin could also increase that oil price by using a nuke as a last ditch effort...
The dates of those SPR withdrawals this year, please? Also, differentiate between actual sales and loans to petroleum companies that are paid back in oil. I'll hang up and listen.
Let’s keep this very simple. What was Biden’s purpose in releasing oil from SPR? What was the compelling national security issue the action was designed to address? I am opposed to all forms of foreign activity designed to influence our domestic elections, one way or the other. That goes for the oil monarchies manipulating prices; China, Russia, and Iran funding the crazies on both sides; or the Pope telling Catholics how to vote. Unfortunately, I am not aware of anything we can realistic do about foreign influence apart from naming and shaming the countries involved and/or prosecuting foreign agents (yes, including U.S. citizens) whom we catch enabling it.
This article, found in 30 seconds, says the last release happened in May of this year and makes no pretense about it being a national security decision. Biden to release 1 million barrels of gasoline to reduce prices at the pump ahead of July 4 Like I said, if you’re okay with Republicans also using national security tools for domestic political gain, then fine, nothing else to debate on the subject. Personally, I’m not. This is the kind of executive authority I want guardrailed to mitigate against abuse. I feel the same way about the abuse of pardons.
Well they refused to do it when oil as near $20/brl so it shouldn’t be a shock if they didn’t do it when it was below $50. As I understand it the shale guys can still produce for a time under $40 as it costs more to shit down and restart than taking a loss for a while.
I am just confused by your terminology of “before the election”. This shows they were actually purchasing in July of 2024 https://www.energy.gov/articles/bid...4-million-barrels-strategic-petroleum-reserve I think some of the reserve releases related to supply disruptions due to Ukraine war at the same time as widespread post covid inflation. One can debate if that was a good use but it seems far from nefarious. This particular small release in the NE was mandated by Congress. Biden releasing 1 million barrels of gasoline from Northeast reserve
Nefarious is not a word I would use, no. I just think temporarily lowering oil prices is not the purpose of the SPR, and Presidents (all of them) should be more restricted in their authority.
shots fired?? Saudi Aramco trims oil prices to Europe and US as it tries to regain market share (msn.com) State producer Saudi Aramco has increased the official selling price of its main Arab Light crude grade for buyers in Asia, and cut the rates for Europe and the US. The divergent price views for different regions indicate local imbalances in the oil market. According to a report by Bloomberg, Saudi Arabia’s state-owned Saudi Aramco has raised the official price of crude oil by $0.90 per barrel for buyers in Asia for November. However, the Kingdom has cut prices by $0.90 per barrel for all grades of oil to Europe and the US for November landings. ING Group in a report said the prices have been cut to regain market share in these two regions.
Couldn't disagree more. Selling part of our reserves to stabilize oil prices at the beginning of the Ukraine war was overwhelmingly in the US' best interest and that's not including the money Biden made for us.
October surprise? $2 gas?? Why Saudi Arabia may ‘open the spigot’ on oil production — and crater crude prices (msn.com) A “sense of frustration is clearly building,” Kieran Tompkins, climate and commodities economist at Capital Economics wrote in Monday’s note. “Although the focus in the oil market has shifted to geopolitical risks and potential short-term supply disruptions, just as importantly, we think the possibility that Saudi Arabia could open the floodgates has increased in recent weeks alongside reports of deteriorating cohesion among OPEC+ members.” Producers in OPEC+ — represented by the Organization of the Petroleum Exporting Countries and their allies — who have been implementing voluntary production cuts have overproduced by as much as 800,000 barrels per day, he said. Earlier this month, The Wall Street Journal reported that Prince Abdulaziz bin Salman, Saudi Arabia’s oil minister, warned fellow producers in a conference call that oil could drop to $50 a barrel if they don’t comply with agreed production cuts. OPEC said on X, however, that the article falsely reported that a conference call took place. “The OPEC Secretariat categorically refutes the claims made within the story as wholly inaccurate and misleading.” Tompkins also pointed out that a Sept. 26 article from the Financial Times suggested that Saudi Arabia would comfortably weather a period of lower oil prices through alternative funding measures. That “strikes of a not-so-subtle reminder it has the ability to ‘punish’ ‘cheating’ producers,” said Tompkins, who titled his note: “It is when, not if, Saudi Arabia opens the oil taps.”
Oil Nears a Breakdown Point The daily chart above shows that Brent crude has been unable to push above its down trend resistance even briefly. The purple “boxes” show that after declining to $70 in March 2023, oil rallied back above its 200-day moving average twice. But both times oil was unable to find support and resumed its decline. The more recent yellow “box” highlights the most important trading range in which oil has been bounded between $69-$82. Despite a bullish key reversal off $70 support, oil resumed trading below all of its moving averages. Breaking below $68 would lead to a strong decline. The weekly chart above illustrates just how crucial support in the $70 area is. For the past two years, Brent crude has been bounded largely in a $70-$100 trading range. But in early August, Brent pierced its 200-week moving average by a wide margin. This is bearish because the 200-week moving average and its direction define the long-term trend—which is down. Closing below the 200-week moving average and closing below $68 would unleash powerful selling and project a decline back to $55-$60.
https://www.reuters.com/markets/com...rael-shows-restraint-strikes-iran-2024-10-27/ INGAPORE, Oct 28 (Reuters) - Oil prices tumbled nearly $4 a barrel on Monday after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear infrastructure and did not disrupt energy supplies, easing geopolitical tensions in the Middle East. Brent crude futures slumped $3.89, or 5.1%, to $72.16 a barrel by 2210 GMT, while U.S. West Texas Intermediate crude was at $68.02 a barrel, down $3.76, or 5.2%.
price blew through the $70 support level..now down around $67 would have been good for harris is if this would have happened a month ago so the price at the pump was falling
Prices expected to tumble some more next year. Might as well thank Biden now. Experts are expecting a 1 million barrel per day surplus in the global market next year, mostly because China's economy is weakening dramatically and they are not constructing buildings like they used to. Where will Russia get their war money from? China's weak economy and record US production will lead to a surplus of one million barrels of oil a day next year, IEA says
that and the sheer numbers of ev's they are putting ont he road vs planned IC engines that was expected to drive increase petrol demand. ev adaption is driving their demand curve down djt election will be a drag on foreign economies which will drive global demand lower. djt additional sanctions on Iran and Venezuela is wild card that could take oil off market
Uhh… probably because oil round tripped under Biden. The issues of ‘22 were already addressed. It’s wild to me how many people are stuck in ‘22 on inflation. Now if we see oil dip into the 50’s that would probably have more to do with the Saudi’s. BTW cheap oil has mixed economic ramifications here. It’s good for most of the “economy”, not so good for TX, LA, Ok, AK, and also bad for the environment because it sends people into bad habits. But in terms of Russia’s ambitions it’s very bad for them, whatever the Saudi motive behind it.
